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Iron Ore Seen Finding Floor at $90 by Citi as Exports Steady

Iron ore will probably find a floor at $90 a metric ton as surging seaborne supplies, which drove prices to a 20-month low in May, start to level off in the second half, according to Citigroup Inc. Prices at $90 may put more than a quarter of Chinese capacity out of business and spur production ...

Bangladesh grain imports likely to rise 22 pct in 2014/15-state buyer

Bangladesh’s grain imports are likely to rise 22 percent to 1.1 million tonnes in the financial year beginning in July, the head of the state grains buyer said. The state grains purchasing agency will import 900,000 tonnes of wheat and 200,000 tonnes of rice in the 2014/15 year to ensure food se ...

China’s commodities imports fall in May on high stocks, tighter credit

China’s imports of major commodities fell in May from the previous month, official customs data showed on Sunday, as companies scaled back on orders after robust shipments in the previous months caused a supply overhang. Falling product prices on the back of sluggish demand have led loss-making ...

Iron Ore Slump Seen by Ex-Vale’s Zhu Shuttering China Mines

Surging supplies of seaborne iron ore will trigger the closure of high-cost output in China, according to Michael Zhu, former global sales director at Vale SA, the world’s largest producer of the steel-making raw material. “The first players to be out of the market will be the domestic producers ...

Seaborne iron ore spot prices climb on restocking demand

Prices for seaborne iron ore strengthened further Wednesday, tracking stronger restocking needs by buyers eager to procure raw materials when the market is recovering. Platts assessed the 62% Fe IODEX at $95/dry mt CFR North China, up $2.50/dmt CFR China on the day. Improving steel margins and r ...

Indonesia plans 14 coal terminals in bid to curb illegal exports

Indonesia, the world’s largest exporter of thermal coal, plans to build 14 dedicated coal terminals in the islands of Kalimantan and Sumatra in a bid to curb illegal coal exports, a government official said Monday. Around 50 million-60 million mt/year of coal is exported illegally from Indonesia ...

Chinese port stops metal shipments due to probe – trade sources

China’s northeastern port of Qingdao has halted shipments of aluminium and copper due to an investigation by authorities, causing concern among bankers and trade houses financing the metals, trading and warehousing sources said on Monday. Port authorities could not immediately be reached for com ...

Indonesia buys 125,000 tonnes of Russian wheat

Indonesia has bought around 125,000 tonnes of Russian wheat in deals signed earlier this month, the Black Sea region’s first new-crop sales in Asia. The three cargoes of Russian wheat with 12-percent protein content are for shipment between mid-July and mid-August, traders said. The deals were s ...

Iron ore prices unlikely to rise as supply overwhelms-China’s NDRC

Iron ore prices are unlikely to rise over the next three months due to high port inventories in top consumer China and increased supplies of the steelmaking raw material, the country’s economic watchdog said on Wednesday. Spot iron ore prices have already dropped 27 percent this year to a 20-mon ...

ATLANTIC PANAMAX DRY: Rates drop on shifting fundamentals, lackluster activity

The Atlantic market faced the long London weekend in a bearish mood on a lack of inquiries, a growing tonnage list for forward dates and discounts already achieved. Freight rates on the Hampton Roads, Virginia-Rotterdam coal route, basis 70,000 mt, declined to $11/mt on Friday, down from $11.25/ ...