South Korea’s Korea Feed Association (KFA) has issued an international tender to purchase up to 69,000 metric tons of animal feed corn from South America or South Africa, European traders said on Friday. The deadline for submission of price offers in the tender from the KFA’s Busan section is Friday. The corn was sought for arrival in South Korea in one consignment around Sept. 5. Shipment was sought between July 3 and July 22 if sourced from South America or between July 18 and Aug. 6 if from South Africa. ...

Steel Authority of India SAIL.NS is keenly watching Chinese imports after the United States raised tariffs on shipments from Beijing,its chairman Amarendu Prakash said on Friday. U.S. President Joe Biden earlier this weekunveiled steep tariff increases on an array of Chinese imports, including steel, leading Indian mills tofear that shipments from the top alloy producer will surge as other economies turn away. The Indian steel industry is already battling a glut of cheaper Chinese steel, with shipments nearly doubling year-on-year in the financial year ended March 2024. The state-run SAILhas ...

South Korea’s Hyundai Oilbank has made a slight reduction to crude runs at its Seosan refinery site after a minor fire, a company official said on Friday. “We are currently running an inspection to restart the affected process,” the official said without elaborating. The operation rate was reduced temporarily to about 87% of normal levels, the official said, adding that normal operations are expected to resume early next week. The fire is likely to have started in a desulphurisation unit, trade sources said. The Seosan refinery has total crude processing ...

Caspian Pipeline Consortium, which exports Kazakhstan’s oil from the Black Sea, increased oil supplies in January-April by 4% from the same period a year earlier to 22.715 million metric tons (1.44 million barrels per day), two industry sources said on Monday. In April alone exports fell to 5.520 million tons from 5.831 million tons in March, the sources said. CPC does not comment on its operational data. In 2023 CPC raised exports by 8% from 2022 to 63.474 million tons. It expects a further increase this year, to more than ...

China’s demand for imported iron ore has most likely peaked, but the composition of future imports are likely to shift as the world’s biggest steel producer seeks to decarbonise. China, which buys about 75% of all seaborne iron ore, imported 1.18 billion metric tons of the key steel raw material in 2023, a record high, according to customs data. But since 2019, iron ore imports have been locked in a fairly narrow range between 1.07 billion and the 2023 peak. The consensus of views at last week’s Iron Ore Forum ...

South Korea’s Korea Midland Power Co (KOMIPO) is seeking 3-3.6 trillion British thermal units (TBtu) of liquefied natural gas (LNG), according to a tender issued on Thursday. The LNG is to be delivered on July 10-11 on a delivered ex-ship (DES) basis to Kogas terminals in Incheon, Pyeongtaek, Tongyeong and Samcheok in Korea. The tender closes on May 23. Source: Reuters (Reporting by Emily Chow)

At least three tankers with Russian Urals oil on board chose a longer route to Asia around the Africa’s Cape of Good Hope in March and April as military risks in the Red Sea remain high, two traders said and LSEG data showed. Two tankers, Fos Picasso and Hydra, carrying some 200,000 metric tons of Urals oil loaded from Baltic in April went to India around Africa, while the vast majority of the vessels with Russian oil have been choosing the shorter route via Suez channel and Red Sea, LSEG ...

India’s steel industry, already reeling from cheaper imports, is worried about a surge in shipments from China after the United States imposed tariffs on Chinese steel, industry executives and analysts said. U.S. President Joe Biden on Tuesday unveiled steep tariff increases on an array of Chinese imports including steel and aluminium. “India is already under grave threat of import because all major steel consuming economies are shutting their doors on these steel producing countries,” said Alok Sahay, secretary general at Indian Steel Association (ISA). “We are highly vulnerable to surging ...

Benin’s concession was a decisive step towards resolving a trade conflict between the West African neighbors that threatened to cause significant economic damage to both countries. The rapprochement came through the mediation of the Chinese government and the Chinese companies operating the newly inaugurated pipeline between Agadem, in eastern Niger, and Seme Kpodji, in southern Benin. In recent months, the closure of the Niger-Benin border has primarily affected Benin’s state revenues and increased food costs, which led to protests over the high cost of living. Military coup in Niger: trigger ...

PetroVietnam Gas GAS.HM has received its third LNG cargo this year for power generation, the company said on Thursday. The Point Fortin tanker carrying 3 million MMBtu of LNG from Indonesia’s Bontang Port arrived at PetroVietnam Gas’s terminal in southern Vietnam earlier this week, it said in a statement. The shipment, provided by TotalEnergies Gas & Power Asia Private Limited, is “aimed at ensuring LNG supplies for power generation, especially amid rising demand due to heatwaves,” it said. Source: Reuters (Reporting by Khanh Vu; Editing by John Mair)

Malaysia has maintained its June export tax for crude palm oil at 8% and lowered its reference price, a circular on the Malaysian Palm Oil Board website showed on Thursday. The world’s second largest palm exporter calculated a reference price of 3,956.06 ringgit ($845.13) per metric ton for June. May’s reference price was 4,273.93 ringgit a ton. The export tax structure starts at 3% for crude palm oil in a 2,250 to 2,400 ringgit-per-ton range. The maximum tax rate is set at 8% when prices exceed 3,450 ringgit a ton. ...

China’s liquefied natural gas imports could hit record levels in 2024, a PetroChina official forecast on Wednesday. The world’s top importer of the super-chilled fuel is seen shipping between 78-80 million metric tons of LNG this year, with the industrial and commercial sectors driving demand, Zhang Yaoyu, global head of LNG and new energies for PetroChina International, said at an industry conference in Bangkok. Zhang’s forecast would be a 9-12% rise from the 71.2 million metric tons imported in 2023, according to China’s customs data. China imported a record 78.8 ...

Soybean oil export values in the Brazilian market have strengthened to nearly two-year highs amid a combination of supportive factors, from improving destination demand to concerns over crop losses from floods in the southern state of Rio Grande do Sul. Platts assessed the soybean oil FOB Paranaguá basis for June dates at minus 300 points to the Chicago Board of Trade July (N) contract, the highest for a front-month loading since July 27, 2022, when marked at minus 280 points. Brazilian cash basis levels have been increasing since they hit ...

Jincheng Petrochemical, a newly restructured independent refiner controlled by the Liaoning provincial government in northeastern China, is seeking crude oil import quotas for its three plants, four sources with knowledge of the matter said. Jincheng Petrochemical has applied to Beijing for quotas to import 15 million metric tons of crude per year, which equates to 300,000 barrels per day (bpd), or about 3% of the shipments the world’s largest crude importer brings in. Jincheng Petrochemical, based in the city of Panjin, was formed by the merger of three refineries in ...

Colombian thermal coal traders are looking to offer cargoes to Indian buyers after long congestion at Chinese ports led to the cancellation of shipments from one of the sellers amid higher waiting and offloading costs, market sources said. Multiple industry sources said the seller canceled nearly seven cargoes carrying 5,500 kcal/kg NAR thermal coal from Colombia. “Seven shipments of Colombian coal destined for China have been canceled as a result of higher freight rates, the cost of coal was around $105.50/mt on Friday [May 10], with CFR India priced around ...