Skip to content

imports

(Bloomberg) — Oil steadied in Asian trading as fading hopes for more fiscal stimulus before the U.S. election offset optimism driven by an increase in Chinese crude imports last month.

Futures in New York edged lower toward $40 a barrel after closing up 2% on Tuesday. House Speaker Nancy Pelosi rejected a proposal from Senate Republican leader Mitch McConnell for a smaller-scale approach to new stimulus and demanded a revamped offer from the White House. A stronger dollar also diminished the appeal of commodities priced in the currency.

Chinese oil imports rose 2.1% month-on-month in September, official data showed Tuesday. The buying revival by the world’s largest crude importer is a rare positive as a resurgent virus threatens an already tepid demand outlook.



graphical user interface: WTI close to 50-, 100- and 200-day moving averages


© Bloomberg
WTI close to 50-, 100- and 200-day moving averages

The Organization of Petroleum Exporting Countries trimmed estimates for the amount of crude it will need

Read More

BEIJING (Reuters) – China’s imports grew at their fastest pace this year in September, while exports extended their strong gains as more trading partners lifted coronavirus restrictions in a further boost to the world’s second-biggest economy.

FILE PHOTO: Cranes and containers are seen at the Yantian port in Shenzhen, following the novel coronavirus disease (COVID-19) outbreak, Guangdong province, China May 17, 2020. REUTERS/Martin Pollard

Exports in August rose 9.9% from a year earlier, customs data showed on Tuesday, broadly in line with analysts’ expectations for 10% growth and up from a solid 9.5% increase in August.

The strong trade performance suggests Chinese exporters are making a brisk recovery from the coronavirus pandemic’s hit to overseas orders. As the global economy restarts, Chinese firms are rushing to grab market share as their rivals grapple with reduced manufacturing capacity.

China’s factory activity has also picked up as

Read More

In a major push for Atmanirbhar Bharat (self-reliant India), chemicals major Gujarat State Fertilizers & Chemicals Limited (GSFC) on Thursday started selling locally made calcium nitrate — a 100-per cent imported water-soluble fertilizer.

Building up on its capabilities to make caprolactam and its by-product nitric acid, GSFC found economic viability to make calcium nitrate at its facility near Vadodara. The first consignments of the locally-made calcium nitrate and boronated calcium nitrate was sent to Solan in Himachal Pradesh and Bhavnagar in Saurashtra.

Union Minister of State for Chemicals and Fertilisers, Mansukh Mandaviya on Thursday launched the product online. “We identified about 79 chemicals where import substitution could take place. Of these, there are 39 chemicals, where we are 70-100 per cent dependent on imports. GSFC has identified 21 such chemicals to make in India and take a big leap to achieve the goal of Atmanirbhar Bharat,” the minister said in

Read More

CLOSE

Wall Street slumped Monday as markets tumbled worldwide on worries about the pandemic’s economic pain but analyst Daniel Ives says market volatility is something we should expect as a result of bad news and a contentious presidential election. (Sept. 21)

AP Domestic

The Trump administration said Friday that it would immediately impose tariffs on aluminum sheets imported from 18 countries after a preliminary investigation concluded they were being “dumped” in the U.S.

The move, which affects countries ranging from Germany to Egypt to South Korea, comes ahead of the U.S. International Trade Commission’s official determination in the antidumping case in February 2021.

“The Department’s aluminum sheet investigations constitute the broadest U.S. trade enforcement action in two decades,” Secretary of Commerce Wilbur Ross said Friday in a statement.

185 restaurants closed: Ruby Tuesday files for Chapter 11 bankruptcy protection

Another shortage: Beer, soda makers struggle with aluminum can supply, plan

Read More

Indian refiner Bharat Petroleum Corp Ltd (BPCL) will continue to import gasoline for the next few months as its crude processing is hit due to lower demand for diesel that accounts for 40 per cent-45 per cent of its product slate, its head of marketing AK Singh said.

BPCL is operating refineries at an average of 80 per cent capacity, Singh told a press conference after a shareholders meeting. By design, BPCL refineries make 2.5 tonnes of diesel for every one tonne of gasoline produced, he said.

“If diesel demand picks up we will not be required to import gasoline as then we will be processing more crude … diesel is restraining crude throughput … MS (motor spirit) is almost at pre-pandemic level. Diesel is lagging,” he said.

Asia’s gasoline refining margin surged to a 6-1/2 month high on Monday as supplies tightened, industry sources said. India’s recent spot demand

Read More

Relations between the United States and China may be at an all-time low, but the trading of energy commodities between the two powers remains active—at least for crude oil. 

China needs continued access to the United States as an export market for its manufacturing. But to ensure this economic lifeline remains open, Beijing must make good on its pledge under the phase one trade deal signed with President Trump in January.

America’s oil and gas sector may have suffered under many of President Donald Trump’s harsh trade policies, particularly the trade war that resulted in tariffs on Chinese imports of crude oil and liquefied natural gas (LNG). But China’s recent increase in its appetite for U.S. energy in the run-up to the November elections is a sign that the Trump administration’s pressure on Beijing is paying dividends. 

The easiest way for China to reduce its trade imbalance with the United

Read More

By Marianna Parraga

Sept 15 (Reuters)Venezuela’s state-run PDVSA is preparing to recover a portion of the oil output lost in recent months by boosting crude blending operations at its main producing region, the Orinoco Belt, according to sources and a company document.

U.S. sanctions imposed since 2019 have deprived PDVSA of the diluents it imports to produce exportable crude grades. The sanctions have cut off its customer base and the number of tanker owners willing to work with the firm, causing oil exports to fall to their lowest levels since the 1940s and cutting heavily into PDVSA’s production.

PDVSA and its joint ventures produced 336,000 bpd of crude at the end of August, internal figures from the company showed. Just a year earlier the nation’s output was 933,000 bpd, according to figures reported to OPEC. Venezuela’s oil exports are the nation’s largest source of foreign revenue.

Two

Read More

India’s palm oil imports in August dropped 13.9 per cent from a year earlier to 734,351 tonnes, a leading trade body said on Friday, due to a sluggish recovery in demand from hotels and restaurants as local coronavirus cases continued to rise.

The country’s soyoil imports dropped 10.4 per cent year-on-year to 394,735 tonnes last month, while sunflower oil imports fell 31 per cent to 158,518 tonnes, the Solvent Extractors’ Association of India (SEA) said in a statement.

India is the world’s biggest importer of edible oils and lower purchases could put downward pressure on Malaysian palm oil prices and US soyoil prices.

Palm oil is mainly consumed by hotels and restaurants, which gradually began reopening from June after a nationwide coronavirus lockdown imposed in March. Palm oil sales picked up pace in July, but demand waned in August due to the spike in coronavirus cases in the world’s second

Read More
/quality/85/?url=http://media.beam.usnews.com/9d/007d8c6c84eb4042cb9e8b50eed834/tag:reuters.com,2020:newsml_LYNXMPEG86045:12020-09-07T032538Z_1_LYNXMPEG86045_RTROPTP_3_CHINA-ECONOMY-TRADE.JPG">

BEIJING (Reuters) – China’s exports rose for the third consecutive month in August, eclipsing an extended fall in imports, as more of its trading partners relaxed coronavirus lockdowns in a further boost to the recovery in the world’s second-biggest economy.

Exports in August rose a solid 9.5% from a year earlier, customs data showed on Monday, marking the strongest gain since March 2019. The figure also beat analysts’ expectations for 7.1% growth and compared with a 7.2% increase in July.

Imports however slumped 2.1%, compared with market expectations for a 0.1% increase and extending a 1.4% fall in July.

The strong exports suggest a faster and more balanced recovery for the Chinese economy, which is rebounding from a record first-quarter slump thanks largely to domestic stimulus measures

“China’s exports continue to defy expectations and to grow significantly faster than global trade, thus gaining global market share,” said Louis Kuijs of

Read More

Designed using Magazine News Byte. Powered by WordPress.