Prices for imported steel scrap are on the rise in Turkey despite the unfavorable situation on the markets of finished and semi-finished steel products. ISM sources have reported several fresh deals this week.
Iron ore quotes keep growing in China despite steadily low demand. Prices are supported by improved economic forecasts and concerns about possible shortage of imported iron ore (the Australian Mining and Energy Union said train drivers at BHP Group’s iron ore assets were preparing for strikes).
In the USA, export quotes for soybeans have shown an upturn due to strong Chinese demand. Analysts say China’s oilseed imports will remain strong in Q4 and total shipments in 2023 will be a record.
In the Black Sea region, sunflower oil is offered within $855-860/t CIF Mersin for shipments in November and at $870/t CIF Iskenderun for shipments in November-December. The number of relevant offers is limited. No signed deals have been reported over the week.
Winter harvesting continues in Australia. Chinese demand for wheat is growing. Reportedly, China purchased about 2 million t of new crop Australian wheat in October (shipments will start in December).
Prices for Russian wheat are virtually unchanged, while export quotes for barley have inched up. For the first time in the current season, SovEcon analysts have cut their forecast of Russian wheat exports in MY 2023-24, reducing the estimate by 400,000 t to 48.8 million t.
Trade remains slow on the Kazakh grain market. The situation remains difficult as this season the quality of harvested grain is low due to the rainy fall. Only half of the harvested wheat (about 5 million t) is of milling quality, so the presence of Russian grain will only be growing both on the…… Read more »
Brazilian producers show concerns about weather conditions and their impact on the future safrinha corn crop. According to Safras&Mercado, farmers planted 72.4% of planned areas with first crop corn by October 27 (70.1% last year and an average of 67%).
Wheat prices were pressured by weak demand for US-origin grain, ample supplies from Russia, and favorable rainfall in Argentina and Australia.
EU grain prices have been mostly growing this week, which is not attracting importers. The pace of trade is low, and exports are also dull.