Iron ore market // Week 40
There is a lull on the Chinese iron ore market due to the holiday from September 29 to October 6 devoted to the Mid-Autumn Festival. Indicative prices hold steady.
Commodity markets
Coal market // Week 40
In early October, the offer of imported thermal coal was limited on the West European market, but this fact has failed to support the corresponding quotes. Importers’ demand is moderate. Players have reported a number of signed deals for high-calorie coal, but without any contract details so far.
Grain market. USA // Week 40
U.S. wheat prices have declined due to large global supplies and increased U.S. production estimates. Players have reported higher buying interest in wheat of various origins from Asian importers as world supplies are expected to tighten and prices are projected to rise in the coming months due to lower production in Australia and Argentina.
Grain market. Kazakhstan // Week 40
Prices for Kazakh wheat are growing, which reduces the interest of major importers in signing new deals. This year’s harvest problems remain the key reason for the upturn.
Grain market. Russia // Week 40
Grain export quotes have shown a noticeable drop on the Russian market. Pressure on prices came from slow trade caused by heavy crop and high export potential this season. According to country’s Agriculture Ministry, the gross grain harvest may reach 135 million t including 90 million t of wheat
Steel scrap market // Week 40
Most Turkish steel mills are slow to purchase imported steel scrap given extremely dull sales of finished steel products. So, new deals are signed in case of providing significant discounts only.
Soybean market // Week 40
Export quotes for U.S. soybeans have dropped amid lively world trade and ongoing harvesting. Private exporters have sold 397,000 t of soybeans to China for shipments during MY 2023-24. Soybean harvesting is 23% complete against 20% in 2022 and a five-year average of 22%.
Grain market. Australia // Week 40
Harvesting is underway in Australia, which is putting pressure on quotes. At the same time, uncertainty about the volume and quality of the new crop is holding back producers’ sales. Trade remains steadily dull.
Grain market. South America // Week 40
Quotes for Brazilian corn are falling amid abundant supplies. Anec estimates Brazil’s corn exports in September at 9.3 million t vs. 6.4 million t last year. Anec experts forecast October corn shipments at 8.9 million t (6.8 million t in October 2022).
Grain market. EU countries // Week 40
Quotes of EU grains have decreased following the futures prices amid the info about vessel calls in Ukraine’s Black Sea ports. Continuing competition with Russian grain traders (who keep reducing their offers) also put pressure on prices.