Quotes for Ukrainian grains have been mostly increasing, although exports remain limited. During the week, the press service of the Ukrainian Armed Forces Naval Forces announced the creation of temporary routes for civilian vessels to/from Black Sea ports primarily for the exit of civilian vessels stationed in the Ukrainian ports
Prices for Ukrainian sunflower oil inched up, although buyers’ demand was limited. Sunflower oil with spot shipments in August was offered at $950-960/t CIF Mersin, with no bids received.
Coal prices increased in Europe, although trade remains sluggish. No signed deals were reported by players.
Quotes for imported iron ore have been fluctuating in China this week. On the one hand, uninspiring outlook on the short-term prospects of the market of finished steel products keeps putting pressure on iron ore prices
Demand for imported steel scrap is muted in Turkey. Nevertheless, the corresponding prices have strengthened over the week. Local mills are very slow to accept the new price range due to dull home market of finished steel products.
Prices for EU grains have been showing mixed dynamics, although in most cases quotes have increased. Prices were supported by the forecast of wheat production in Strategie Grains’ August report; the estimate was cut by 1.4 million t to 124.7 million t (which is lower than the previous year’s result of 125.3 million t).
Grain trade is looking brisk in Russia, with lively shipments supporting relevant quotes. Limited traffic in the Kerch Strait (as it is temporarily closed from time to time) along with additional inspections of all passing vessels, still slows down the pace of export shipments (although does not cause major delays).
In Kazakhstan, players note an increase in purchase prices for milling wheat due to decreased number of offers from farmers. However, export quotes hold steady so far.
Prices for Australian barley have surged after China decided to lift anti-dumping duties. Demand for old crop barley has grown significantly, although trade in 2023-24 crop is low. Demand from China, both for old crop and new crop grain, has also increased. Australia’s largest grain exporter, CBH Group, has already received approval to resume…… Read more »
During the week, natural gas supplies to Egyptian urea producers resumed in full, but sales of granular fertilizers remained minimal. The latest deal was signed at $467/t FOB two weeks ago. Indicative quotes were hovering at $470-480/t FOB. Netbacks for granular urea sales to Ireland with shipments in August or September were within $455-460/t…… Read more »