US light vehicle sales at peak rate in October

  • Market: Metals, Oil products
  • 02/11/18

US sales of light trucks and automobiles edged up to a seasonally adjusted annual rate of 17.5mn units in October, the highest rate of the year, led by increased auto sales.

The sales rate compared with a 17.4mn unit rate in September and 17.9mn in October 2017, according to the Bureau of Economic Analysis.

Auto sales rose to a 5.5mn unit rate, the highest since January, from 5.27mn rate the prior month but down from 6.24mn in October last year.

Sales of light trucks fell to a seasonally adjusted pace of 12mn units in October from a 12.2mn rate the prior month. They rose from 11.6mn in October last year.

Not seasonally adjusted, light vehicle sales fell to 1.36mn units in October from 1.4mn units the prior month. They were at 1.35mn units in October last year.

Sales of light trucks fell to 942,000 units from 1mn units in September and up from 891,000 units in October last year, not seasonally adjusted.

Sales of automobiles fell to 414,100 units in October from 429,100 units in September and down from 458,500 units in October last year, not seasonally adjusted.

Seasonally adjusted auto production rose to 231,500 units in September from 209,000 units the prior month. Output is reported with a lag.

Seasonally adjusted US auto exports rose to 96,100 units in August from 88,500 units in July.

US auto imports from Canada were at 72,100 units in August, while seasonally adjusted imports from Mexico were at 88,000.


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Centaurus' Jaguar Ni mine in Brazil eyes 2027 output

Centaurus' Jaguar Ni mine in Brazil eyes 2027 output

Singapore, 28 March (Argus) — Australian mining company Centaurus Metals said that its Jaguar nickel sulphide project in Brazil is undergoing a feasibility study and aims to start production in mid-2027. Jaguar, bought from Brazilian mining firm Vale in 2020 , is estimated to hold 109mn t of 0.87pc grade nickel for an estimated 948,900t of contained nickel. The nickel product will be largely targeted at the Atlantic market, with expectations that demand will strengthen in the region. "Demand for nickel we believe is not going away. And if you look at what's going to happen in the US and European markets in particular, nickel will probably be a bigger part of the battery composition than anywhere else," Centaurus' managing director Darren Gordon said at the Tribeca Futures Commodities conference held in Singapore on 26 March. "There's a huge amount of nickel that still needs to come into the market." Many Australian mining firms have struggled with a slump in global nickel prices earlier in the year because of a supply glut caused by increased volumes from Indonesia, coupled with a slowdown in demand. Several Australian mines have halted operations , while other processing facilities were placed on care and maintenance programmes . But Centaurus is hopeful that Jaguar will be able to compete on a cost and environmental basis with Indonesian supplies. "Nickel is going to continue be supplied out of Indonesia in very large ways so we are going to compete on costs. And we think that when we deliver the feasibility study, we will be able to demonstrate that we can compete on costs. But overlay on that, we have this very low carbon footprint associated with our project," Gordon added. Centaurus said Jaguar is one of the lowest carbon footprint nickel project globally, following a review done by a metals and mining ESG research company. Once operational, greenhouse gas emissions from the project are forecast to be 7.27t of carbon dioxide/t of nickel equivalent, which is assessed to be lower than 94pc of other global nickel production. By Sheih Li Wong Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Baltimore bridge collapse to raise retail fuel prices


27/03/24
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27/03/24

Baltimore bridge collapse to raise retail fuel prices

Houston, 27 March (Argus) — The collapse of the Francis Scott Key Bridge in Baltimore, Maryland, is more likely to increase regional gasoline prices than diesel due to additional freight costs and certain route restrictions. Suppliers in the region have so far signaled that the effect on broader markets will be minimal, but regional prices will likely rise, especially as peak summer demand season begins with Memorial Day weekend in late May. The bridge closure could pose more problems for gasoline supply than diesel, since gasoline cannot be transported through the Fort McHenry (I-95) and Baltimore Harbor (I-895) tunnels — the two other major roads that cross the Patapsco River at Baltimore — while there are no restrictions on diesel, according to the Maryland Transportation Authority (MTA). Fuel wholesaler Global Partners said yesterday that it would like to see hours of service waivers for trucking in the region to minimize fuel supply disruption to customers, but the Federal Motor Carrier Safety Administration (FMCSA) is yet to issue one. Elevated retail prices are likely to be limited to the immediate Baltimore area but could spill over into neighboring markets should trucking markets remain tight due to rerouting, market sources told Argus . Fuel markets in eastern Maryland can be supplied by PBF's 171,000 b/d Delaware City, Delaware, refinery and two further plants in Pennsylvania — Monroe Energy's 190,000 b/d Trainer refinery and PBF's 160,000 b/d Paulsboro refinery. To the north, United Refining runs a 65,000 b/d plant in Warren, Pennsylvania, and along the Atlantic coast Phillips 66 operates the 259,000 b/d Bayway refinery in Linden, New Jersey. PBF, Monroe and United did not immediately respond to a request for comment on whether the bridge collapse is affecting refinery operations. Phillips 66 declined to comment on commercial activities. Still, the five nearby refineries — representing all the Atlantic coast's 850,000 b/d of crude processing capacity — are unlikely to see their operations curtailed by limits in shipping products to Maryland. With no refinery in the state of Maryland, most fuels are delivered to Baltimore by Gulf coast refiners on the Colonial Pipeline. Global Partners, which operates a terminal just west of the collapsed bridge, said yesterday it is primarily supplied by the pipeline and expects product flows to continue. Several terminals in the Baltimore Harbor and the nearby Port Salisbury can also receive small vessels and barges of road fuels from Delaware and Pennsylvania, according to the Maryland Energy Administration (MEA). The Port of Baltimore — which remains closed since the collapse — took delivery of 24,000 b/d of gasoline and under 2,000 b/d of distillates from barges and small vessels in 2019, about three percent of the Atlantic coast's refining capacity. "A closure of the Port of Baltimore while the Colonial Pipeline is open would not significantly disrupt fuel supply," the MEA wrote in a 2022 analysis of liquid fuels supply in the state. By Nathan Risser Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Automakers divert away from blocked Baltimore port


27/03/24
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27/03/24

Automakers divert away from blocked Baltimore port

Pittsburgh, 27 March (Argus) — Automakers are adjusting their supply routes following yesterday's collapse of the Francis Scott Key Bridge at the Port of Baltimore, the busiest US port for auto shipments. The Port of Baltimore handled 847,158 autos and light trucks last year, more than any other US port, according to the Maryland state data, with imports accounting for about 75pc of the volume, the Alliance for Automotive Innovation said. With vessel traffic in and out of the port suspended indefinitely automakers said they will reroute deliveries though other east coast ports. This includes General Motors, which said it still expects minimal impact on its operations. Ford said it has already secured shipping alternatives where workarounds are necessary, but did not share details. For Mercedes-Benz, Baltimore is among its busiest ports for imports. The company said it has flexibility to adjust its supply routes and noted ports in Charleston, South Carolina, and Brunswick, Georgia, as other top import locations. The port closure has no effect on Mercedes vehicle exports or parts supply at its Tuscaloosa, Alabama plant, the company said. Volkswagen Group, which includes the Audi and Porsche brands, said it received about 100,000 vehicles last year through Baltimore to ship to US dealers in the Mid-Atlantic and northeast, but its operations will not be limited since its facility is located on the seaboard side of the bridge, at Sparrows Point. Volkswagen said it may see some trucking delays from highway rerouting, however. Toyota relies on the Port of Baltimore primarily for vehicle exports, but said it is not the company's main North American port. Stellantis, maker of numerous brands including Chrysler and Jeep, said it has begun discussions with transportation providers to ensure an uninterrupted flow of vehicles. The US imported 723,435 cars and light trucks in January, up from 634,228 a year earlier, according to customs data. Mexico supplied just over one-third or 2.97mn of the total number of US vehicle imports in 2023, followed by Japan and Canada, with 17.3pc and 16.3pc, respectively. By James Marshall Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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European bio-bunker March prices firm on uncertainty


27/03/24
News
27/03/24

European bio-bunker March prices firm on uncertainty

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Red Sea tensions could halt EU India HRC quota overfill


27/03/24
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27/03/24

Red Sea tensions could halt EU India HRC quota overfill

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