US light vehicle sales at peak rate in October
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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Turkey rebar: Market muted ahead of elections
Turkey rebar: Market muted ahead of elections
London, 28 March (Argus) — Turkish rebar prices were stable today, without a great deal of urgency shown by export buyers following a sustained uptick in scrap prices over the past few days. The domestic market remained subdued, as construction demand is still constrained by high borrowing costs and the ongoing depreciation of the domestic currency. Argus ' daily Turkish export assessment for rebar was unchanged at $590/t fob, with larger cargoes still available at this level. European, mostly Balkan, buyers have been making enquiries this week, with scrap prices inching steadily upwards over the past three weeks. But buyers have mostly been checking prices, and trade has remained thin. Rebar indications from suppliers were in a $590-605/t fob range, with most suppliers expecting at least $595/t fob. In the wire rod segment, material was available in a range of $605-625/t fob. The weekly wire rod assessment increased by $5/t to $600/t fob Turkey. In the domestic market, offers from most mills in the Marmara and Iskenderun regions were firm in a range of $610-620/t ex-works excluding value-added tax (VAT). But material remains available from Izmir mills and one Marmara mill at $595-600/t ex-works. While some buyers have made purchases in the run-up to the municipal elections on 30 March, restocking has been lacklustre, with a lack of firm signals from the construction sector. Argus ' daily Turkish domestic rebar assessment was unchanged at $600/t ex-works excluding VAT, with the lira equivalent also unchanged at TL23,4000/t ex-works including VAT. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Stalling climate finance an energy security risk : WRI
Stalling climate finance an energy security risk : WRI
London, 28 March (Argus) — The "best bet" to achieving global energy security is through mitigation funding and multilateral cooperation, according to the World Resources Institute (WRI). WRI highlighted that governments are funding more domestic renewable energy projects but have increased oil and gas production in the name of "energy security" at home in the years following the Russia's invasion of Ukraine. The recent rebrand of energy transition funding to energy security funding has allowed some developed nations to justify domestic oil and gas licences and drag their feet on multilateral financial commitments. This is causing "real worry" among climate-vulnerable developing nations, WRI chief executive Ani Dasgupta said. He said that although the initial "shock" to the world's energy markets after the invasion of Ukraine "quickly went away", it has triggered "real worry among poorer countries that when push comes to shove, it won't be an even game, or have a fair outcome." Developing countries have long complained about the lack of access to climate funding. Richer nations have only recently met the $100bn/yr target in climate finance to developing countries agreed in 2009, while discussions on setting a new climate finance goal for 2025 at Cop 29 in Baku in November could prove difficult. President of the Republic of Congo (Brazzaville) Denis Sassou-Nguesso said last year that the $100bn/yr in climate financing to developing countries promised by rich countries "never reached us", adding that the annual UN Cop climate conferences have become little more than a talking shop. "Just after the invasion of Ukraine, every country started to think about energy security," Dasgupta said. "In theory, good things could have happened, countries could have concluded that their best bet to getting energy security is by going renewable". But it was not the case in key consumer countries or regions, Dasgupta pointed out. China bought the majority of Russian gas following the EU's withdrawal, he said, and has since upped production at coal-fired power stations despite an "extraordinary" acceleration towards renewables set for 2023-28, according to Paris-based energy watchdog IEA . In Europe, the UK and Norway continue to award new oil and gas licences . "In the US, the fossil fuel lobby argues that the best route to energy security is to invest more in fossil fuels". But the best route is to invest in more renewables, he said. "Even if the US produces a large amount of oil and gas, it is still a traded commodity, and so you have to pay a price for it that is set globally." The US special presidential co-ordinator for energy security Amos Hochstein has also suggested in September that a widening climate finance gap could ultimately threaten global security. "We have seen the percentage of dollars spent on the energy transition outside the OECD, in developing and middle income countries actually go down instead of up…" By Madeleine Jenkins Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Taiwan scrap imports fall 13pc on year in February
Taiwan scrap imports fall 13pc on year in February
Singapore, 28 March (Argus) — Taiwan's ferrous scrap imports fell on the year in February, reflecting rising prices, subdued activity during the holiday period and high stocks. Ferrous scrap imports totalled 218,887t, down by 21.3pc on the month and 13.2pc on the year, customs data showed. Trade sources attributed the decline to rising seaborne scrap prices in November and December. Trade sources said lower bookings were expected given the lunar new year holiday in Taiwan on 8-14 February, with mills likely to have been prudent in their procurement since November as delivery of containerised scrap usually takes 8-10 weeks from the signing of an agreement. The US remained Taiwan's top ferrous scrap supplier in February, providing 81,249t, although this was down by 32.6pc on January and 25.1pc on the year. Ferrous scrap imports from Japan fell by 10.3pc on the month and 15pc on the year to 55,510t in February. Imports from Dominican Republic rose by 7.1pc on the month and 16.9pc year on year to 17,563t. Scrap supply from Australia fell by 47.8pc year on year to 9,921t. Trade sources said underwhelming fundamentals in Asia meant Australian sellers focused on south Asia, where they could achieve stronger margins. Looking ahead, a slowing construction sector could mean lower scrap imports. "The shortage of manpower and rising building material costs have impacted the initiation pace of new construction projects," the Taiwan Institute of Economic Research said on 25 March. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
ACT to partner with LR, Wartsila, and UECC on CNSL
ACT to partner with LR, Wartsila, and UECC on CNSL
London, 28 March (Argus) — Dutch supplier ACT Group is collaborating with classification society Lloyd's Register, Finnish engine manufacturer Wartsila, and Norwegian shipping firm United European Car Carriers (UECC) on the development and evaluation of cashew nut shell liquid (CNSL) as a biofuel in marine biodiesel blends. ACT confirmed the launch of a CNSL-based biofuel called "FSI.100", which has gone through extensive engine testing with various blend combinations. The CNSL-based biofuel has now received approval from engine manufactures to be blended as a 30pc component with marine gasoil (MGO) to form a marine biodiesel blend for the purpose of further sea trials. ACT confirmed that the FSI.100 product will benefit from lower acidity, and there is potential for the product to be compatible for blending with fuel oil. CNSL is an advanced biodiesel feedstock, making it a more appealing and price competitive option to buyers compared with other biodiesel feedstocks. The development follows a report by Lloyd's Register fuel oil bunkering analysis and advisory service (FOBAS) that pointed to a correlation between engine fuel pump and injector-related damage in vessels and the presence of "unestablished" CNSL in the utilised marine fuels. By Hussein Al-Khalisy Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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