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Port of NOLA to close prior to TS Francine

  • Spanish Market: Agriculture, Biofuels, Chemicals, Coal, Crude oil, Fertilizers, LPG, Metals, Oil products, Petroleum coke
  • 10/09/24

The port of New Orleans (Nola) in Louisiana and terminal operators there are limiting operations today in preparation for a full closure Wednesday as tropical storm Francine passes.

Terminal operators are expected to reopen on 12 September after damages are assessed.

United Bulk Terminals (UBT) issued a force majeure this morning from the Davant terminal on concerns for employee safety. The company did not disclose a timeline for reopening. UBT specializes in coal and petcoke along with other commodities.

Associated Terminals will suspend operations 11-12 September and will assess damages on 13 September.

The National Weather Service forecasts Francine to make landfall tomorrow on the Louisiana coast as a hurricane. Commodities including petcoke, coal, agriculture and fertilizer are likely to be affected by the port closure.


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US light vehicle sales surged in September


03/10/24
03/10/24

US light vehicle sales surged in September

Houston, 3 October (Argus) — Domestic sales of light vehicles rebounded in September, increasing to a seasonally adjusted rate of 15.8mn on the strength of greater truck purchases. Sales of light vehicles — trucks and cars — rose from a seasonally adjusted annual of rate 15.3mn in August, the Bureau of Economic Analysis reported today. Sales have whipsawed the previous four months, but September's rate largely was in line with the 15.7mn unit rate in September 2023. The US Federal Reserve last month cut its target rate for the first time since 2020, bringing it down by 50 basis points from its 23-year highs as inflation has been easing. Lower inflation and Fed easing, which ripples across credit markets, make it more affordable for people to purchase new vehicles. Fed policymakers have penciled in another 150 basis points worth of cuts through 2025, as they hope to head off any weakening in the labor market that could scuttle the wider economy. Higher overall sentiment about the US economy, fueled by a robust 3pc growth in gross domestic product (GDP) in the second quarter, healthy labor conditions and consumer spending also have encouraged consumers to spend. Sequentially, light truck sales increased by 3.1pc to a 12.8mn unit rate in September, while sales of cars rose by 4.4pc to a 3mn unit rate in the same time period. By Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Israel-Iran conflict threatens Mena steel supply


03/10/24
03/10/24

Israel-Iran conflict threatens Mena steel supply

London, 3 October (Argus) — The escalating Israel-Iran conflict could lead to a shortage of steel and steelmaking raw materials in the Mena region because of potential logistical disruptions and a surge in freight prices. Tensions have risen after the killing of the leader of Iran-backed Hezbollah militia Hassan Nasrallah , by Israel on 27 September, which sparked retaliation from Iran. This has seen an increase in attacks on vessels in the Red Sea by Yemen's Iran-backed Houthis, disrupting trade routes. The conflict could adversely affect construction and steel demand in the Mena region, which remains a key export outlet for long steel products, as well as billets. "The attacks are highly likely to increase and imports from Asia to Turkey will be negatively impacted due to high freight and therefore, high steel prices," said a Turkish integrated producer whose steel cargo was targeted by Houthi missiles a few months ago. An international iron ore trader echoed this, expecting freight prices to increase. Over the past few years, Israel and Yemen were important rebar export destinations for Turkey. But in April , Turkey imposed a trade ban on Israel. Turkish rebar exports to Yemen have sharply dropped owing to risks to shipments. Currently steel trading activity with Lebanon is on hold . Lebanon typically purchases high volumes of long steel, particularly rebar, from Egypt, Algeria and Libya. Market participants in the UAE, a major producer and consumer in the Gulf Co-operation Council (GCC), had previously anticipated a strong final quarter of the year, because of expected increases in construction activity from large-scale projects. But should the situation escalates, projects could be on hold and demand will shrink, a producer warned. Trading in Oman faces greater risk compared with other GCC countries because of its shared border with Yemen. The conflict could also negatively impact the flat steel industry in north Africa, as many re-rollers import hot-rolled coils (HRC) for re-rolling or coating, often finding it more feasible to use supply from Asia rather than local material. "HRC imports to Algeria will be endangered and this will increase prices of cold-rolled coils (CRC) and galvanised steel prices," a market participant commented. By Elif Eyuboglu Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Japan to phase out inefficient coal plants by 2030


03/10/24
03/10/24

Japan to phase out inefficient coal plants by 2030

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Mexico’s oil products by rail up 11pc Jan-Aug


03/10/24
03/10/24

Mexico’s oil products by rail up 11pc Jan-Aug

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