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Latest Market News

Brazil’s iron ore exports rise to record November high

  • Spanish Market: Freight, Metals
  • 05/12/25

Brazilian iron ore exports rose by 3pc from a year earlier to 34.5mn t in November, the highest for the month on record.

Exports to China decreased by 1pc to 24.4mn t in November, according to Global Trade Tracker (GTT) data. Shipments to Malaysia jumped to 2.3mn t and to India to 1.4mn t.

Steel exports from China fell in October for the first time this year, down by 13pc year-on-year to 9.7mn t, according to Global Trade Tracker. Chinese steel inventories surged by 49pc by the end of October, shipowner CMB said.

This may undermine Chinese appetite for iron ore later this year as well as Brazilian iron ore exports. Iron ore producer Vale has reduced its production guidance for 2026 to around 335mn t, down from the previous 340mn–360mn t/yr, coinciding with the first Simandou iron ore cargo loaded on 2 December.

Global Capesize tonne miles rose by 12pc from a year earlier in November to around 830bn tonne miles, according to trade analytics platform Kpler. Brazil was one of the key contributors, with its tonne mileage rising by 9pc on the year to 197bn tonne miles.

Spot freight rates in the Atlantic surged in late November–early December as tonnage supply remained tight, but rates eased by the end of this week. The Tubarao to Qingdao rate climbed to $26/t on 3 December from a recent low of $22.50/t on 12 November. But on 4 December, rates dropped to $24.75/t.

By Andrey Telegin

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03/04/26

US adds 178,000 jobs in March, jobless rate falls

US adds 178,000 jobs in March, jobless rate falls

Houston, 3 April (Argus) — The US added 178,000 nonfarm jobs in March, a bigger-than-expected gain that followed months of mostly faltering job growth. Payrolls were boosted by "one-time factors," including the end of a healthcare strike and "residual seasonality", Pantheon Macroeconomics chief US economist Samuel Tombs said in a note Friday. "The trend still looks weak." The six-digit growth in payrolls, compared with analysts' estimates of about 60,000 gains, follows downwardly revised losses of 133,000 for February and upwardly revised gains of 160,000 for January, according to the Bureau of Labor Statistics (BLS) on Friday. "The topline payroll number greatly overstates the prewar strength of the job market, and we forecast job growth to slow as the war begins to take a toll on real activity," Oxford Economics' lead economist Nancy Vanden Houten said in a note. Total job growth for full-year 2025 was revised down to just 181,000 jobs from a prior 584,000, BLS reported in February. Annualized average hourly earnings eased to 3.5pc in March from a 3.8pc gain in February. Healthcare added 76,000 jobs in March, more than double the average of 29,000 added in the prior 12 months. Construction jobs added 29,000 in March while transportation and warehousing added 21,000 jobs in March. Leisure and hospitality added 44,000 jobs. Manufacturing added 15,000 jobs last month but were down by 75,000 jobs from March 2025. Mining, quarrying and gas extraction added 1,300 jobs. Federal government employment fell by 18,000 and was down by 355,000 since reaching a peak in October 2024. Jobs in financial activities fell by 15,000. The unemployment rate edged lower to 4.3pc in March from 4.4pc in February. But the decline partly reflected a shrinking labor force, those counted as employed or looking for work. The number of people marginally attached to the labor force, who had not looked for work in the prior four months after looking for a job sometime in the prior 12 months, rose by 325,000 to 1.9mn in March. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Al Taweelah smelter repair to take up to a year: EGA

03/04/26
03/04/26

Al Taweelah smelter repair to take up to a year: EGA

London, 3 April (Argus) — Emirates Global Aluminium (EGA) said repairs at its Al Taweelah smelter may take up to a year after the facility sustained significant damage during an Iranian missile and drone attack on the Khalifa Economic Zone Abu Dhabi on 28 March. "To resume operations at the smelter, EGA must repair infrastructure damage and progressively restore each of the reduction cells," the company said in an update published on 3 April. "Early indications are that a complete restoration of primary aluminium production could take up to 12 months." Iran hit the facility on 28 March , injuring several employees. Iranian steelmakers Khouzestan Steel (KhSC) and Mobarakeh Steel were struck by air raids attributed to the US and Israel on 27 March , damaging storage facilities and power infrastructure, officials said. Iran was preparing retaliatory strikes on Gulf steel producers, according to the Tasnim news agency, which is linked to the Islamic Revolutionary Guard Corps. Al Taweelah produced 1.6mn t of cast metal in 2025, according to EGA. EGA is a major bauxite importer, bringing in 11.15mn t in 2025 and 10.65mn t in 2024, according to Kpler data, and is a significant Capesize charterer. Some vessels destined for Al Taweelah are currently delayed because of the de facto closure of the strait of Hormuz. The Amarantos , which loaded in Takoradi, Ghana, on 20 February, has been idling between Mozambique and Madagascar for several days and has since been redirected to Kandla, India, Kpler data show. The Clivia Oldendorff , carrying Ghanaian bauxite, remains idling between Mozambique and Madagascar, according to Kpler. By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iranian crude cargo changes course from India to China

03/04/26
03/04/26

Iranian crude cargo changes course from India to China

Dubai, 3 April (Argus) — A vessel that appeared to be carrying the first Iranian crude cargo to India for close to seven years has now changed course, and is signaling its destination as China, ship-tracking data show. The Aframax Ping Shun , carrying about 600,000 bl of Iranian crude, is now shown heading for Dongying in China after previously signalling its destination as Vadinar in India, according to data from Kpler and Vortexa . The reroute brings the shipment back into Iran's usual export pattern, with China emerging as the main destination for Tehran's heavily sanctioned and discounted crude in recent years. Vortexa data show China took more than 90pc of Iran's crude exports in 2025. The cargo's final destination could still change. Ping Shun , which was sanctioned by the US Treasury's Office of Foreign Assets Control (Ofac) in 2025, is on a time charter to Iran's state-owned oil firm NIOC, ship brokers said. The vessel loaded at Kharg Island in early March. The cargo initially appeared to open a narrow window for India's first known Iranian crude delivery since May 2019, when US sanctions waivers that had allowed limited imports were withdrawn. India had previously supported the trade through alternative payment and marine insurance arrangements. A temporary US waiver issued on 21 March for Iranian crude loaded on or before 20 March and discharged by 19 April briefly revived that possibility. But the waiver did not amount to broader sanctions relief, and market participants said trades involving sanctioned vessels still face heavy compliance scrutiny. Some said payment-related hurdles may also have prompted the reroute. The voyage comes as the US-Israel war with Iran enters its second month with no clear resolution in sight, raising concerns over prolonged supply disruption. US President Donald Trump said on Wednesday that Washington would hit Iran "extremely hard" over the next two to three weeks. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

First non-Iranian VLCC exiting the strait of Hormuz

02/04/26
02/04/26

First non-Iranian VLCC exiting the strait of Hormuz

London, 2 April (Argus) — A very large crude carrier (VLCC) carrying non-Iranian crude appears to have left the Mideast Gulf, the first since the start of the US-Iran war on 28 February, with a second close behind. The Dhalkut , operated by Trafigura according to the vessel's Q88 documentation, largely cleared the strait and was heading eastward as of 2 April. The Habrut , operated by Sinokor according to Q88 data, was on a similar path during the same timeframe. These could be the first two non-Iranian VLCCs to exit the Mideast Gulf since the war began over a month ago, a potential sign of Iran relaxing restrictions on ship movements. Both tankers are signalling Ras Markaz in Oman as their destination, which is a common method being used by ships in the Mideast Gulf to identify the nationality of the vessel and reduce the likelihood of attack by Iranian forces — but it is unlikely to be the vessels' final destination. The Dhalkat loaded Arab Heavy and Arab Medium crude on 26 February from Juaymah while the Habrut loaded Murban crude on 17 March from Jebel Dhanna, Kpler data show, and both have remained inside the Mideast Gulf since. When the Dhalkat first loaded before the war broke out, it appeared to indicate Myanmar as a destination, vessel tracking data show, and it may proceed there after exiting the strait. At least 14 VLCCs have left the strait of Hormuz since the start of March, according to Kpler data, all loaded from Kharg Island or the FPSO Soroosh , both controlled by Iran. Recently, traffic through the strait has been steady, Another seven vessels crossed on Wednesday, the same as on Tuesday. Three vessels exited the Mideast Gulf, and four vessels entered, transiting westbound through the channel, according to vessel tracking data from MarineTraffic. More notably, two ultra-large container carriers linked to China's Cosco — the CSCL Indian Ocean and CSCL Arctic Ocean — which abandoned attempts to transit on 27 March, transited the strait earlier in the week. Iran's Revolutionary Guard Corps said that day that its navy had turned back three container ships attempting to pass through the strait. By Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US trade deficit widens in February

02/04/26
02/04/26

US trade deficit widens in February

Houston, 2 April (Argus) — The US trade deficit widened by 4.9pc in February as imports, including capital goods linked to the buildout of artificial intelligence (AI), grew faster than exports. The US trade deficit in goods and services rose to a seasonally adjusted $57.3bn in February from $54.7bn in January, the Bureau of Economic Analysis (BEA) reported Thursday. The deficit in goods rose to $84.6bn in February from $82.1bn in January, while the services surplus fell by $0.2bn to $27.3bn. Total US exports in February rose by 4.2pc to $314.8bn while imports rose by 4.3pc to $372.1bn. Exports of goods rose by $11.5bn to $206.9bn in February, led by shipments of non-monetary gold and industrial supplies including natural gas. Imports of goods rose by $14bn to $291.5bn in February, with capital goods imports up by $7.8bn and crude oil imports up by $1.1bn. "February's jump in imports was relatively broad-based, although imports of computer equipment and semiconductors leapt again, due to the ongoing surge in AI-related capex," Pantheon Macroeconomics said in a note. Exports of services increased by $1.2bn to $106.7bn, and services imports rose by $23bn to $79.3bn. Yearly trade gap shrinkage Still, the deficit in February shrank by more than half from $120bn a year earlier. But that could change with the Mideast Gulf war and the US high court's striking down President Donald Trump's tariffs. "The shake-up in tariff policy following the Supreme Court decision in late February, and disruptions to global supply chains due to the US-Iran war, could trigger more turbulence in the trade data," Oxford Economics' US economist Grace Zwemmer said in a note. The dollar index has climbed from 99.3 on 27 February, the day before the US-Israel war on Iran began, to 99.9 on Thursday, although it is down from 103.7 in early April last year. A stronger dollar makes US imports cheaper, while making exports less competitive. The US trade deficit edged higher to $911bn last year from $904bn in 2024, with the goods deficit rising to $1.24 trillion in 2025 from $1.215 trillion the prior year. Petroleum trade slows US exports of crude and petroleum products, including natural gas liquids, fuel oil and others on an end-use basis, totaled $20.6bn in February, little changed on the month, with imports at $16.8bn in February, up from 15.5bn in January, the report said. Exports of crude averaged 4.3mn b/d in February, up from 3.9mn b/d in January, with imports at 6.35mn b/d in February from 6.1mn b/d in January. Partners The US had a $16.5bn seasonally adjusted deficit with Vietnam in February, a $16.8bn shortfall with Mexico and a $13.1bn deficit with China. The US ran a $5.1bn deficit with the EU and a $7.6bn deficit with South Korea, a $4.7bn deficit with Japan and a $3.2bn shortfall with Germany. The US deficit with Canada narrowed to $741mn in February from January. The US had a $5.6bn surplus with the UK, a $6.8bn surplus with the Netherlands and a $3.8bn surplus with central and south America that included a $1.5bn surplus with Brazil in February. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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