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Latest market news

Miners eye Australia-east Asia green shipping corridor

  • : Emissions, Fertilizers, Hydrogen
  • 22/04/06

The Global Maritime Forum (GMF), a consortium of Australian miners and global shippers, have signed a letter of intent to assess the development of an iron ore green shipping corridor between Australia and east Asia.

This decision comes after a study the GMF had conducted on decarbonising bulk carrier shipping.

Taking the study further, the parties in the consortium intend to jointly assess green ammonia supply, and bunkering and support mechanisms, that are necessary for their participation in a viable Australia to east Asia iron ore green shipping corridor, the GMF said.

GMF includes Australian miners Rio Tinto and BHP, and shipping firms Oldendorff Carriers and Star Bulk Carriers. The partners aim to develop a framework as a preparatory step towards real-world implementation of a green iron ore shipping value chain, the GMF added.

"Focusing on the feasibility of decarbonising specific trade routes of the world is an indispensable step to create the foundation for the maritime energy transition," Star Bulk Carriers chief strategy officer Charis Plakantonaki said.

Australia is the world's largest iron ore exporter and shipped 872mn t in calendar 2021.

By Kevin Morrison

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26/04/03

US fighter jet shot down over Iran: Tasnim

US fighter jet shot down over Iran: Tasnim

Washington, 3 April (Argus) — Iran's military has shot down a US F-15 fighter jet over Iran, Iranian news agency Tasnim said on Friday. In a development that could spark a major escalation of the US-Israeli war with Iran and upend the White House's timetable for the conflict, the Iranian Army's Air Defense Unit shot down the fighter jet, Tasnim reported. The fate of the F-15 crew members was not immediately clear. In a conflicting report, Iranian state news agency Irna posted images on X of what it described as an "F-35 fighter jet" that it said had been destroyed by the Islamic Revolutionary Guard Corps. Neither the White House nor US Central Command responded immediately to enquiries, while the Pentagon referred questions to Central Command. President Donald Trump has not posted on his social media platform about the incident. But at around 3:30pm ET he did post, "KEEP THE OIL, ANYONE?" And earlier in the day, Trump posted: "With a little more time, we can easily OPEN THE HORMUZ STRAIT, TAKE THE OIL, & MAKE A FORTUNE. IT WOULD BE A 'GUSHER' FOR THE WORLD???" During his prime time address to the US public about the war on 1 April, Trump claimed that the Iranians "have no anti-aircraft equipment", adding: "Their radar is 100pc annihilated. We are unstoppable as a military force." A second US war plane, an A-10 Warthog attack plane, crashed near the strait of Hormuz about the same time as the F-15, the New York Times reported on Friday. By David Ivanovich Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Kuwait's Mina al-Ahmadi refinery hit again by drones

26/04/03
26/04/03

Kuwait's Mina al-Ahmadi refinery hit again by drones

Dubai, 3 April (Argus) — Kuwait's 346,000 b/d Mina al Ahmadi refinery came under another drone attack early on Friday, causing fires in several operational units, state-owned Kuwait Petroleum (KPC) said. It was the third strike on the refinery in just over two weeks. KPC did not specify the extent of the damage or whether refinery operations were affected, but said it was working to maintain operational continuity. No injuries were reported. The refinery was previously hit in the early hours of 19 March, and again early on 20 March, which saw KPC shut a number of affected units as a precaution . Another Kuwaiti refinery, the 454,000 b/d Mina Abdullah plant, was also struck early on 19 March, adding to concerns over the vulnerability of the country's refining system. Kuwait has a third refinery, the 615,000 b/d al-Zour facility, further south, close to the Neutral Zone which Kuwait shares with Saudi Arabia. This latest attack follows weeks of repeated Iranian missile and drone attacks in Kuwait, and elsewhere in the Mideast Gulf region, in response to US and Israeli strikes on Iran. Kuwait's authorities have reported damage to airport and port infrastructure in recent weeks. Its air defenses have intercepted more than 500 drones and 300 ballistic missiles since the US-Israel war with Iran began on 28 February. US president Donald Trump said on Wednesday that military strikes on Iran would continue, dashing hopes for an imminent end to the conflict. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Brazil’s industrial output falls in February

26/04/02
26/04/02

Brazil’s industrial output falls in February

Sao Paulo, 2 April (Argus) — Brazil's industrial output stepped down by an annual 0.7pc in February, mainly driven by auto, chemical products and machinery, according to national statistics agency IBGE. The decrease follows an annual 0.2pc increase in January and a 0.1pc decline in December. Production of intermediate goods — feedstocks for industries that do not directly reach the final consumer — rose by 1.1pc in February from a year earlier. Output of non-durable and semi-durable goods fell by 0.3pc from a year earlier. Output of capital goods and durable consumer goods were down by 13.5pc and 9.3pc, respectively, from February 2025. It is the ninth consecutive annualized decline in capital goods production. Auto, chemical products and machinery were among the largest negative contributors, down by 7.3pc, by 6.4pc and 11pc, respectively, from a year prior. Heavy vehicles and NPK fertilizers pushed down their respective categories, IBGE said. Output of petroleum coke, oil products and biofuels rose by 4pc in February from a year earlier, following a 1.2pc decline in January. Metal products output was down by 8.4pc. Brazil's central bank lowered its target rate to 14.75pc in March. Brazil's headline inflation decelerated to an annual 3.81pc in February . By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Morocco’s OCP to cut production in 2Q

26/04/02
26/04/02

Morocco’s OCP to cut production in 2Q

London, 2 April (Argus) — Morocco's OCP is bringing forward scheduled maintenance at several plants, the firm said. Maintenance at some OCP plants will begin next week, although it has not said which plants will begin maintenance first. The works will affect up to 30pc of OCP's second-quarter production capacity, the company said. Morocco exported 4.40mn t of DAP, 2.71mn t of MAP and 2.98mn t of TSP last year, according to Argus data. OCP has not given a reason for its decision, but tight supply of sulphur and ammonia — key raw materials for phosphates production — following the effective closure of the strait of Hormuz are likely to be the main drivers. The Middle East supplied 52pc of Morocco's sulphur imports last year. Bad weather disrupted operations at Moroccan ports earlier this year, curbing OCP's production and exports. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Australia turns to less-established urea origins

26/04/02
26/04/02

Australia turns to less-established urea origins

London, 2 April (Argus) — Australia's urea importers are being forced to look to less-established sources as the strait of Hormuz closure cuts off access to their dominant supply region — with no clarity on when normal flows will resume. In recent weeks, importers have begun looking to Egypt and Nigeria. But neither of these origins has been regularly and consistently cleared under Australian Quarantine and Inspection Service (AQIS) biosecurity standards, Argus understands. There are four AQIS levels. The lowest, for unapproved origins, is level 3, which triggers a full inspection — a challenging prospect for importers already facing tight supply. Nigeria's Indorama is understood to be cleared at level 2, but no Nigerian urea has been imported by Australia, or confirmed so far, according to trade data. The Middle East typically supplies almost two-thirds of Australia's annual urea imports, while most of the remainder comes from southeast Asia. Mideast Gulf urea commitments to India — with at least 300,000t booked in a tender waiting to pass Hormuz, and an increasing likelihood of another tender — are also likely to wipe out any near-term availability should the strait reopen. There is enough urea in Australia to cover winter crop pre-seeding application, but more imports are needed for topdressing from June, according to market participants. Around 510,000t of urea has been delivered to Australia this year. And about 215,000t is currently in transit to Australia across eight vessels, tracking data from Kpler show. Calls to ease import barriers AQIS rules are expected to be a focus for importers seeking government support, particularly more flexibility around level 3, which adds costs and delays receipts. Fertilizer Australia is also urging the government to ease restrictions on Russian imports. Russian fertilizers lack accreditation from the Department of Agriculture, Fisheries and Forestry and cannot currently be imported. The government plans to amend policies to provide guarantees, extend loans and undertake other arrangements to secure imports. While these initiatives are primarily aimed at fuel, fertilizer buyers should be able to benefit too. AQIS barrier AQIS is a major obstacle to sourcing urea from less-established origins, especially as inspections are required for both supply chain and vessel. AQIS assigns a level only to the entire supply chain from plant to vessel, not to individual components such as warehouses, trucks or belts. The vessel is assessed separately. If any element of either the supply chain or vessel is graded level 3, the entire shipment defaults to level 3, and this rule also applies to combined cargoes of multiple products or origins. The AQIS system has four levels. Gold carries no checks and is awarded only to supply chains that have consistently performed at level 1. Level 1 involves random checks primarily at berth. Level 2 requires more extensive inspection at unloading and in warehouses. And level 3 requires full inspection and isolation of the product. Vessel classifications are handled separately through the AFF1 and AFF2 system, with AFF1 the higher standard. Direct plant-to-vessel loading is the easiest configuration to certify, while mixed-use port facilities, uncovered conveyor belts and non-dedicated trucking routes pose the greatest risk of triggering a level 3 designation. For importers exploring new origins, the risk is significant because level 1 cannot be guaranteed after inspection. But securing alternative tonnes could be essential for normal wheat and barley topdressing in June–July. By Dana Hjeij Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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