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US Senate approves waterways infrastructure bill

  • : Agriculture, Biofuels, Chemicals, Coal, Coking coal, Crude oil, Fertilizers, Freight, Metals, Oil products, Petrochemicals, Petroleum coke
  • 24/08/01

The US Senate today unanimously approved a waterways infrastructure bill authorizing river navigation improvements, setting the stage for negotiations later in the year with the US House of Representatives, which has passed its own legislation.

This is "crucial bipartisan legislation to invest in our nation's water infrastructure, protect our communities and support good-paying jobs," said senator Tom Carper (D-Delaware), chairman of the Senate Environment and Public Works Committee. Carper introduced the biennial bill earlier this year.

The bill would authorize US Army Corps of Engineers (Corps) projects focused on navigation, flood control and ecosystem restoration. In all, the Senate bill measure would authorize 83 feasibility studies and 13 new and modified projects.

The bill regularly draws bipartisan support because its projects and programs impact all 50 states. "By passing this legislation, the Senate took a significant step toward strengthening our water infrastructure, supporting our national economy, better protecting communities from flood risks, and helping the Corps carry out its mission now and in the future," senator Shelley Moore Capito (R-West Virginia).

The House approved a companion but somewhat different bill on 22 July. Lawmakers now will have to hammer out difference between the two versions in a conference committee, unless one chamber opts to pass the other house's language.

But no action is expected before September at the earlier.

The Senate adjourned today for its August recess and is not expected to reconvene until 9 September. The House left town last week.

Passage of a final bill could be further complicated by election year politics.


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25/07/09

Market needs Opec+ output hikes : UAE energy minister

Market needs Opec+ output hikes : UAE energy minister

Vienna, 9 July (Argus) — The oil market needs the additional crude supply coming from Opec+'s accelerated output hikes, UAE energy minister Suhail al-Mazrouei said today, citing the absence of stockbuilds since eight core members of the group began raising production targets earlier this year. "Even with the increases over several months, we haven't seen a major buildup in inventories, which means the market needed those barrels," al-Mazrouei said in Vienna, where he is attending the 9th Opec International Seminar. "We need to look at the fundamentals and build the narrative around them, rather than just news and speculation," he added. Al-Mazrouei said the market is "deeper than what is perceived," referring to a decision by eight Opec+ members to raise their collective August crude production target by 548,000 b/d — a step up from the 411,000 b/d monthly hikes agreed for May, June and July. The eight countries — Saudi Arabia, Iraq, Kuwait, Russia, the UAE, Algeria, Oman and Kazakhstan — had originally planned to unwind 2.2mn b/d of voluntary crude production cuts at a rate of 137,000 b/d each month between April 2025 and September 2026. Asked whether Opec+ is concerned about supply outpacing demand later this year, al-Mazrouei said the group assesses the balance at each meeting. He said focusing solely on prices is short-sighted. "What we want is stability," he said. "That goal requires accepting whatever price the market accepts." Al-Mazrouei also warned of the risks posed by underinvestment in oil and gas. "We are living in an underinvestment environment in oil and gas. The longer this period lasts, the more pain we will face in the years to come," he said. By Bachar Halabi, Aydin Calik and Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Canadian met coal displaces US in May


25/07/09
25/07/09

Canadian met coal displaces US in May

London, 9 July (Argus) — Canadian coking coal mining firms offered lower-priced cargoes into India in May — seeking a new market to offset a sharp drop in Chinese demand — taking Indian buyers away from US coking coal in the month. Canada shipped 330,000t of coking coal to India in May, a 38pc increase from a year ago and a 104pc jump from April, Global Trade Tracker (GTT) data show. Chinese buyers have imported far less coking coal in January-May , slashing their imports from Mongolia in particular. But the slide in Canadian imports has been a more recent development. Canada's exports to China fell by 29pc in May to 837,000t. Traders have attributed a wave of low-priced Canadian offers to the decline in China's seaborne imports. Canadian mining firms have increasingly relied on the Chinese steel industry, as demand from Canada's traditional north Asian buyers — Japan, Korea and Taiwan — has weakened and Australian coal exited China in 2020 . Canada's suppliers shipped 32pc less coking coal to Japan on the year in May at 404,000t, extending a two-year decline in its exports to the country. US suppliers shipped half as much coking coal to India on the year in May at 449,000t. US coking coal exports dropped by 14pc, with weak interest in Brazil and Japan also weighing on the country's market. Buyers in Europe helped offset some of the year-on-year decline in US exports, taking 41pc more on the year at 1.1mn t. US suppliers also found renewed interest from Indonesian coke producers, sending 144,000t to the country, an 89pc jump from the year before. Indonesian coke-making capacity hit new heights late last year, bringing record US shipments to the country from November to February, but that new demand largely died out in March and April, when coke prices hit historic lows worldwide and cokeries found cheaper coking coal elsewhere. The Argus metallurgical coke 65 CSR fob Indonesia assessment dropped by $23.10/t from January to the start of March and several producers started cutting production. The Indonesian coke assessment fell to $191.50/t last week, the lowest price since Argus started assessing the product in November 2023. US coking coal suppliers say they are expected to sell to the country at a discount to low-volatile cfr China prices, meaning many producers are making sales at a loss. Indonesian buyers were also attracted to lower offers from Canada, with Canadian suppliers shipping a record 268,000t to the country. Canada exported 79,000t of coking coal to Indonesia in April with no prior exports to the country, according to GTT data. By Austin Barnes Canada coking coal exports May 2025 '000t Destination May 2025 May 2024 ±%y-o-y World 2,711 2,610 4 China 837 1,172 -29 Japan 404 595 -32 South Korea 344 331 4 India 330 240 38 Indonesia 268 0 N/A — GTT US coking coal exports May 2025 '000t Destination May 2025 May 2024 ±%y-o-y World 3,538 4,123 -14 India 449 916 -51 Netherlands 440 72 511 Brazil 370 576 -36 Japan 296 491 -40 South Korea 227 0 N/A Turkey 222 241 -8 Canada 199 266 -25 Indonesia 144 76 89 — GTT Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Mideast NOCs, majors upbeat on near-term oil demand


25/07/09
25/07/09

Mideast NOCs, majors upbeat on near-term oil demand

Vienna, 9 July (Argus) — Global oil demand is set to grow by 1.2mn-1.3mn b/d for the rest of 2025, driven by developing economies, strong US gasoline use and China's petrochemicals sector, Saudi Aramco chief executive Amin Nasser said at the Opec seminar in Vienna today. Nasser said demand would continue to rise as per capita oil use in developing countries remains well below levels in Europe and the US. His outlook was echoed by other state-owned oil companies and international majors, who pointed to tight physical markets and resilient buying interest in Asia. The chief executive of Kuwait's KPC, Sheikh Nawaf al-Sabah, said demand "remains healthy" despite macroeconomic headwinds. He said customers in China, Japan and South Korea had recently asked KPC not to cut crude allocations and to send additional barrels if available. "That's an indication that this is a balanced market," Al-Sabah said. He added that demand is likely to remain strong even after the seasonal summer uptick fades in the northern hemisphere. Al-Sabah also noted that the market responded positively to the most recent Opec+ decision to accelerate planned output increases in August . "I just don't see the additional non-Opec supply coming in at a rate that would exceed the demand numbers that we're talking about," he said. BP chief executive Murray Auchincloss said he expects oil demand growth of around 1pc this year. "Physically, markets are tight right now — whether that's oil, gasoline, jet or diesel. They're all quite tight with low storage levels, and China is injecting an awful lot into storage," he said. Shell chief executive Wael Sawan said short-term fundamentals are tight, with "a healthy balance between supply and demand". TotalEnergies chief executive Patrick Pouyanne was more cautious, pointing to structurally lower oil demand growth in China. He said Chinese demand, which previously grew by 700,000-800,000 b/d annually, is now rising by just over 300,000 b/d a year. He added that he hopes India and other emerging markets will offset the slowdown. Still, Pouyanne said global oil demand continues to grow and that supply must keep pace. By Aydin Calik, Nader Itayim and Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

LME copper prices down on US tariff announcement


25/07/09
25/07/09

LME copper prices down on US tariff announcement

London, 9 July (Argus) — London Metal Exchange (LME) copper prices have fallen after US president Donald Trump announced on Tuesday that he will impose a 50pc tariff on copper imports. In the wake of the announcement, the market anticipates that the duty will halt the flow of metal into the US and redirect it back towards other global consumers. The cash copper price on the LMEselect electronic trading platform fell by 1.75pc to $9,579.50/t at 12:06 BST today. This was a stark contrast to movement on the US Comex exchange, where the next-month copper price soared by more than 13pc to $5.645/lb on Tuesday before falling back slightly to $5.502/lb in later trading. The jump drove the arbitrage between the Comex spot price and the LME cash price to a new record high of more than $2,500/t. Clarity on term price movement and trade flow was clouded by the lack of detail on the US tariffs. Trump's announcement was an unscheduled comment before a cabinet meeting, followed by a comment from US Secretary of Commerce Howard Lutnick that the tariffs are likely to be in place by the end of July. Even this short a window is likely to encourage one last spurt of buying from US consumers and traders looking to build tariff-free stockpiles before the duty is in place. This is likely to keep Comex prices and the arbitrage to LME high in the near term, but Comex prices might drop off sharply as soon as participants see that tariffs for new deliveries become too risky. Once that threshold is crossed, copper shipments to the US are likely to fall sharply and US copper consumers will start to work through the vast tariff-free inventory that has built up in the country over the past six months. US imports of refined copper under HS code 7403 have increased by 126.72pc this year to 680,727t, according to customs data. Of that total, 422,603t was delivered across April and May, which represented more than half of the total refined copper imports for the whole of 2024. Data from vessel tracking platform Kpler indicate similar volumes of copper cathode imports in June as in April and May, which could mean that at least another 200,000t of copper has already made landfall in the US. With this stockpile to work through, US consumers will not be actively looking to import significant volumes subject to a 50pc tariff in the near term, which means the shift in global copper trade flow this year might reverse rapidly. Comex warehouse copper stocks rose by 138pc from the start of this year to 221,788t as of Tuesday, while LME warehouse stocks dropped by 61pc over the same period to 107,125t today. The trade flow shift has been centred on all Comex-deliverable copper brands, led by Chilean copper but also including European metal as well, leaving European and Chinese buyers to scramble for alternative supplies from the Democratic Republic of Congo in particular. Chile is the largest supplier of copper to the US, accounting for more than 60pc of US refined imports this year. If US imports slow down as a result of the tariffs, Chilean copper will flow back towards China and Europe. Greater availability will pressure LME prices and regional premiums in those ex-US markets, which have risen sharply this year on tighter supply. The Argus assessment for the delivered Germany grade-A copper cathode premium to the LME price has risen by 56pc since February to a record high of $270-290/t as of Tuesday, while the cif Shanghai grade-A cathode premium to the LME price has risen by 122pc over the same period to $80-120/t. "It is difficult to know what will happen but Comex prices will go up and LME will go down," a major copper producer told Argus . "I don't see any short-term impacts in Europe but if the tariff is confirmed, then more copper will flow to Europe and Asia, decreasing physical premiums." By Ronan Murphy and Roxana Lazar Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Japan’s crude steel output to fall in Jul-Sep: Meti


25/07/09
25/07/09

Japan’s crude steel output to fall in Jul-Sep: Meti

Tokyo, 9 July (Argus) — Japan's crude steel output is likely to fall in July-September from a year earlier because of persistently weak demand in both domestic and export markets, the country's trade and industry ministry (Meti) said. Meti expects output to drop by 2.3pc over the period to 20.1mn t, it said in its quarterly forecast released on 8 July. Output is likely to remain stable from April-June. The projected year-on-year output decline is the result of persistently weak demand from key domestic steel-consuming sectors, including automobiles and construction, Meti said. "The situation has not changed significantly from the previous quarter ", a Meti official told Argus . Demand for ordinary steel products from the automobile sector is forecast to increase by 1.9pc on the year to 2.4mn t in the quarter. But Meti characterised this as only a "slight increase", despite it being a higher year-on-year growth rate in comparison with other sectors. Meti had anticipated a strong rebound in the automobile sector, and consequently steel demand, after some car producers resumed operations. The auto manufacturers had suspended operations for up to six months in 2024 following alleged false reporting of safety tests results. Some car producers remain cautious about pushing to ramp up output, the Meti official told Argus , without naming any companies. This is because some carmakers are prioritising quality over quantity, Meti suggested, possibly to avoid a repeat of past safety scandals. Japan's largest domestic car producer Toyota was among those that halted production because of safety issues in mid-2024. Toyota said it has since focused on building a solid foundation for production to enhance safety and quality. Steel demand from the construction sector remains under pressure from a labour shortage and rising material costs, according to Meti. This is likely to cap ordinary steel demand from the sector at 3.9mn t, a similar output level to the same period last year. External markets Japan's steel exports are also projected to decline, with shipments expected to fall by 11.5pc on the year to 6.1mn t in July-September, Meti said. Meti attributed the drop to an influx of low-cost Chinese steel products, which continue to flood key export markets including southeast Asia. Japanese steel producers are reluctant to lower their selling prices to compete with cheaper, non-value-added items, the Meti official added. Meanwhile, the blanket 50pc tariff imposed by the US on imports of steel is unlikely to have a significant impact on domestic crude steel output, at least until September, the Meti official said. This is largely because many of the Japanese steel products imported by US customers cannot be easily replaced with domestic products, the Meti official said. Meti's optimism comes despite some Japanese steel producers struggling to maintain stable business with US clients following Washington's decision to double its sweeping import tariffs on steel to 50pc from 4 June. By Yusuke Maekawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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