The US will impose a 35pc tariff on all imports from Canada effective on 1 August, President Donald Trump said in a 10 July letter to Canadian prime minister Mark Carney. The letter, which Trump posted on social media, noted that Canada previously planned retaliatory tariffs in response to the US' first tariff threats in the spring. He repeated his earliest justification for the tariffs — the illegal smuggling of fentanyl into the US from Canada — and said he would consider "an adjustment" to the tariffs if Canada worked with him to stop that flow.
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Western Australia's LNG projects restart production
Western Australia's LNG projects restart production
Sydney, 31 March (Argus) — Western Australia's (WA) off line LNG projects are restarting some domestic gas production, while the Pilbara Ports Authority (PPA) is assessing damage from category 4 tropical cyclone Narelle, which passed through the region late last week. The ports of Dampier and Ashburton have been checked over, with structural damage to Dampier's general cargo import facilities, rendering the wharf inoperable, PPA said on 31 March. The bulk liquids terminal is operable, PPA said, meaning fuel imports for the region's major iron ore mines is unaffected. Ashburton port has also suffered damage to its general cargo wharf and this remains closed, with engineering teams looking over the facilities during the next few days. The port of Varanus Island — a central gathering and processing hub for oil, gas and condensate supplied by nearby fields, including those operated by Australian independent Santos — has reopened with no impacts to operations, PPA said. LNG projects recovering The region's affected LNG projects are slowly returning to production after Narelle took two major plants, the 14.3mn t/yr North West Shelf (NWS) and 8.9mn t/yr Wheatstone terminals, off line late last week . NWS' Karratha gas plant will be producing at 300 TJ/d and Wheatstone at 20 TJ/d on 1 April, indicating that some volumes are returning on line, according to the Australian Energy Market Operator's WA gas bulletin board, which measures domestic flows. Wheatstone may take weeks to return to full capacity, Chevron has said, while it returned one train at the 15.6mn t/yr Gorgon LNG terminal, which was taken off line during the cyclone to service on 29 March. The disruption to supply comes during an already tight supply balance in the Pacific basin, with Qatar's 64.2mn t/yr Ras Laffan terminal pausing production on 2 March due to the US-Iran war. Domestic gas flows fell from 1,202 TJ/d on 24 March to 558 TJ/d on 29 March due to Narelle's impacts, forcing alumina refineries run by US producer Alcoa to slash output temporarily . By Tom Major Argus LNG prices ($/mn Btu) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan's scrap exports fall in February
Japan's scrap exports fall in February
Shanghai, 31 March (Argus) — Japanese ferrous scrap exports continued to decline on the year in February, but posted a strong rebound from the previous month, driven by renewed demand from Bangladesh and Thailand. Exports rose by 37pc on the month to 628,000t in February, Japanese customs data show. But February volumes were still 5.5pc lower than a year earlier. Total exports in January-February fell by 11pc on the year to 1.09mn t. Shipments to Vietnam were largely stable compared with January but declined by 18pc on the year. Demand from Vietnamese mills was subdued during the lunar new year holiday period, traditionally a slow season. Buying activity picked up again from late February as mills began restocking for the construction season. Exports to Bangladesh increased significantly, given that mills returned to the seaborne market after limited activity at the end of 2025. Market participants expect Bangladeshi demand for Japanese scrap to strengthen further, supported by a recovery in buying interest following the February national election. At the same time, reduced US supply to south Asia because of higher freight costs and stronger demand from Turkey also supported mills' demand for Japanese scrap. Kanto export tender cargoes were awarded to Bangladesh in the first three months of the year. Thailand imported 59,000t of Japanese scrap in February, well above the 2025 monthly average of 18,000t. Japanese traders received increased inquiries from Thai mills, particularly those with Japanese investment. In contrast, demand from Taiwan remained weak, given that mills continued to favor more competitively priced containerised scrap. Total exports to Taiwan in January-February fell by 73pc, compared with the same period a year earlier. Japanese scrap exports may ease in the coming months as export conditions become more challenging following the outbreak of conflict in the Middle East. Suppliers have shown a growing preference for domestic sales to mitigate risks. Japan's domestic scrap market has strengthened significantly since mid-February, with H2 prices rising by ¥6,000/t ($37.57/t) over 19 February-31 March. Japan ferrous scrap exports t Feb '26 m-o-m ± % y-o-y ± % Jan-Feb '26 y-o-y ± % Vietnam 246,017 -3.3 -18.1 500,362 -9.2 Bangladesh 156,734 591.8 53.4 179,390 4.4 South Korea 106,158 4.1 -9.3 208,133 -13.9 Taiwan 13,400 70.7 -73.4 21,247 -73.3 Others 106,076 47.1 11.5 178,207 0.4 Total 628,384 36.9 -5.5 1,087,339 -11 Source: Japan Customs Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Red Sea AWRP up after Houthi attack on Israel
Red Sea AWRP up after Houthi attack on Israel
London, 30 March (Argus) — Additional war risk premium (AWRP) rates in the Red Sea have risen after the Yemen-based militant Houthis attacked Israel at the weekend, an insurance broker told Argus . The Red Sea AWRP inched up to 0.65-0.75pc of hull and machinery value, from around 0.6pc — although 25–50pc of this may be refunded as a no-claims bonus, the broker said. Some insurers may still offer around 0.6pc, according to brokers, but such offers are increasingly rare. Yemen's Iran-backed Houthi militants launched missiles at Israel on Saturday, 28 March, in their first attack since the war in the Mideast Gulf began. A source familiar with regional AWRPs told Argus today that the Houthis "have been fundamentally weakened," and "do not have the capability they had two years ago". "But the Houthis are resilient and will probably attempt to strike a vessel," the source said. "Their threat is capped, however, given the US has so much firepower in the region." The Houthis may attempt to charge vessel operators for safe transit, the source said, "having done this previously and in a similar way to Iran ". Red Sea rates remain below the Mideast Gulf level, where AWRP is around 1pc of hull and machinery value for a vessel stuck west of Hormuz, insurers told Argus . The rate to leave the Gulf is considerably higher. Hormuz passage becomes significantly more expensive For vessels passing the strait of Hormuz, AWRP is around 5.0–7.5pc of hull and machinery value and can reach as high as 10pc, according to brokers. In addition, and before obtaining AWRP coverage, shipowners must confirm to insurers they have no links to the US or Israel and must present approval granted by Iranian authorities. Cargo war risk premiums are also substantial, at around 10–20pc of a cargo's value, insurance brokers said. Based on these rates, the AWRP payment could amount to as much as $13.4mn for a five-year-old very large crude carrier (VLCC) valued at around $134mn, according to shipbroker Xclusiv. Any deal would also require cargo insurance, which for a full 300,000t cargo of Dubai crude would add $52mn, implying a combined war risk insurance bill of about $65mn — comparable to the price of a 10-year-old Aframax tanker, which is around $61.5mn, according to Xclusiv. By Andrey Telegin and George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia amends policies to ensure commodity security
Australia amends policies to ensure commodity security
Sydney, 30 March (Argus) — The Australian government will amend the Export Finance and Insurance Corporation Act to give government agency Export Finance Australia (EFA) new authority to underwrite additional cargoes of critical imports, including fuel and fertilizer, because rising risk premiums are challenging independent importers. The amendments would allow EFA to help firms hedge risk so they can "buy these cargoes and get them on the way to Australia as soon as possible," energy minister Chris Bowen said. The risk premium for discretionary spot purchases is increasing and "work to scope deals and secure additional fuel is already underway", he said. Under the changes, EFA will be able to issue insurance or indemnity contracts, provide guarantees, extend loans and undertake other arrangements necessary to secure supply from international markets. The government will only intervene to support discretionary volumes considered important for national fuel security, and where private importers cannot procure them on commercial terms. The measures are aimed at assisting independent importers that supply regional areas, some of whom have struggled to obtain extra fuel volumes because their usual suppliers have prioritised meeting the needs of contracted customers. The supply shortfall has left several regional service stations without fuel in recent weeks. The powers will "give suppliers confidence to secure additional and discretionary cargoes […] to service uncontracted demand, including regional and independent fuel suppliers", prime minister Anthony Albanese said on 28 March. The support is intended to help firms operating in the spot market and will not replace or subsidise fuel that importers are already contracted to supply, Bowen said. Eligibility criteria will be structured to ensure additional supply can be delivered quickly by operators with the capability and networks to distribute fuel into constrained regions. New Strategic Reserve powers The federal government has also released details of broader powers under the Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill, which will create a strategic reserve for essential materials vulnerable to supply chain disruptions, including fuel, critical minerals and fertilizers. The bill expands EFA's remit on the National Interest Account, giving the agency a wider commercial toolkit beyond existing debt and equity options. The legislation will allow EFA to secure supply, sell and selectively stockpile fuel, critical minerals and other strategic commodities, Bowen said. It also gives EFA authority to construct financial arrangements such as fixed or floating offtake agreements, forward contract trading, intermediary demand and supply aggregation, physical stockpiling and contracts for difference. It also legislates the government's commitment to establish a A$1.2bn ($823mn) Critical Minerals Strategic Reserve. The government today announced it will cut the fuel excise a tax paid on each litre of diesel and gasoline sold in the country to ease cost of living pressures for a 90-day period. The excise will drop from 52.6A¢/litre to 26.3A¢/litre for a three-month period, Albanese said following a meeting of national cabinet. Canberra will also scrap the heavy vehicle road user charge for the next three months to reduce inflation for road freight. The tax is levied at 32.4A¢/litre and aims to recover costs for building and maintaining public roads, which carry most of Australia's freighted consumer goods. Delivered gasoil prices to the east coast of Australia have surged since the start of the US-Iran war, surpassing highs achieved during the Russian invasion of Ukraine in 2022 ( see graph ). Victoria will offer free public transport until the end of April to ease pressure on fuel demand, while Tasmania will provide free travel on buses and Derwent River ferries until 1 July. Other state governments have ruled out similar policies. By Tom Woodlock Australia delivered diesel prices (A$/litre) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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