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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.
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.
Al Taweelah smelter sustains 'significant' damage
Al Taweelah smelter sustains 'significant' damage
London, 28 March (Argus) — Emirates Global Aluminium (EGA) said its Al Taweelah smelter "sustained significant damage" during an Iranian missile and drone attack on the Khalifa Economic Zone Abu Dhabi on Saturday, with several employees injured. Al Taweelah produced 1.6mn t of cast metal in 2025, according to the company, and had substantial metal stocks on the water when the US-Israeli attacks on Iran began, as well as stockpiles in some overseas locations. 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. Until mid-2025, the company relied heavily on Guinean bauxite, operating a mine in that country. But in May 2025 , Guinea's military government rescinded several mining licences — including EGA's — following a dispute over delays in construction of an alumina refinery required under the firm's mining agreement. Since then, EGA has turned to other suppliers, mainly Australia and Ghana. Al Taweelah's bauxite imports from Australia surged to 4.65mn t in 2025 from 750,000t in 2024, according to Kpler. Since the war began, EGA has tried to maintain Australian bauxite inflows to Al Taweelah via Fujairah. In mid March , the company was seeking a Capesize or Baby Cape vessel for a Gove–Fujairah shipment for 1–5 April, with onward land transport to Al Taweelah's alumina refinery, according to market participants. The cargo also carried an option to discharge in Kandla, India — likely due to increased risks in Fujairah waters amid the war. There is no new information about the fixture for this cargo. Some vessels destined for Al Taweelah are currently stuck because of the de-facto closure of the strait of Hormuz. The Baby Cape Amarantos , which loaded in Takoradi, Ghana, on 20 February, has been idling between Mozambique and Madagascar since 18 March, Kpler data show. The damage at Al Taweelah may weigh on freight rates, while pushing aluminium prices higher. But demand for aluminium is deteriorating as well, and war-fueled gains in London Metal Exchange (LME) aluminium prices have largely evaporated after hitting a multi-year peak on 12 March , as an unclear outlook for global demand clashes with supply shocks and technical trading impacts. Iranian steelmakers Khouzestan Steel (KhSC) and Mobarakeh Steel were hit by air strikes attributed to the US and Israel on Friday, which damaged storage facilities and power infrastructure, officials said. Iran was preparing retaliatory strikes on Gulf steel producers , according to Iran's Tasnim news agency, which is linked to the Islamic Revolutionary Guard Corps. By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Gulf war may push beverage prices up
Gulf war may push beverage prices up
Houston, 28 March (Argus) — Two of the world's largest beverage makers warn that higher costs to their operations from the war in the Mideast Gulf — including higher prices for polyethylene terephthalate (PET) bottles — may soon be passed onto consumers. Both PepsiCo and Coca-Cola in the past week warned in corporate filings that higher feedstock costs and freight rates stemming from curtailed vessel traffic through the strait of Hormuz could lead to higher prices for their customers. "Our operations … including the distribution of our products and the ingredients of other raw materials used in the production of our products, may be disrupted if such [geopolitical] events persist for a prolonged period of time," PepsiCo said in its 2025 Annual Report, released 27 March. These higher costs could be passed on to customers, reducing "volume, revenue, margins and operating results." Coca-Cola also noted similar sentiments in its 10K filings on 23 March. "Geopolitical instability has in the past led, and may in the future lead, to logistical, transportation and supply chain disruptions," the company said. Some suppliers are located in regions facing that instability, so sustained disruption to manufacturing or product sourcing "... could increase costs and interrupt product supply, which could adversely impact our business." Most bottled drinks are packaged in PET bottles. The PET resin spot price in Europe has climbed significantly since the war started, up by about 65pc since late February. During the week ended 27 March Argus assessed the price at €1,450-1,600/t delivered, up from €890-960/t delivered in late February. One US PET producer has nominated a 10¢/lb increase for March PET resin, up about 17pc from the February contract. PET producer Indorama also announced an additional 5¢/lb war surcharge to all PET resin grades effective immediately in a letter to customers. "Due to the ongoing conflict in the Middle East, there have been significant cost increases in the major and minor raw materials for PET resin, driven by a continuous increase in crude oil price and severe supply chain disruption," according to Indorama's letter. "In addition, there have also been increases in inbound and outbound freight and transportation costs." Container freight costs for PET have increased by 30pc from 27 February to 20 March, closing at $83-103/t from East Asia to the US West coast, according to Argus data. Prices for aluminum, which is also used widely for beverage containers, rose multi-year highs in the first weeks of the war, but they have since fallen due to an unclear global demand outlook and other factors. Packaging costs are generally higher than the liquids they hold for companies such as Coca-Cola and PepsiCo. But they remain a relatively small component in the final costs. Distribution and logistics costs are often higher than the manufacturing costs, which expose these companies to the higher fuel costs caused by the war. By Nicole Johnson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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