Baltimore opens third temporary shipping channel
A third temporary shipping channel has opened at the Port of Baltimore to allow more vessel traffic around the collapsed Francis Scott Key Bridge.
Located on the northeast side of the main channel, the new passage has a controlling depth of 20-ft, a 300-ft horizontal clearance, and a vertical clearance of 135-ft.
When combined with two other temporary channels opened earlier this month the port should be able to handle "... approximately 15 percent of pre-collapse commercial activity," said David O'Connell, the federal on-scene coordinator.
The main shipping channel of the Port of Baltimore — a key conduit for US vehicle imports and coal exports — is expected to be reopened by the end of May, the Maryland Port Administration said earlier this month.
The bridge collapsed into the water late last month when the 116,851dwt container ship Dali lost power and crashed into one of its support columns. Salvage teams have been working ever since to remove debris from the water and containers from the ship in order to clear the main channel.
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Brazil's Bndes backs Rio Grande do Sul flood victims
Brazil's Bndes backs Rio Grande do Sul flood victims
Sao Paulo, 9 May (Argus) — Brazil's Bndes development bank will suspend the debts of companies and farmer hurt by recent flooding in Rio Grande do Sul state for a year and provide R5bn ($970mn) in credits to micro-, small- and medium-sized firms and small businesses. The measure is part of Bndes' emergency program of credit access and will be on effect later this month, it said. The credit is included in the R50.9bn aid package announced by the Brazilian federal government on 9 May targeting farmers, workers and families enrolled in social programs in the southern state. The suspension of debts, including payments on interest and principal, will benefit small business owners and farmers hit by the heavy rainfall and floods that have hammered Rio Grande do Sul state since 29 April. The arrangement will total principal and interest payments of R6.1bn in 2024 and of R1.6bn next year. Bndes may also contribute with other projects to help the state. That may include construction of schools, hospitals, bridges and roads and urban development, the bank's head of planning and infrastructure Nelson Barbosa said. At least 428 cities have been hit by the floods. So far, there are 107 confirmed deaths and 136 people missing, according to the state's last emergency service report. Around 1.5mn people have been affected by the tragedy. By Maria Albuquerque Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Brazil's 3tentos cuts soy crop outlook amid floods
Brazil's 3tentos cuts soy crop outlook amid floods
Sao Paulo, 9 May (Argus) — Brazilian agribusiness company 3tentos cut its soybean crop outlook for this season because of the floods ravaging southern Rio Grande do Sul state. An important part of 3tentos' operations is headquartered in Rio Grande do Sul, the second-largest soybean producer in the country, which has been facing heavy rainfall since 29 April that has killed 107 people, according to the state's civil defense. As a result, Rio Grande do Su's soybean crop may drop to 20mn-21mn metric tonnes (t) from 23mn-24mn t previously predicted, according to 3tentos' chief executive Luis Osorio Dumoncel. At least 80pc of soybeans harvested this year are stored in warehouses or ports. "We have been working tirelessly to maintain all operations in the supply of inputs, grains, feed and biofuels," he said during a quarterly earnings call. The company sees a "tiny risk" to its supply chains of pesticides, seeds and fertilizers because of the floods. On the logistics side, alternative export routes have also been used to ship products such as soybean meal, chief operating officer Joao Marcelo Dumoncel said. 1Q results 3tentos' first quarter sales reached R2.68bn ($520mn), a 48.5pc hike from the same period a year earlier, driven by the industry, biodiesel and soybean meal segments. The industry segment, the firm's largest, accounted for R1.52bn in sales, rising by 69pc year-over-year. Soybean meal and other products' revenues totaled R927.6mn, 72pc higher than in the first quarter in 2023. Biodiesel sales increased by 64pc to R591mn, thanks to the increase in biofuel blending mandate to 14pc from 12pc since March. "We are confident that the biodiesel operation will help the company's margin this year," Dumoncel said. The firm's soybean crushing margins rose by 3.3pc in the quarter, settling at R442/t, driven by biodiesel production. 3tentos' grain sales grew by almost 27pc to R560mn. Revenues in the agriculture feedstocks segment — such as fertilizers, pesticides and seeds — reached R601mn in the first quarter, up by 35pc from a year prior. The company's first quarter income totaled R156.44mn, a 51pc increase from the same period last year. 3tentos also started to build its first corn crushing unit to produce ethanol and dried distillers' grain (DDG). The company completed the issuance of debt securities worth R560.73mn this week. By Alexandre Melo Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Tata Steel UK unions vote to strike
Tata Steel UK unions vote to strike
London, 9 May (Argus) — Workers at Tata Steel's Port Talbot plant in south Wales have voted to strike in response to the company's plan to stop iron-making and cut thousands of jobs. Over 3,000 members of Community Union have been balloted, with more than 85pc in favour of industrial action — this is despite the company threatening to withdraw its proposed support package in the event of strikes. "It should be noted this resounding mandate has been delivered in spite of the company's bullying and unacceptable threats to slash redundancy payments," Alun Davies, Community's national officer for steel, said. He urged Tata to "get back around the table" to prevent a major industrial dispute. Workers at Unite the union have already voted in favour of strike action, which is set for 30 May. Unions — and the Syndex consultancy that has represented them in talks with Tata — have called the company's agreement with the government a "bad deal". They have requested more financial support to help Tata with decarbonisation, and for a blast furnace to be maintained. The government is giving Tata £166/t towards its decarbonisation — less than many European competitors receive from their governments. The low level of state support played into Tata's decision to move to one large electric-arc furnace, which has been roundly criticised by unions. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Jakarta forum calls for exploring Ni price references
Jakarta forum calls for exploring Ni price references
Singapore, 9 May (Argus) — The global nickel market should explore different price references for nickel products to reduce price uncertainty, panellists said at the Third Nickel Producers, Processors and Buyers Conference in Jakarta, Indonesia. The London Metal Exchange (LME) nickel price, which is the global benchmark for class 1 nickel products, has been volatile for years now since LME suspended nickel trading in early March 2022, when prices surged above $100,000/t overnight. There were hopes late last year that prices would become more stable this year. But the price outlook has been uncertain since the turn of the year, with class 1 prices on the London Metal Exchange (LME) slumping to a four-year low of $15,877.50/t on 6 February on expectations of weak Chinese stainless steel and electric vehicle demand, before rebounding to a six-month high of $19,387.50/t on 26 April because of a delay in Indonesian RKAB mining right approvals and a reviewed forecast suggesting a significant smaller surplus for this year. There should be a new reference to counter price volatility, some conference participants said, while others suggested decoupling class 1 and 2 nickel prices. "[Prices are volatile now because] most prices are referenced to class 1, so maybe we can explore further with more price references, like class 2 nickel pig iron (NPI) and mixed hydroxide precipitate (MHP)," Ray Gunara, president-director of Indonesian coal producer Harum Energy, said on 7 May. Harum Energy this year bought a majority stake in an Indonesian nickel processing and refining business. Most conference participants agreed that a different price reference would help maintain nickel price stability. "[NPI prices now are] difficult to predict because the class 1 [prices] are no longer linked to the product we are selling," Indonesia miner Trimegah Bangun Persada (Harita Nickel)'s president-director Roy Arman Arfandy said. Indonesia is the world's largest nickel producer. The correlation between the monthly average of the LME class 1 cash official price and Argus ' NPI ex-works China index has fallen to close to 0.41 between January and May, from 0.91 in 2023. The correlation between the LME class 1 cash official price and Argus ' class 2 nickel benchmark Indonesian Nickel Index (INI) for 10-14pc NPI fob Indonesia was 0.52 between January and May. Market participants at the conference also expressed hope for more government support. "Currently there is an imbalance between local and foreign investments, so we are hoping that the government can give more support to local players like us," one producer said. Another conference participant said that they would aim to build a precursor cathode active material plant if given more support. Argus ' class 2 nickel INI for 10-14pc NPI fob Indonesia stood at $118.70/mtu on 3 May. The INI for 37pc MHP was at $142.80/mtu fob Indonesia and 70pc matte was at $148.90/mtu fob Indonesia on the same day. By Sheih Li Wong Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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