Louisiana, Mississippi ports still closed as Ida passes
Ports in Louisiana and Mississippi remained closed this morning as the remnants of Hurricane Ida move inland after coming ashore near Port Fourchon, Louisiana, yesterday.
New Orleans, Baton Rouge, Plaquemines, South Louisiana, St Bernard and the Venice Port Complex in Louisiana all remain closed to traffic as of 10am ET. The Mississippi ports of Biloxi, Gulfport, Pascagoula and Port Bienville, also remain closed according to the US Coast Guard.
The port of Mobile, Alabama, remained closed to inbound traffic, and the Florida ports of Panama City, Pensacola and St Joe remained in storm conditions but were open to all vessel traffic.
The Louisiana ports of Lake Charles and Cameron were last night set to recovery conditions, with 38ft draft restrictions implemented in both ports, after closing to inbound traffic late 28 August.
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India’s Hindustan Zinc seeks imported thermal coal
India’s Hindustan Zinc seeks imported thermal coal
Singapore, 4 July (Argus) — Indian private-sector metals and mining company Hindustan Zinc is seeking up to 300,000t of thermal coal imports through a tender that closes on 8 July. The company wants imported coal of any origin in cargo sizes of 55,000t, 75,000t, 100,000t, 120,000t or 150,000t of unspecified calorific value (CV) to be delivered by August or the first half of September. It is seeking offers for coal preferably priced on a dap basis, but is open to receiving offers on fob, cfr or cif basis to Kandla, Dahej or Mundra ports on India's west coast. It would take at least two cargoes of imported coal. Hindustan Zinc wants coal with a sulphur content of less than 3pc on an air-dried basis. Total moisture levels should be 8-21pc. Typical ash content for high-ash coal should be up to 24pc with rejection level at 27pc, while the typical ash content for low-ash coal is at 12pc, with rejection limit at 13pc. Volatile matter should range 20-42pc. Prospective bidders should submit their applications by 8 July, with validity until 11 July. Interested bidders have to register on the auction portal — https://hzl.supplier.ariba.com — to participate in the tender. Stock and sale Hindustan Zinc is also seeking up to 20,000t of imported thermal coal with a typical CV of more than NAR 5,800 kcal/kg coal, with a minimum of NAR 5,500 kcal/kg, from stock and sale traders through the same tender. The company would prefer the stock-and-sale coal to be of South African origin that can be supplied at the earliest. The company would try to lift the cargo from a port on west coast of India within 45 days of award of the tender. The stock-and-sale coal should have high fixed carbon and low volatile matter content. The typical fixed carbon level should be at 50pc with rejection limit at 45pc, while volatile matter should be at 23pc with rejection limit set at 26pc. Typical ash level should be at 18pc, with the rejection limit at 22pc. Total moisture should be between 5-12pc. Hindustan Zinc is seeking the imported and stock-and-sale coal cargoes for its captive power plants, which have a combined capacity of 505.5MW. By Nadhir Mokhtar Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Brazil ups 2024-25 crop farm loans by 10pc
Brazil ups 2024-25 crop farm loans by 10pc
Sao Paulo, 3 July (Argus) — Brazil's subsidized farm loan program for medium and large producers in the 2024-25 season will rise by 10pc from the prior season. The federal government will offer R400.6bn ($71.7bn) in loans to producers, up from R364.2bn in the 2023-24 season. The loans offered under the program, known as Plano Safra, are destined for the crop year starting on 1 July and ending on 30 June 2025. The total amount set for funding operational costs and commercial transactions is set to rise by 8pc on the year to approximately R293.3bn. The remaining R107.3bn are intended for investments, a 16.5pc yearly increase. Farmers will also be able to count on credit lines and bond issuances, which are set to add another R108bn in available resources. Interest rates for investments vary from 7-12pc/yr, depending on the loan, which compares with Brazil's basic interest rate Selic of 10.5pc/yr. For those under the Pronamp program, which is available to medium-sized farmers, interest rates for funding and commercial transactions were fixed at 8pc/yr. Rates were at 5-12.5pc/yr under the 2023-24 program, while the national interest rate was at 13.75pc/yr at this time last year. The RenovAgro credit line — aimed at financing sustainable agricultural practices that reduce greenhouse gas emissions — continues with an interest rate of 7pc/yr. The federal government will also offer R76bn in loans to small-sized farmers, up by 6.2pc from the prior program. Considering small, medium and large farmers, the loans under the federal program total R475.5bn, a 9pc increase from R435.8bn in the previous cycle. By Nathalia Giannetti Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Upper Mississippi locks closed by high water
Upper Mississippi locks closed by high water
Houston, 3 July (Argus) — High water levels on the upper Mississippi River have caused several lock closures and spurred delays for barge carriers. Lock and Dams (L&D) 12, 16 and 17 on the upper Mississippi River closed 2 July and are expected to remain closed through the rest of this week and possibly into the next, according to the US Army Corps of Engineers. Locks 11, 13, 18 and 20 are expected to close on 4 July. The Corps will likely close locks 14 and 22 on 5 July, while lock 15 is expected to close 6 July. The Corps said the duration of the July 4-5 closures is unclear. Another 2-5 inches of rain fell along the western Corn Belt in the past week, according to the National Oceanic and Atmospheric Administration. High river conditions led to major flood status at Dubuque, Iowa, while other locations along the river are at moderate flooding levels. Water levels are 4-5ft below record highs on the upper Mississippi River. The outdraft at lock and dam 16 was at 211,444 cubic feet per second (cfs) on Tuesday, compared with typical flow of 41,100cfs. Major barge carrier American Commercial Barge Line anticipates 7-10 days of disruption followed by a 2-3 week catch-up. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US services contract in June, signal broad weakening
US services contract in June, signal broad weakening
Houston, 3 July (Argus) — Economic activity in the US services sector contracted in June by the most since 2020 while a report earlier this week showed contraction in manufacturing, signaling a broad-based slowdown in the economy as the second quarter came to an end. The Institute for Supply Management's (ISM) services purchasing managers index (PMI) registered 48.8 in June, down from 53.8 in May. Readings above 50 signal expansion, while those below 50 signal contraction for the services economy. The June services PMI "indicates the overall economy is contracting for the first time in 17 months," ISM said. "The decrease in the composite index in June is a result of notably lower business activity, a contraction in new orders for the second time since May 2020 and continued contraction in employment." The business activity/production index fell to 49.6 from 61.2. New orders fell by 6.8 points to 47.3. Employment fell by 1 point to 46.1. Monthly PMI reports can be volatile, but a services PMI above 49 over time generally indicates an expansion of the overall economy. "Survey respondents report that in general, business is flat or lower, and although inflation is easing, some commodities have significantly higher costs," ISM said. The prices index fell by 1.8 points to 56.3, showing slowing but robust price gains. ISM's manufacturing PMI fell to 48.5 in June from 48.7 in May, ISM reported on 1 July. It was the third consecutive month of contraction and marked a 19th month of contraction in the past 20 months. Wednesday's weaker than expected ISM report, together with a Wednesday report showing initial jobless claims last week rose to their highest in two years, slightly increase the odds that the Federal Reserve may lower its target rate later this year after maintaining it at 23-year highs since last year in an effort to stem inflation. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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