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Chile restores capital lockdown despite speedy jabs

  • : Crude oil, Electricity, Metals, Oil products
  • 21/03/11

Chile has restored quarantine restrictions in the Santiago metropolitan region because of rising Covid-19 cases in spite of an expeditious vaccination drive.

The new restrictions take effect at 5am (3am ET) on 13 March and will be reviewed at the end of the month to determine if they will be extended, the health ministry said today.

The quarantine corresponds to phase 2 in Chile's dynamic system of restrictions that moves in line with regional pandemic data.

Chile is vaccinating its population at a record clip, with most supply from Chinese lab Sinovac complemented by Pfizer-BioNTec so far. Around 4.5mn residents have been vaccinated to date, representing 23pc of the population. The country has received 10.9mn vaccines from the two labs, with more en route. About 40,000 have been donated to Ecuador and Paraguay so far in what is likely to be the start of pandemic diplomacy in the region, where vaccines are largely scarce.

Copper mining and other economic sectors deemed essential are exempt from Chile's restrictions.

The renewed restrictions in the Chilean capital come on the eve of 11 April elections for a landmark constitutional convention, governors, mayors and city councils. The unprecedented breadth of the electoral process is compounding fears of further contagion ahead of winter flu season.

Deaths associated with the coronavirus in Chile exceed 21,300 since the outbreak began last year.


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24/07/16

Rio Tinto to boost 2H Australian iron ore shipments

Rio Tinto to boost 2H Australian iron ore shipments

Sydney, 16 July (Argus) — UK-Australian mining firm Rio Tinto must ship at least 165mn t of iron ore from Western Australia (WA) during July-December, after a derailment disrupted exports in April-June, cutting first half sales to 158mn t. The firm maintained its WA iron ore shipments guidance of 323mn-338mn t for 2024 on a 100pc basis, despite losing six days of port deliveries because of a derailment in May. It shipped 80.3mn t of iron ore from WA on a 100pc basis during April-June, up from 78mn t for January-March , when cyclone-season weather disrupted exports. It was also up by 2pc from April-June 2023, as productivity gains offset ore depletion. The target of 165mn-180mn t for July-December is achievable for Rio Tinto, which often boosts shipments in the second half of a calendar and its financial year. It shipped 170.7mn t during July-December 2023 and 161.7mn t for January-June 2023, for a total of 332mn t in 2023. Low-grade SP10 iron ore made up 17pc of its WA sales during January-June, up from 14pc through 2023, 11pc in 2022 and zero in 2015. The firm warned that SP10 levels are expected to remain elevated until new mining projects are delivered, which is subject to approvals and heritage clearance. The proportion of the high-grade Pilbara Blend fell to 58pc for January-June from 61pc through 2023, 64pc in 2022 and 73pc in 2015. Rio Tinto is developing higher grade deposits, such as its 40mn t/yr Rhodes Ridge project, to try to reverse the grade decline in WA. The firm maintained its 2024 cash cost guidance for WA iron ore at $21.75-23.50, while warning this would be the top end of this for January-June because of the lower volumes sold. It achieved an average price of $97.30/wet metric tonne (wmt) fob WA in January-July, down from $98.60/wmt in the same period last year. The equivalent price for January-June 2024 at an 8pc moisture assumption is $105.80/dry metric tonne (dmt) fob WA. The Argus ICX price for 62pc Fe fines averaged $117.33/dmt cfr Qingdao in January-June, down from $118/dmt in the same period last year. The Iron Ore Company of Canada (IOC) — in which Rio Tinto owns 59pc — sold 8.65mn t in January-June, up 7pc on the same period last year. It is expected to raise production during July-December with better seasonal conditions to produce as much as 19.5mn t in 2024. By Jo Clarke Rio Tinto iron ore shipments (mn t) Apr-Jun '24 Jan-Mar '24 Apr-Jun '23 Jan-Jun '24 Jan-Jun '23 Pilbara Blend Lump 15.83 15.63 17.76 31.47 36.49 Pilbara Blend Fines 31.34 28.48 33.67 59.81 69.02 Robe Valley Lump 2.52 2.31 2.17 4.83 4.16 Robe Valley Fines 5.84 5.55 4.70 11.39 8.96 Yandicoogina Fines (HIY) 11.36 12.23 12.56 23.59 26.25 SP10 Lump 5.14 4.61 1.65 9.75 3.34 SP10 Fines 8.28 9.22 6.61 17.50 13.45 Total WA iron ore shipments 80.31 78.03 79.12 158.34 161.66 IOC iron ore shipments 4.13 4.52 4.43 8.65 8.05 Source: Rio Tinto Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Yemen’s Houthis attack three ships in Red Sea: Saba


24/07/16
24/07/16

Yemen’s Houthis attack three ships in Red Sea: Saba

Singapore, 16 July (Argus) — Yemen-based Houthi militants have launched three military operations in the Red Sea, Yemen's state-owned news agency Saba said on 15 July. The Houthis carried out multiple attacks against an Israel-owned oil product tanker in the Red Sea, according to US Central Command (Centcom) on 16 July. The Houthis used three surface vessels to attack the Panama-flagged and Monaco-operated Bentley I , which was carrying vegetable oil from Russia to China, Centcom said. There was no reported damage or injuries, Centcom said. Bentley I loaded 39,480t of sunflower oil at Russia's Taman port on 3 July, according to global trade analytics platform Kpler. The Houthis also separately attacked a Marshall Islands-owned, Greek-operated crude oil tanker Chios Lion with an uncrewed surface vessel (USV) in the Red Sea. The USV caused damage but the Chios Lion has not requested assistance and there have not been any reported injuries, Centcom said. The Houthis described its hit as "accurate and direct", according to Saba. The Chios Lion loaded 60,000t (387,000 bl) of high-sulphur straight-run fuel oil on 30 June and 30,000t of fuel oil on 18 June, both at Russia's Tuapse port, according to Kpler. It planned to unload these in China on 22 July. The Houthis have claimed responsibility for these two ship attacks, which were targeted "owing to violation ban decision of access to the ports of occupied Palestine by the company that owns the ship". The Houthis also claimed a third attack on the Olvia , with this having "successfully achieved its objective". The Olvia loaded about 6,300t of very-low sulphur fuel oil at Israel's Haifa port on 12 July and was scheduled to unload this at Israel's Ashdod refinery on 13 July. Crude prices were largely lower at 04:00 GMT. The Ice front-month September Brent contract was at $84.63/bl, lower by 22¢/bl from its settlement on 15 July when the contract ended 18¢/bl lower. The Nymex front-month August crude contract was at $81.65/bl, down by 26¢/bl from its settlement on 15 July when the contract ended 30¢/bl lower. By Tng Yong Li Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Trump taps Vance as running mate for 2024


24/07/15
24/07/15

Trump taps Vance as running mate for 2024

Washington, 15 July (Argus) — Former president Donald Trump has selected US senator JD Vance (R-Ohio) as his vice presidential pick for his 2024 campaign, elevating a former venture capitalist and close ally to become his running mate in the election. Vance, 39, is best known for his bestselling memoir Hillbilly Elegy that documented his upbringing in Middletown, Ohio, and his Appalachian roots. In the run-up to the presidential elections in 2016, Vance said he was "a never Trump guy" and called Trump "reprehensible." But he has since become one of Trump's top supporters and adopted many of his policies on the economy and immigration. Vance voted against providing more military aid to Ukraine and pushed Europe to spend more on defense. Trump said he chose his running mate after "lengthy deliberation and thought," citing Vance's service in the military, his law degree and his business career, which included launching venture capital firm Narya in 2020. Vance will do "everything he can to help me MAKE AMERICA GREAT AGAIN," Trump said today in a social media post. Like Trump, Vance has pushed to increase domestic oil and gas production and criticized government support for electric vehicles. President Joe Biden's energy policies have been "at war" with workers in states that are struggling because of the importance of low-cost energy to manufacturing, Vance said last month in an interview with Fox News. Trump made the announcement about Vance on the first day of the Republican National Convention in Milwaukee, Wisconsin, and just two days after surviving an assassination attempt during a campaign event in Pennsylvania. Earlier today, federal district court judge Aileen Cannon threw out a felony indictment that alleged Trump had mishandled classified government documents after leaving office. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cliffs to buy Canadian steelmaker Stelco


24/07/15
24/07/15

Cliffs to buy Canadian steelmaker Stelco

Houston, 15 July (Argus) — US integrated steelmaker Cleveland-Cliffs will acquire Canadian integrated steelmaker Stelco in a cash and stock deal. The acquisition of Stelco, an independent steelmaker in Hamilton, Ontario, was announced by both companies this morning. Stelco shareholders will receive C$60/share ($44/share) of Stelco common stock and 0.454 shares of Cliffs common stock, or $C10/share of Stelco common stock. The transaction is valued at C$3.4bn ($2.5bn) and the deal is expected to close in the fourth quarter of 2024, according to a news release. Stelco will maintain its headquarters in Hamilton, and capital investments of at least C$60mn will be made over the next three years. Stelco will aim to increase production from current levels and will operate as a wholly-owned subsidiary. In its news release, Cliffs said the purchase of Stelco will double Cliffs' exposure to the flat-rolled spot market, adding that Stelco's primary customer base is service centers buying hot-rolled coil (HRC) products. Stelco shipped 636,000 short tons (st) of steel products in the first quarter, of which 74pc was HRC, according to a quarterly report. Cliffs already operates seven tooling and stamping plants in Canada and a scrap yard run by its Ferrous Processing and Trading Company (FPT), all located in Ontario, according to the company. The head of the United Steelworkers (USW) union, David McCall, is said to support the transaction. Cliffs' move to buy Stelco comes nearly a year after Cliffs began its failed bid to purchase steelmaking competitor US Steel. Japanese steelmaker Nippon Steel is now in the midst of negotiating the $15bn purchase of US Steel, a deal that has been the subject of public political hand wringing and open dispute among the executives of Cleveland-Cliffs, US Steel, Nippon Steel and the USW. By Rye Druzin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Waning German products oversupply evens domestic prices


24/07/15
24/07/15

Waning German products oversupply evens domestic prices

Hamburg, 15 July (Argus) — Germany's recent refined products oversupply, particularly in the south, is waning because of higher demand and technical issues reducing availability. Price differences within the country are starting to level out. Availability of heating oil and road fuels at the Bayernoil consortium's 215,000 b/d Vohburg-Neustadt refinery in Bavaria is restricted. At least one of the refinery's stakeholders is restricting loadings of E5 and 98 Ron gasoline and will probably continue to do so until the end of July. Planned maintenance works on a reformer have reduced production. Diesel and heating oil availability for spot sale are also restricted. A unit outage is affecting the refinery's diesel throughput, and a damaged heating oil tank at Vohburg has restricted loading capabilities since June. Term contracts are unaffected. Demand has increased across the board because of lower domestic prices, after Ice gasoil futures dropped week-on-week. Traded heating oil volumes reported to Argus last week rose especially strongly, by 28pc, and fuel demand also went up. By Natalie Mueller Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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