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South Korea’s major refinery complex in the southeastern city of Ulsan has been largely unscathed by Typhoon Hinnamnor that hit the region early Sept. 6, though some light and middle distillate export shipments could be delayed, refinery sources and traders with direct knowledge of the matter said. Southeastern tip of the Korean peninsula was hit […]

China’s property sales continued to trend lower in August, despite more policy easing for home buyers and loan interest rates already below 2009 levels. Steel market participants contacted by S&P Global Commodity Insights expressed bearish views, predicting the drag on steel demand from the property sector to continue through 2023 and that upcoming winter steel

More than 96% of the London Metals Exchange-listed brands have complied with a deadline across all physically settled contracts for responsible sourcing policies, the LME said Sept. 1. The physically settled contracts include aluminium, aluminium alloy, North American Special Aluminium Alloy Contract, cobalt, copper, lead, nickel, tin and zinc. “In instances where brands do not

South Korea will likely seek more liquefied petroleum gas in the coming months to add into liquefied natural gas, to boost the calorific or heating value of regasified LNG for use in heavy industries and utilities, trade sources said. The move is prompted by a rise in LNG prices on strong demand from Europe and

Russian Prime Minister Mikhail Mishustin signed an order Aug. 26 permitting Japan’s Mitsui to take a 12.5% stake in the new Russian operator of the Sakhalin 2 oil, gas and LNG project in Far East Russia. Mitsui said in a statement Aug. 31 that it was informed of the Russian government’s approval Aug. 30, following

United Steelworkers Local 2251 officially ratified a new five-year collective agreement with Canadian steelmaker Algoma Steel Group, both parties said Aug. 30. The USW Local 2251 represents Algoma’s hourly employees at its Sault Ste. Marie, Ontario, steel operations, according to a statement. Algoma and the USW Local 2251 initially reached a tentative collective agreement Aug.

Tesla CEO Elon Musk on Aug. 29 stressed the continued role of the oil and gas sector in ensuring a functioning “civilization” for humanity, while playing down concerns over the availability of metals needed for batteries in electric vehicle growth. Speaking at the Offshore Northern Seas conference in Norway, Musk said the world was on

Carbon markets industry group the International Emissions Trading Association has dismissed suggestions that the EU Emissions Trading System should be suspended temporarily due to the energy price crisis. The comments follow recent statements by Poland’s climate and environment minister calling for the EU carbon market to be suspended until it is reformed. Geneva-based IETA said

The near-term scrap futures contracts on the London Metal Exchange were mostly stable over the week to Aug. 25, while weekly trading volumes increased. Platts assessed the August contract up $2/mt on the week to $387.50/mt on Aug. 25, according to S&P Global Commodity Insights data. The September contract was unchanged on the week at

China’s aluminum smelters and refineries have been facing production disruptions due to the ongoing power shortages, a development that could keep prices volatile in the near term, industry sources said Aug. 26. Most of the primary aluminum smelters in China’s Sichuan province have been forced to halt production due to the power crunch. This would