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  • GULF FLAT STEEL IMPORTS/ Prices mostly stable on slow demand

    End-user demand has been poor recently, with buyers unwilling to book material because the market was not expected to improve any time soon. And next week will be the start of the Islamic holy month of Ramadan, when business normally slows down, and this will put further limits on demand.

    UAE

    India-origin hot-rolled coil was on offer to the UAE this week at around $550 per tonne cfr, while Chinese HRC was offered at $560-565 per tonne cfr. One buyer was bidding $545-550 per tonne cfr for HRC. Fastmarkets’ weekly price assessment for HRC imports into the UAE was $550-560 per tonne cfr on April 30, rising from $545-555 per tonne cfr.

    Cold-rolled coil (CRC) from China was on offer to the UAE at $620-630 per tonne cfr, but no major deals were heard. Fastmarkets’ weekly price assessment for CRC imported into the UAE was $620-630 per tonne cfr on Tuesday, unchanged week-on-week.

    Offers for 1mm hot-dipped galvanized coil (HDG) from Indian suppliers came in at $760-770 per tonne cfr, while Chinese offers for similar product were heard at $710-720 per tonne cfr. But again, no major deals were reported. Fastmarkets’ weekly price assessment for HDG imports into the UAE was $710-760 per tonne cfr on April 30, also unchanged week-on-week. The price difference between material from China and India reflects the fact that Indian HDG is quality-assured and has been certified for use in the UAE by the authorities there.

    Saudi Arabia

    China-origin HRC was on offer to Saudi Arabia this week at $550-560 per tonne cfr and one deal was heard at $550 per tonne cfr. Fastmarkets’ weekly price assessment for HRC imports into Saudi Arabia was unchanged at $550-560 per tonne cfr on April 30.

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  • Blind point of the Tramp oilfield gambling

    What are the blind spots in the tramp oil gamble? An analysis of the international media suggests that only "America and Saudi Arabia" are not decisive in the Tramp Oil Gambling. China, India, South Korea, Japan and Turkey are among the other determinants of the outcome. Failure to accompany them could be a failure to sell zero oil. In addition, Saudi Arabia's readiness to increase supply is not expected to reduce oil prices. Fuel price growth in the US could also fuel the tramp oil mapping.

  • Successor baskets Iranian oil

    The question is whether the oil market has enough surplus capacity to replace Iran's oil? Several reports have been published on this subject. The Department of Economics has previously reported on this issue, and it seems that although countries in the region and OPEC, such as Saudi Arabia and the United Arab Emirates, have the potential to increase supply, but given other risks from Venezuela, Libya, Nigeria, the market Oil is threatening, increasing Saudi and Emirate production and replacing Iran's oil means reducing the surplus capacity of the oil market and increasing the risk of supply. So, overall, the supply of these countries will not be able to reduce oil prices, as Tramp wants to. Iran exported more than 6.2 million barrels per day of crude oil and gas condensate before the departure of Tramp. With sanctions beginning on the 14th of November, oil exports declined, with Iran losing more than 1 million barrels of its export capacity on average over the past six months, and about 1.4 million barrels per day of oil and gas condensate Has issued. Tramp's attempt to zero exports would mean adding about 1.4 million barrels to global oil supplies.

    But from the other side, one should see if a similar quality oil can be marketed to replace Iran's oil? Typically, the type of each oil is determined by two parameters of degree API (density of oil relative to water) and sulfur content. The higher the degree of API, the lower the amount of sulfur, the lighter and sweeter the oil, the lower the degree of API, and the higher sulfur content of the oil will be heavier and more agitated. Heavy oils have more complex hydrocarbons, so they are exposed to higher temperatures when dispensed to refineries. Heavy oil distillates account for a large volume of heavy-duty refinery products, such as diesel and petrol, while light petroleum refining has a larger volume of petroleum products such as petroleum and naphtha. Such a feature has prompted some people to declare that refineries can not replace Iran's oil with any other oil after declaring that they intend to stop Iranian oil exports. But in international research institutes, during this time, they have introduced tables and charts of various sources of oil around the world that can replace Iran's oil.

     

    *** Reject the theory of the specificity of Iranian oil quality

    In order to answer the question of whether Iran's oil can be replaced, we went to Iman Naseri, strategist of the Global Energy Institute. "Every refinery can consume various types of common grades in the oil market, with the refusal of statements that" each refinery uses only a particular type of oil, therefore, it's not easy to replace Iran's oil, "the expert said. In fact, with the change in oil grade, only the type and percentage of processed products in the refineries will change. "According to Nasseri," There are currently software at the Refinery in the refineries, which run every day to determine according to the market need The product, annual or monthly, needs to buy the oil grade to produce a specific refinery product. "The oil market expert at the FGE goes on to say that the production of oil in Iran has a wide range (as shown in the table), from This is because of the word "Iranian oil" is folk and false. He added: "So far, various types of Iranian oil have been purchased by various refineries, while refineries from sources other than Iran have also supplied their crude oil. So the idea that a refinery can only use one type of oil is wrong. "

    "However, such statements do not mean that each oil can be refined by any refinery, but it means that every refinery can receive a wide range of types of oil," Nasseri added. The oil is unlikely to be used for all refineries in terms of chemical characteristics, acidity or unusual lightness or weight. "According to the expert on the oil market, the final cost is to determine which oil refinery to receive. This means that if you supply low-priced oil, you can replace a variety of oil grades.

     

    *** Is there an alternative to Iranian oil?

    The expert on the oil market, in relation to the charts and tables published by various institutions, says: "These tables of various oil grades around the world, which are capable of replacing certain grades of Iranian oil, are well represented. Of course, it is very simplistic to say that all these grades are available to Iranian oil buyers and can replace Iranian oil, since many of these are produced in very limited quantities, and most of them probably have sold long-term contracts for one year. Therefore, there are not enough surplus quantities of many of these grades to replace Iranian oil on the market. "Nasseri said that heavy oil prices are currently falling in the market, leading to a rise in the price of heavy oil than light oil in recent months.

    "It will probably be difficult to replace Iranian oil," Nasseri said, adding that "most of Iran's oil reserves are similar to those produced in the Middle East," he added. "Iraq, the Emirates, Kuwait and Saudi Arabia, Of the region, which, in addition to producing oil similar to Iran's oil, has a surplus capacity to increase supply and replacement of Iranian oil. These countries can replace Iran with their surplus capacity in the market, "he said. Following the announcement of non-renewal of exemptions, the arrangement of the main buyers of Iranian oil has been reviewed.

    ***South Korea

    South Korea is the largest importer of gas condensate in the world. With about 500,000 barrels a day importing about 25 percent of its gas condensate trade, the country owns gas condensate. South Korea provided up to 178,000 barrels of gas per day, equivalent to 38 percent of its supplies to Iran prior to the resumption of sanctions. Iran, after Qatar, is the largest supplier of South Korean gas condensate. The country was one of the eight countries that were exempted from the Iran sanctions for 180 days last November, allowing the United States to buy 200,000 barrels of oil per day from Iran for gas and gas condensate. Gas condensate is a super-light liquid hydrocarbon that is produced along with gas and is separated from it after extraction. This substance typically has an API rating of about 50. In recent years, South Korea has increased its refining capacity and demand for gas condensate to develop its petrochemical industry. It manufactures naphtha gas condensate and uses it as a feedstock for its petrochemical plants to produce plastic products.

    As the US Energy Information Administration said in a report, South Korea has been seeking resources to replace Iran's gas condensate even before sanctions began, as the Gulf Star has been set to drop in recent years, with the export capacity of Iranian gas condensate declining. However, efforts to replace Iran's gas condensate during the boycott, especially after Tramp announced that it will not extend the breaks, has become more serious. The US Energy Intelligence Agency announces that Korea will be able to meet part of its demand by increasing imports from Qatar and Australia. The country could also replace Iranian gas condensates, such as Russia, Algeria, Kazakhstan, Nigeria and the United States, with API levels of about 45. Another route to supplying Korea is to increase direct imports of naphtha.

    However, according to Naseri, it is simply not possible to replace Iran's gas condensate. This is particularly true for countries like South Korea, which use naphtha gas condensate as a feed for liquid petrochemicals. "Gas condensate from Iran and Qatar can be replaced with other gas condensates, as well as light American oil," Nasseri added. But the quality of Iran's gas condensate is much higher than similar ones and a higher percentage of naphtha is produced. "Nasseri further notes that a kind of condensate in the United States, called the Eagle Ford 60, is very similar to Iran's gas condensate." But recently, the condensate produced in the United States has suffered from a problem of quality and impurities, in which the South Koreans had to return two shipments. "Since Korea has not been able to replace Iran's gas condensate, it has been forced to buy gas condensate products spirited Heavy Naphtha (FHFRN).

    *** Japan

    Japan is also replacing Iran's oil. The refiners have announced in recent days that they have increased their orders to buy Middle Eastern oil and replace Iran's oil. Oman oil, Bahrain and UAE will replace Iran's oil in refineries in Japan. According to Japanese refiners, because of the difference in the oil grade, it can not replace Iran's oil. Managing director Koosmo, one of Iran's oil buyers in Japan, said: "We will have no problem replacing Iran's oil. Because Iran provided 5 percent of the oil needed for this refinery. "Fujiawil Refinery Managing Director, Japan's third largest refinery, has also emphasized the lack of a problem for the Iranian refineries to replace Iran's oil refinery, yet he has suffered economic losses due to This substitution is described as follows: "This monthly replacement will cost us more than $ 900,000 to our refinery."

    *** china

    But China, as the largest buyer of Iranian oil hoping to be the biggest offender to US sanctions on Iran, did not have any news for the country in the past days. The largest refineries in recent days have announced that they have stopped buying oil from Iran. According to the statistics of Rifiniteu, a tanker company, oil imports from China last month reached a record 830,000 bpd. About 300,000 barrels show an increase compared to March. The increase in oil purchases from Iran has been one of the reasons for record levels of Chinese imports in April. However, oil imports from Iran are expected to drop sharply this month, with the expiration of sanctions suspensions. Clark Russell, a commodities market analyst at Reuters, estimates that the volume of Iranian oil imports from Iran will reach 260,000 barrels a day this month. According to the expert on the oil market since the beginning of May, only one fog Crude oil from Iran is flowing in China's ports, and given the fact that it takes three weeks to reach the tankers from Iran to China, only three other consignments will eventually be discharged at the Chinese oil terminals in May. Russell believes that Saudi Arabia The main source of Iran's oil supply is for China, and predicts Saudi oil imports to 47.1 million barrels this month, which is about 270,000 barrels higher than in April. Nonetheless, the oil market expert, pointing to a record import volume of 72.2 million barrels of crude oil from Saudi Arabia in March, highlighted China's increased oil import capacity. However, given the limited Venezuelan oil supply under US sanctions, Russell anticipates that Iran's sanctions on Iranian oil will cost a lot to China.

    ***India

    Shortly after the announcement, the country announced that it would seek alternatives to Iran's oil, and that the American decision would not make Delhi an oil shortage. However, Iran has been one of the main sources of Indian oil supplies. Prior to the exemption, India had purchased from Iran nearly 800,000 barrels per day, and Iran supplied about 11 percent of its needs. Oil supplies from Iran have had good economic benefits for Iran, and the cutback in Iranian oil supplies could create problems for India. The United States is one of the sources that can replace Iran's oil. The country has hit the Indian market in recent years; however, while Iran was among the cheapest sources of oil supply to India, it has been the most expensive source of oil for the country. US officials, who boycott oil supplies to Iran for oil imports to importing countries such as India, have announced in recent days that they can not cut oil prices to countries that follow US orders and do not buy oil from Iran; Because oil producers in this country are private and independent of the state.

    Donyaye eghtesad

  • The Indian government resumes importing Iranian oil

    The new Indian government plans to resume talks with Iran at the earliest opportunity to review ways to re-import oil, and seeks to pay Iran's oil imports at an Indian exchange rate.

  • Ultimatum Zanganeh to India

    While 10 years have passed since the talks between Iran and India for the signing of the contract for the development of the Faraz B gas field, there is still no result, and this time the oil minister has given the Indians an ultimatum. If they still do not declare readiness, the start of work will be with an Iranian company.
  • China and India are united against US trade policies

    The Chinese authorities have called on the Indian government to work together to keep pace with the effects of US unilateral and supportive trade policies.
  • India: We did not stop Iranian oil imports

    India is Iran's second-largest oil customer, and as these news shows, relations between the two countries are strengthening, and India appears to be on the list of Iranian oil customers.

  • INDIA IMPORT SCRAP: Market subdued on virus fears and freight rises

    The price of ferrous scrap imported into India was broadly stable in a lackluster market this week, due to ongoing global fears over the spread of the novel coronavirus (2019-nCoV) and the linked rise in container freight rates, sources told Fastmarkets on Friday February 28.

  • WEEKLY SCRAP WRAP: More price drops expected amid weakening sentiment

    Global ferrous scrap prices dropped again during the week to Friday March 20, with the spread of the novel coronavirus (2019-nCoV) continuing to weigh on markets and squeeze demand from steel mills.

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