Asian imports of Iranian oil hit 5-month high

TOKYO, Sept 29 (Reuters) - Imports of Iranian crude by major
buyers in Asia rose for a second month in a row in August to hit
their highest level since March, helped by a spike in purchases
by China and South Korea.
    However, imports by Asia's four main buyers remained below
year ago levels for a fourth month in a row, the first time this
has happened since Western sanctions against Tehran were lifted
in January last year, leading to a surge in shipments.
    China, India, South Korea and Japan together imported 1.64
million barrels per day (bpd) last month, down 10.8 percent on a
year ago, government and ship-tracking data showed.
    Iran aims to maintain crude oil and condensate exports at
around 2.6 million bpd for the rest of 2017 although recent
maintenance, depleted oil storage and a growing domestic
appetite will limit shipments abroad, a senior official at the
national state oil company said on Monday.
    Chinese imports rose 5.5 percent from a year ago last month
to 786,720 bpd, the highest monthly amount since 2006, according
to data on Reuters Eikon.
    South Korea's imports jumped 46.7 percent to a five-month
high of 407,323 bpd. India, however, continued to reduce its intake in
retaliation at Tehran's decision to award a giant gas field to a
Russian company. India imported 335,400 bpd in August, the
lowest level since February 2016, and down about 42 percent from
a year ago.
    Japan's Iranian imports fell for a fourth straight month
from a year ago to 107,357 bpd, the lowest volumes since April,
trade ministry data showed on Friday.
    Iran has been exempted from an agreement by the Organization
of the Petroleum Exporting Countries (OPEC) to reduce output, a
victory for Tehran which has argued it needs to regain the
market share it lost under Western sanctions over its disputed
nuclear programme.
    Iran is aiming to raise oil output to around 4 million bpd
by the end of the year and 4.5 million bpd within five years
from around 3.8 million bpd in recent months.

China semi-finished aluminium exports fall for 3rd straight month

BEIJING: China’s semi-finished aluminium exports fell for a third straight month in August as punitive duties imposed by the United Sates and India on Chinese aluminium foil leave manufacturers struggling to find alternative markets. Semi-finished exports stood at 360,000 tonnes last month, according to final customs data published on Tuesday, down 3.2 percent on the same month a year ago and down 7.7 percent from 390,000 tonnes in July. The monthly export figure is the lowest since February 2017. For January-August, semi-finished exports came in at 2.88 million tonnes, up 5.2 percent year on year, customs data showed. Aluminium foil exports, which are included in the semi-finished category, stood at 93,400 tonnes last month, down 4.9 percent year on year, customs data showed. That figure – also the lowest since February – was down 6 percent from July’s 99,408 tonnes. January-August foil exports stood at 794,907 tonnes, up 10.1 percent year on year.
The U.S. Commerce Department last month announced a preliminary decision to impose countervailing duties ranging from 16.56 percent to 80.97 percent on imports of Chinese aluminium foil, giving Chinese exporters little incentive to ship the product to the United States. A decision from Washington on whether to impose additional anti-dumping tariffs on Chinese aluminium foil is due in early October. India imposed anti-dumping duties on Chinese aluminium foil in mid-May. The customs data did not provide a breakdown of the semi-finished exports by country but the United States and India were key markets for Chinese foil manufacturers. Some companies are lodging a legal challenge against the U.S. duties.

Aluminium foil exports,

china places limits on oil exports to north korea

China has curbed oil exports to the Democratic People's Republic of Korea (DPRK) in response to the recently imposed UN Security Council sanctions on Pyongyang for its nuclear and missile tests.

China’s Ministry of Commerce (MOFCOM) has stated that it will stop the export of liquified natural gas and gas condensate to the DPRK, while limiting exports of refined oil.

Pursuant to the UN resolution, total refined oil should be capped at 500,000 barrels starting next month until the end of the year.

MOFCOM noted that it will comply with the UN order with respect to the two million barrels ceiling on global annual export of refined oil to the DPRK.

Once the total figure touches the cap, the Chinese government will call off refined oil exports to the country.
China has mandated the DPRK to completely utilise the exported refined oil products for civil purposes and not to further its nuclear and ballistic missile programme.

Earlier this month, MOFCOM banned the opening of new joint ventures (JV) or cooperative entities with DPRK entities or individuals, as well as the expansion of existing JVs through further investments.

Coupled with the policy decisions on oil, the country has put an end to the import of textiles from the DPRK, in a move that is expected to impact Pyongyang’s economy.
According to the Press Trust of India (PTI), China accounts for around 90% of Pyongyang's foreign trade.

Reuters cited General Administration of Customs’ report, indicating that the country's total trade with North Korea was $3.61bn in the first eight months of the year, marking an increase of 7.5% from the corresponding period last year.

China : Real- time monitoring system improves import and export transparency

"A suitable temperature and humidity are the most important factors for guaranteeing the quality and storage of fruit and vegetables. In the past few years, more and more fruit and vegetable importers are understanding this. That is why the requirements for temperature and humidity loggers are getting stricter. This can be seen in two areas: the price demands and the real-time requirements. The customers not only want to see the data after the process is done. They also want to be able to upload the data into the cloud in real-time from the start, so they can look at it," says Mr. Gu Shaoqing from Shanghai Cydiance Technology Co., Ltd.
"Cydiance Technology is a supplier of temperature and humidity monitoring systems in Shanghai. From its founding in 2014 until now, it has devoted its efforts to the research and development of temperature and humidity monitoring equipment and systems, and their promotion worldwide. Currently, our products are mainly sold to Mexico, Ecuador and the Netherlands. We also sell in smaller quantities to Asia and Australia."
"After successfully launching a series of single use real-time monitoring systems, we developed an all-round system, and we started operations one month ago. In this system, all the hardware is linked on an online platform, and it combines all monitoring data. The customers can check the real-time situation of their products on this platform. The system makes for more transparency for importers in the trading process, and it protects the interests of both parties.""From 19-21 October we will display the functions and application of our system at the PMA Fresh Summit in New Orleans. We will also have an even bigger display and promotion at the Berlin Fruit Logistica exhibition in February next year. It is estimated that we will start to commercialize our system by the end of this year.""In the past two years, the Chinese fruit export industry has developed tremendously. The importers' demands for our products keep changing day by day. I believe that, in the future, China will be one of our potential markets. Currently, our Chinese customer base is divided into two groups. One group consists of exporters with high quality requirements. The other are large-scale importers who import products from different countries, and want to manage their business better. In the future, our highest priority is to guarantee our product quality, both on the Chinese market and abroad, and with an innovative spirit, to provide successful research and development, all-round quality management systems, top quality products, and an overall service, to satisfy our technological development and the customers' demands."

Taiwan conditionally lifts import ban on Japanese beef

TAIPEI – Taiwan has conditionally lifted a 16-year-old ban on beef imports from Japan, clearing a major roadblock in negotiations on an economic partnership agreement.

The Executive Yuan, the executive branch of Taiwan’s government, said on its website Monday that the new measure comes into force with immediate effect.

The announcement came after the Food and Drug Administration issued a two-month notification July 17 that Taiwan had decided in principle to lift the bans.

FDA Division of Food Safety section head Wu Tsung-his said the Taiwan government will now wait for the Japanese government to provide a list of government-certified facilities so Taiwanese importers can import Japanese beef from those facilities.

Nearly 95 percent of Taiwan’s beef is imported. Last year the United States was Taiwan’s No. 1 supplier by weight and value, followed by Australia and New Zealand.

Before the bans were imposed, following the discovery of cattle with mad cow disease, Japan exported a minuscule amount of beef and beef products to Taiwan.

In 2000, Japan shipped 4 tons, a mere 0.01 percent of the total amount imported by Taiwan that year.

According to the details published on the FDA website, when shipments resume, Japanese beef and beef products exported to Taiwan must come from cattle less than 30 months old. Younger cattle are considered at lower risk of mad cow disease.

Taiwan also agreed to resume Japanese beef imports on the condition that the cattle are slaughtered or processed at government-certified facilities, and come from cattle that can be traced to the farms where they were born and raised for more than 100 days.

Also, specific risk materials — parts of the cow that are at particular risk of infection — must be removed from cows slaughtered for beef and beef products shipped to Taiwan. Mechanically recovered meat, mechanically separated meat and advanced meat recovery products from the skull and vertebral will also not be accepted.
All imports of Japanese beef and beef products must also pass related radiation inspections and bear government documents with necessary information proving that they pass necessary inspections, the FDA website said.

Lifting the ban on Japanese beef is seen by many as an important step forward in the bilateral negotiations on an EPA.

With the lifting of the ban, both sides can move on to the next hurdle: restrictions on food imports from five prefectures imposed in the wake of the 2011 Fukushima nuclear disaster, according to sources familiar with the matter.

Following the March 2011 disaster triggered by a powerful earthquake and tsunami, Taiwan banned food imports from Fukushima Prefecture and nearby Ibaraki, Gunma, Tochigi, and Chiba prefectures, and in addition has been conducting random radiation checks on nine categories of imported foods.

Pakistan refuses to lift ban on import of cattle from Canada

ISLAMABAD: Pakistan has refused to lift the ban on import of live cattle from Canada because Toronto is still with the risks of infected with Bovine Spongiform Encephalopathy (BSE) commonly known as mad cow disease. It has been officially conveyed to Canada on Tuesday by top guns at Pakistan’s Ministry of Commerce.

“Canada is still on Controlled BSE Risk and not on negligible BSE Risk country lists, therefore, the ban on import of live cattle from Canada cannot be lifted,” top official sources confirmed to The News here on Tuesday.

Federal Minister for Commerce Pervez Malik held a meeting with Canadian High Commissioner to Pakistan Perry John Calderwood here.

In order to protect and safeguard domestic cattle stocks as exports as well as the exports of meat and other bovine products, the Ministry of Commerce imposed a ban in 2001 on the import of live animals, meat, and bovine meal, tallow, and feed ingredients (of animal origin) from all countries infected with BSE commonly known as mad cow disease.

The list included UK, Ireland, Belgium, Denmark, Luxembourg, Holland, Spain, Germany, Italy, France, Switzerland, Portugal, Finland, Canada and USA. The disease is difficult to be detected in live animals, as no test is currently available in Pakistan.
The World Animal Health Organisation - Office of International des Epizooties (OIE) is a Paris based inter-governmental organisation with 152 countries, including Pakistan, as its members. The OIE has currently classified countries as Negligible BSE risk, Controlled BSE risk and undetermined BSE risk countries. OIE updates the risk status on a regular basis. The last ranking has been done by OIE in May 2013.

Currently, Pakistan is importing most of its dairy cattle from Australia. However, other countries like USA, Canada as well as the European Union (EU) were consistently agitating that Pakistan should review its existing import policy pertaining to live animals and animal products, in light of the revised rankings done by OIE. Therefore, the matter was examined in conjunction with the Ministry of National Food Security & Research.
It was felt that allowing the import of live animals from negligible risk countries will benefit Pakistan livestock industry as Pakistani importers/dairy industry will be able to source their animals from multiple countries and breeds. This would also bring our import regime in congruence with the OIE guidelines.

In this backdrop, a meeting was held in the Ministry of Commerce to discuss the issue of lifting ban on import of live animals from BSE infected countries. The meeting was attended by representatives of Food & Agriculture Organisation (FAO), Ministry of National Food Security & Research (MNFS&R) and the provincial governments. After detailed deliberations, the following course of action was agreed upon:

Ban on import of feeds containing meat, bone meal and greaves etc. derived from BSE infected ruminants (i.e. cattle/goat etc.) shall continue and strictly followed.
The ban on import of live animals from BSE infected countries shall continue in general, however, imports from countries which have been declared as “Negligible Risk” by OIE shall be allowed subject to the following conditions:

“Animals from only such herds shall be allowed for import where no incidence of BSE has been reported for last 11 years and this fact shall be certified by the concerned Veterinary Authority of the exporting country.”

Efforts shall be made by MNFS&R to conduct a BSE risk assessment in Pakistan and apply to OIE for categorisation of Pakistan as a “BSE Negligible Risk Country”.

Ministry of Commerce submitted a summary for the ECC of the Cabinet for seeking approval of the above proposals, which was approved by the ECC in its meeting held on 18-07-2014. Ministry of Commerce issued an SRO to this effect as well.

However, according to official press release issued by Ministry of Commerce, the Federal Minister for Commerce and Textile Mohammad Pervaiz Malik welcomed the Canadian High Commissioner and also thanked him for the letter of facilitation and invitation to visit Canada, extended by Francois-Philippe Champagne, Canadian Commerce Minister. He also shared his intention to visit Canada probably in first week of November this year to discuss ways and means to bolster the already cordial trade relations between the two countries.

Mohammad Pervaiz Malik highlighted that trade between Pakistan and Canada stood at US $0.91 billion during the FY 2016-17 and said that there is tremendous potential between the two countries to increase the bilateral trade by many fold.

Pakistan’s major exports to the Canada include rice, made up articles of textiles material, articles of apparel and major imports from Canada are grain oil seeds and pulses, vegetable preparations machinery and its parts, pharmaceutical products, oil-seed & chemicals.
The commerce minister informed the Canadian high commissioner that the Department of Plant Protection (DPP) and the Canadian Food Inspection Agency (CFIA) agreed to adopt mutually agreed scientific solution to the problem of fumigation of Canadian exports to Pakistan to ensure food safety standards and said that with the support of CFIA the DPP has completed technical and legal evaluation of the information provided by CFIA and now await invitation from CFIA to DPP experts for on-the-spot inspection of integrated measures employed in Canada to ascertain export of quarantine free cargo to Pakistan.

Canadian High Commissioner Perry John Calderwood congratulated Mohammad Pervaiz Malik on becoming the Commerce Minister and said that there had been a substantial improvement in the security situation in Pakistan and Pakistan was also taking major steps for ease of doing business which made the Pakistani market very lucrative for Canadian businesses and investors.
He informed the commerce minister that Canada had already made significant investment in Solar Energy Projects in Khyber Pakhtunkhwa and Balochistan. Canadian High Commissioner said that there has been a solid foundation of Pakistan and Canada trade relations and now a sustained effort is needed to build on that foundation and increase the bilateral trade. He also expressed need to bring the Pakistani and Canadian businesses together so that they get understanding of businesses in both countries and explore new investment opportunities.

Anti-dumping duty on import of bus, truck tyres from China

New Delhi: India has imposed anti-dumping duty on import of certain type of radial tyres used in buses and trucks to protect domestic manufacturers from below cost shipments from China for five years.

The anti-dumping duty has been imposed in the range of $245.35 - 452.33 per tonne, said a notification issued by the Central Board Excise and Customs (CBEC).

The duty has been slapped on “new/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having nominal rim dia code above 16 (inch)” used in buses and lorries/trucks.
The levy follows recommendation for the same by Directorate General of Anti-dumping and Allied Duties (DGAD).

Earlier, Automotive Tyre Manufacturers’ Association (ATMA) had filed an application on behalf of the domestic producers -- Apollo Tyres, J K Tyre Industries and Ceat, had approached DGAD for investigations in dumping of tyres.

In its recommendation, the DGAD had said the domestic industry has suffered material injury on account of the imports from China. It found that the tyres have been exported to India from the subject country “below normal value”.

Countries impose anti-dumping duties to guard domestic industry from surge in below-cost imports. India has also imposed similar duties on import of several other products including steel, fabrics and chemicals from different countries including China.
Anti-dumping steps are taken to ensure fair trade and provide a level-playing field to the domestic industry. They are not a measure to restrict import or cause an unjustified increase in cost of products.

Palm hits 1-wk low but seen supported on stronger export outlook

* Palm heads for fourth straight session of fall * Palm may fall into 2,760-2,787 rgt/T range - Techs By Emily Chow KUALA LUMPUR, Sept 19 (Reuters) - Malaysian palm oil futures hit a one-week low on Tuesday and were headed for a fourth straight session of fall, but traders said strong export outlook is expected to support the market. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was down 0.2 percent at 2,799 ringgit ($668.02) a tonne at the midday break. It earlier fell to 2,794 ringgit, its lowest since Sept. 12. Traded volumes stood at 18,130 lots of 25 tonnes each at noon. "The market declined due to technical reasons, but is expected to be supported today on exports," said a futures trader from Kuala Lumpur, referring to export data from cargo surveyors. Intertek Testing Services and Societe Generale de Surveillance are scheduled to release Malaysian palm oil shipment data for Sept. 1-20 on Wednesday. The market is correcting as it is overpriced, said another trader, adding that it would be supported by strong exports before demand tapers off at the end of the month. Palm oil exports from Malaysia surged over 20 percent in the first half of September from a month ago, led by strong gains in demand from China, Europe and India, cargo surveyor data showed. Palm oil may fall into a range of 2,760-2,787 ringgit per tonne, as it could have temporarily peaked around a resistance at 2,885 ringgit, said Reuters market analyst for commodities and energy technicals Wang Tao. In other related oils, the October soybean oil contract on the Chicago Board of Trade was up 0.1 percent, while the January soybean oil on the Dalian Commodity Exchange fell 0.1 percent. The January palm olein contract rose 0.5 percent. Palm oil prices are impacted by the movements in related edible oils including soy, as they compete for a share in the global vegetable oils market. Palm, soy and crude oil prices at 0448 GMT Contract Month Last Change Low High Volume MY PALM OIL OCT7 2830 -4.00 2826 2852 62 MY PALM OIL NOV7 2807 -11.00 2802 2835 3754 MY PALM OIL DEC7 2799 -6.00 2794 2822 9524 CHINA PALM OLEIN JAN8 5770 +30.00 5692 5804 379512 CHINA SOYOIL JAN8 6350 -8.00 6316 6378 260154 CBOT SOY OIL DEC7 34.47 +0.04 34.43 34.62 3578 INDIA PALM OIL SEP7 546.60 -0.70 546.30 546.8 39 INDIA SOYOIL SEP7 0 +0.00 0 0 0 NYMEX CRUDE OCT7 49.86 -0.05 49.85 50.05 4636 Palm oil prices in Malaysian ringgit per tonne CBOT soy oil in U.S. cents per pound Dalian soy oil and RBD palm olein in Chinese yuan per tonne India soy oil in Indian rupee per 10 kg Crude in U.S. dollars per barrel ($1 = 4.1900 ringgit) ($1 = 64.1400 Indian rupees) ($1 = 6.5889 Chinese yuan)

Exports rise 10.29% in Aug; trade deficit swells to $11.64 bn

New Delhi, Sep 15 () India's exports recorded a double digit growth of 10.29 per cent after a gap of three months to USD 23.81 billion in August, mainly on account of rise in shipments of chemicals, petroleum and engineering products, government data showed today.
Imports too rose by 21.02 per cent to USD 35.46 billion in August from USD 29.3 billion in the year-ago month, according to the data released by the commerce ministry.
Trade deficit widened to USD 11.64 billion in the month under review from USD 7.7 billion in August 2016, due to increase in gold imports that rose by about 69 per cent to USD 1.88 billion last month.
In April 2017, exports rose by 19.77 per cent.
Oil and non-oil imports grew by 14.22 per cent and 23 per cent to USD 7.75 billion and USD 27.7 billion, respectively in August.
Cumulative exports during April-August 2017-18 increased by 8.57 per cent to USD 118.57 billion, while imports grew by 26.63 per cent to USD 181.71 billion, leaving a trade deficit of USD 63.14 billion.
"In continuation with the positive growth exhibited by exports for the last twelve months, exports during August have shown growth of 10.29 per cent in dollar terms," the ministry said in a statement.
Commenting on the data, Federation of Indian Export Organisations (FIEO) President Ganesh Gupta said while the August figures are encouraging, "I am worried about future growth as order booking position from October onwards is not good in view of increasing global uncertainties, rupee volatility and challenges at the domestic front."
"Exporters have stopped taking orders with least or no working capital at their disposal due to blockage of funds under GST (Goods and Services Tax) and uncertainties looming large on refunds for the months of July to October 2017," he added.
In August, petroleum, engineering and chemicals exports grew by 36.56 per cent, 19.53 per cent and 32.41 per cent, respectively during the last month.
However, sectors which recorded negative growth includes handicrafts, gems and jewellery and fruits and vegetables. RR CS MKJ

Indian Vegetable Oil Imports Jump By 8% In August 2017

As per the latest release by Solvent Extractors Association of India( SEA OF India ), the import of vegetable oils during August 2017 is reported at 1,361,272 tons compared to 11,261,827 tons in August 2016 i.e. up by 8%, consisting of 1,336,925 tons of edible oils and 24,347 tons of non-edible oils. The overall import of vegetable oils during first ten months of current oil year 2016-17, Nov.16 to Aug. 17 is reported at 12,749,568 tons compared to 12,165,605 tons last year i.e. up by 5% considering increase in import, India may be importing about 15.0 mnt. of vegetable oils by oil year ending Oct.,2017 (2016-17).

As incomes rise, exporters pay the price of development

NEW DELHI, SEPTEMBER 12: 
The good news is that India’s per capita income has gone up, and stayed up. The bad news, going by a recent notification of the World Trade Organization (WTO), is that the country can no longer offer export subsidies, as its per capita gross national income (GNI) has crossed $1,000 for the third year in a row.

“The consequence of India graduating out of the list of poorer countries eligible to give export subsidies is serious. It will be open to penal action from other countries, including imposition of countervailing duties on its exports if it does not do away with its incentives soon,” an official told BusinessLine.

The development could deal a further blow to exports from the country, which posted weak growth last year after two consecutive years of decline due to low demand.
“The first scheme that could come under the WTO scanner is the popular Merchandise Export from India Scheme (MEIS), which provides a direct subsidy to exporters based on the value of exports,” the official said.

Wide impact
Almost all exports, ranging from textiles to agriculture products, stand to be affected as the scheme covers more than 7,000 items and costs the exchequer around ₹23,500 crore a year.

A team of officials from the Permanent Mission of India at the WTO held discussions with Commerce and Industry Minister Suresh Prabhu, Commerce Secretary Rita Teaotia and officials from the Trade Policy Division on how the situation could be tackled.

“The government knew all along that the special exemption that allowed India to give export subsidies was likely to go in 2017. In fact, the Foreign Trade Policy also mentions this. It should have prepared the exporters for this,” a trade economist from a Delhi-based thinktank said.

Other schemes that could also get affected, subject to interpretation of the WTO rules, are the interest subvention scheme under which banks charge lower interest on loans given to exporters, which is offset by the government, and the duty-drawback scheme where exporters are refunded duty paid on inputs.

“The WTO rules also consider the revenue that is otherwise due to the government but is foregone or not collected, such as tax credits, as subsidy. Some members may also insist that India’s interest subvention scheme and duty-drawback scheme qualify as subsidies,” said the trade economist.

The Commerce Ministry, which is supposed to announce the mid-term review of the Foreign Trade Policy this month, will be in a fix about whether to make any addition to the MEIS scheme as it could draw immediate criticism from other countries. It would also find it difficult to replace the existing MEIS schemes with production subsidies, which are allowed by the WTO.

China's commodity imports show why rally in prices may stall: Russell

LAUNCESTON, Australia (Reuters) - China’s imports of major commodities in August illustrate both why prices have gained in recent months and why this rally may be running out of steam.

Imports of crude oil, copper, coal and iron ore remained relatively robust in August, but the customs data released on Sept. 8 also showed a certain loss of momentum.

Crude oil imports were 33.98 million tonnes, equivalent to about 8 million barrels per day (bpd), which was the lowest in about eight months and down from 8.18 million bpd in July.

While an explanation can be found in maintenance closures by refineries and ramped up environmental inspections by the authorities, it does appear that China’s crude oil imports have been losing some momentum.The year-on-year increase for the first eight months of 2017 was 12.2 percent, which is still robust.

But it is also down from 13.6 percent in July and 13.8 percent in June, showing that while overall growth in imports is still well up in year-on-year terms, it is starting to slow somewhat.

It’s a similar story for coal, which has been an area of standout strength for imports this year.China brought in 25.27 million tonnes of coal in August, which was almost 30 percent higher than July’s 19.46 million, but down 5 percent from August last year.

In year-to-date terms, coal imports were 14.2 percent higher for the first eight months of 2017, but this was down from 18.2 percent in July and 23.5 percent in June.

For iron ore, August also looked quite strong, with imports of 88.66 million tonnes, up from July’s 86.25 million.

But for the first eight months of the year, iron ore imports were 6.7 percent higher than for the same period in 2016, down from July’s 7.5 percent and June’s 9.3 percent.Overall, the picture that emerges from China’s imports of crude, coal and iron ore is that while the growth rates still look strong, they have been tapering off in recent months.

That helps justify why commodity prices rallied hard in recent months, and why they are starting to look a little stretched.
COAL, IRON ORE RALLIES STALL

This is especially the case for coal and iron ore, where China’s import demand is a major driver of price, given that the country is the top importer of both, and utterly dominates iron ore, taking about two-thirds of seaborne cargoes.

Newcastle thermal coal futures, a regional benchmark, rallied from a close of $71.30 a tonne on May 16 to $102.50 on Aug. 8, a gain of almost 44 percent.

Since then, the contract has traded sideways and was at $102.45 at the close of Sept. 8.

Singapore-traded iron ore futures, which are based on the spot price for cargoes to China, went from $53.66 a tonne on June 13 to $75.63 on Aug. 7, a jump of 41 percent.

Since then, they have moved in a relatively narrow band, ending on Sept. 8 at $74.21 a tonne.
Among major Chinese commodity imports, the outlier appears to be copper.
Imports of unwrought copper were 390,000 tonnes in August, the exact same number as for July and June, according to customs data.

In year-to-date terms, unwrought copper imports were down 12.7 percent in August, which was actually better than July’s decline of 15.2 percent, but both were below the gain of 3.6 percent in June.
Overall, this isn’t a picture of robust copper imports, at best it’s a steady-as-she-goes scenario, which stands in contrast to the recent strong rally in copper prices.
London-traded copper futures gained 26 percent from the low so far this year in early April to a recent closing peak of $6,917 a tonne on Sept. 4.

A 3 percent drop on Sept. 8 knocked the price back to a close of $6,693 a tonne, with some of the decline blamed on market disappointment with the Chinese trade figures.

While China does exert influence on copper prices, it doesn’t have quite the same dominance as it does for coal and iron ore.

China Import Data

China export growth slows in August but imports pick up

Chinese exports grew slower than forecast in August, hit by weak global demand, but analysts said Friday that a jump in imports indicated a pick-up domestically and point to a further improvement.

The figures follow a run of broadly positive readings in recent months, which have provided some optimism in the world`s number two economy and key driver of global growth.

Exports increased 5.5 percent year-on-year, the customs administration said, down from 7.2 percent in July and well off the 6.0 percent in a Bloomberg News survey.
"There appears to have been a broader decline in external demand," Julian Evans-Pritchard of Capital Economics said in a note.

But he added that "further downside to export growth should be limited by the fairly positive outlook for China`s main trading partners".

Imports climbed 13.3 percent, beating July`s 11 percent and the 10.0 percent forecast in the Bloomberg survey. The trade surplus for the month came in at $42.0 billion.

"Strong imports reflect the momentum of domestic demand. It seems that third-quarter gross domestic product will see an upside risk again," Raymond Yeung, chief economist for Greater China at Australia & New Zealand Banking Group Ltd, told Bloomberg News.
Evans-Pritchard added that ambitious Chinese producers encouraged by higher industrial metal prices have contributed to surging inbound shipments of iron and cooper ore.

The strong import figures are likely to be welcomed by the country`s leaders who are trying to recalibrate its growth model from one driven by exports and state investment to one based on domestic consumption.The trade data came a day after the People`s Bank of China announced a rise in China`s foreign exchange reserves, indicating the central bank would shift its priority from curbing capital outflow to controlling yuan appreciation, Evans-Pritchard said in a previous note.

Earlier this year the yuan sank to almost 7.0 to the dollar, a level not seen in almost eight years -- hit by capital outflows as the economy struggled and traders bet on US rate hikes.
However, it has enjoyed a resurgence in recent weeks and is now at a 16-month high around 6.5 thanks to lower expectations the US Federal Reserve will lift interest rates again this year, tighter controls on capital outflows and improving economic performance.

"The strong yuan is favourable to China if they want to buy more from the rest of the world," Yeung said.

The Chinese economy saw better-than-expected growth in the first two quarters of the year thanks to debt-fuelled investment in infrastructure and real estate although warnings of a potential financial crisis have spurred Beijing to clamp down.
The long-term outlook remains clouded by geopolitical tensions linked to the North Korea nuclear crisis as well as US President Donald Trump`s anti-globalisation rhetoric and threats to slap China with tariffs.

China last month had halted imports of iron, iron ore and seafood from North Korea, whose latest nuclear test last weekend met strong condemnation from the emerging BRICS nations during a summit this week.

However, Friday`s data show an 8.4 percent increase in exports to the United States last month. And while that lifted its controversial trade surplus with the country to $26.2 billion, Betty Wang of ANZ research said in a note: "A broad-based trade war between the two countries is unlikely."

Crude exports rise in July, China shipments decline

The Sultanate’s crude oil exports increased to 25.44 million barrels in July compared to 24.14 million barrels in the previous month, according to the figures released by the National Centre for Statistics and Information (NCSI).

However, total exports registered a 9.9 per cent decline to 171.9 million barrels during the first seven months ended July this year as against 190.72 million barrels in the same period last year, the data showed.

The Sultanate’s total crude oil and condensates production in July stood at 29.98 million barrels, a daily average by 967,000 barrels. There has been a 3.8 per cent decline in oil production till July this year compared to the same period of 2016.

The average price of oil declined 4.3 per cent during the month compared to the previous month, the data showed.

The crude oil exported to China, the top importer of Oman oil, showed a 7.5 per cent decline to 132.7 million barrels as of July end from 143.39 million barrels in the same period last year. Crude exports to Taiwan meanwhile showed a 20.3 per cent growth to 14.39 million barrels until end of July from 11.96 million barrels in 2016.

Crude oil exported to the US also declined 80.9 per cent to 1.9 million barrels at the end of July 2017 compared to 9.96 million barrels last year. Exports to India declined 52.4 per cent to 1.9 million barrels at the end of July this year from 3.99 million barrels last year.

Exports to Japan also declined by 23.7 per cent to 5.98 million barrels this year from 7.83 million barrels during the comparable period of 2016. While exports to Singapore declined 100 per cent this year, crude exports to some other countries registered a 119 per cent growth to 8.16 million barrels during the period under review, the NCSI data showed.

The total gas output, which includes imports, declined 0.4 per cent to 23,920 mncm at the end of July this year compared to 24,025 mncm during the same period last year.

However, compared to June this year when it was 3,421mncm, the output increased to 3,514 mncm, according to the data.

While 2 per cent or 4,805 mncm was used for power generation, 13,578 mncm was used in the industrial areas. The utilisation of gas by oil fields showed a decline of 4.2 per cent to 5,130 mncm compared to 5,357 mncm last year, the data showed.

crude oil exports

China's Guangzhou port halts coal imports - sources

BEIJING/SINGAPORE (Reuters) - Guangzhou port, the largest coal hub in southern China, has halted foreign coal imports, according to traders who use the port and said they had been informed of the shutdown by customs authorities and senior company officials.

Traders said the move caught merchants using Guangzhou by surprise - the port has 14 coal berths and can handle 60 million tonnes of shipments per year - and interpreted it as a sign of Beijing stepping up a campaign to cut pollution caused by use of coal. China already banned coal imports at small ports in July.

“We were told by customs that the port has stopped accepting foreign shipments,” said one trader, speaking on condition of anonymity because he was not authorised to speak to media. “Starting this week, we will avoid using the Guangzhou port.”
It wasn’t immediately clear how long the import halt would last, nor how many cargoes would be affected. Shipping data compiled by Thomson Reuters Eikon showed dozens of large dry-bulk ships anchoring in waters outside Guangzhou, waiting to offload.
Guangzhou port authorities and customs officials did not respond to Reuters requests for comment.
Another trader based at Guangzhou said his company has stopped booking supplies for October arrivals, despite increasing demand from utilities.
“We still have a couple cargoes each of 60,000 tonnes on the way to Guangzhou port. If these cargoes cannot clear customs, we probably have to return them,” the Guangzhou based trader said, speaking on condition of anonymity because he was not authorised to discuss the matter publicly.

US to launch anti-dumping probe against steel flanges from India, China

WASHINGTON: The Trump administration has said it will initiate new anti-dumping and countervailing duty probe to determine whether imports of stainless steel flanges from India and China are being dumped in the US.
These investigations were initiated based on petitions filed by the Coalition of American Flange Producers and its individual members -- Core Pipe Products and Maass Flange Corporation on August 16, according to the Commerce Department.
The estimated dumping margins alleged by the petitioners range from 99.23 to 257.11 per cent and 78.49 per cent to 145.25 per cent for China and India, respectively.
"The Department will act swiftly, while assuring a full and fair assessment of the facts, to ensure that everyone trades on a level playing field," US Commerce Secretary Wilbur Ross said as he announced initiating of anti-dumping investigations against stainless steel flanges from India and China.
"The Trump administration will defend American workers and businesses with every tool at our disposal," he said.
The unfair subsidies alleged by the petitioners are estimated to be above de minimis.
In the anti-dumping investigation, the Commerce Department will determine whether imports of stainless steel flanges from China and India are being dumped in the US market at less than fair value.
In the countervailing duty investigations, the department will determine whether Chinese and Indian producers of stainless steel flanges are receiving unfair government subsidies.
If the Commerce Department determines that stainless steel flanges from China and India are being dumped into the US market and/or receiving unfair government subsidies, and if the US International Trade Commission (ITC) determines that dumped and/or unfairly subsidised US imports of stainless steel flanges from China and India are causing injury to the US industry, it will impose duties on those imports in the amount of dumping and/or unfair subsidisation found to exist.
In 2016, imports of stainless steel flanges from China and India were valued at an estimated $16.3 million and $32.1 million, respectively.
From January 20, 2017, through September 6, 2017, the department has initiated 62 anti-dumping and countervailing duty investigations - a 41 per cent increase over the previous year.
It currently maintains 407 anti-dumping and countervailing duty orders which provide relief to American companies and industries impacted by unfair trade.

China helps drive Spain’s wine exports

MADRID: Spain’s wine exports in the first half of the year have reached a record high to €1.3207 billion, up by 6% over the same period, driven by strong demand from China.
According to a report by national newspaper El País, the increase in export values is a result of a hike in the average price of exported wine despite the fact that in the first half of the year Spain’s export volumes dropped 7.8 million litres. Nonetheless, its average price per litre rose from last year’s €1.11 to €1.18, thus contributing to its value rise.
In terms of export destinations, China has climbed up the ranking to become Spain’s fifth largest wine market. During the period, Spain’s export volumes to China jumped 53.7% while its export values rose by 23.1% year-on-year.
Bulk wine exports to China enjoyed the highest growth rate of 36.2%, followed by 33.7% for bottled wine and 23.4% for quality PDO wines, according to the report.
This corresponds with a report by the Qingdao Customs Department that showed a sharp increase in Spanish bulk wines to China through Shandong province. In July, Shandong imported 7.85 million litres of Spanish bulk wine at an average price of RMB 4.4 (US$0.67) per litre, up 930% year-on-year.
In terms of export value, Germany remains the biggest market for Spain with €18.79 million, followed by the US (€16.51 million) and France (€16.16 million).

China’s service trade deficit narrows in July

BEIJING: China’s service trade deficit narrowed in July thanks to a surplus from emerging industries, the Ministry of Commerce (MOC) said Thursday. In July, exports of services dropped 2 percent year on year to 113.3 billion yuan (17.36 billion U.S. dollars) while imports slipped 1.9 percent to 254.8 billion yuan, resulting in a 141.5 billion yuan deficit, a drop of 30 percent compared with the previous month, according to MOC spokesperson Gao Feng. In the first seven months, service trade volume increased 10.6 percent year on year to 2.65 trillion yuan, with exports up 4.4 percent and imports up 13.5 percent. The service trade deficit in the period reached 1.04 trillion yuan. “Information services as well as management and consulting services were among the main sectors within the emerging industries that contributed the most surplus,” Gao said.
In the first seven months, the surplus contributed by the two sectors reached 39 billion yuan and 57.6 billion yuan respectively. During the same period, exports of services in emerging industries climbed 8.3 percent to 405.7 billion yuan, accounting for more than half of the total. Exports of intellectual property royalties surged 489.4 percent while imports went up 25.8 percent. China has been improving its service sector, rolling out measures to make it more competitive, including gradually opening up the finance, education, culture and medical sectors.

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