South Korea’s No. 2 steelmaker Hyundai Steel Co. in it’s carbon reduction plan is replacing its fleet of raw material carriers with eco-friendly ships. On Wednesday its first liquefied natural gas (LNG) powered ship, “HL Oceanic,” made its maiden voyage. HL Oceanic was built by Hyundai Samho Heavy Industries in Mokpo, South Jeolla Province. The LNG-powered ship is based exclusively on domestic technology, from ship design to construction, the localization level up to 97 percent of the ship price. The … Continue reading “South Korea’s Hyundai Steel Launches First LNG Powered Ship in Eco-Friendly Plan”
Reserve Bank of Australia Governor Lowe in giving a speech after today’s release of the RBA November meeting minutes addressed what it would require for a rate rise in Australia. He spoke of varying inflation degrees and the difference domestically and globally. Reserve Bank of Australia Governor Lowe speech: Recent Trends in Inflation Address to the Australian Business Economists (ABE)Online and Sydney – 16 November 2021 Speech Headlines via Reuters Latest data, forecasts do not warrant a rate rise in 2022 Economy, … Continue reading “RBA Says Underlying Inflation at 2.5% Mid-Point Would Not Warrant Rate Rise”
India has begun receiving Russian S-400 Triumf missile systems ignoring the threat of what many see as an impotent US. with sanction threats. India sees them as a boost to New Delhi’s air defense capabilities with the threats along the borders with China and Pakistan. Significantly the delivery is happening ahead of Russian President Vladimir Putin’s visit to India for an annual summit with India’s Prime Minister Narendra Modi next month. Source: NikkeiAsia From The TradersCommunity News Desk
The Central Bank of Singapore, the Monetary Authority of Singapore is in process of setting regulations in place encouraging cryptocurrency firms to operate in the island state. The move is to avoid “Singapore being left behind.”
China controls the majority of rare earths and is looking to assert greaater control over the sector. It will combine three rare-earths producers to create a single state-owned company with nearly 70% share of domestic production with a American companies dependant on rare earths the motive is clear.
The European Union has postponed the next round of negotiations for a free trade agreement with Australia for a month. The move clearly is in retribution for the cancellation of the French $90 billion submarine contract.
China’s LNG imports could hit a record high in Dec as industrial demand returns Reuters reported sources saying. Domestic gas consumption for early December up 20% year-on-year adding to the LNG demand.
Australia posted another much larger than expected trade surplus in September, what is clear the commodity powerhouse is benefiting from the U.S.- China trade war. Australia ships nearly a third of its exports to China, led by iron ore and coal as the Chinese boost construction spending to ward off damage caused by U.S tariffs.
Non-oil export volumes increased from Iran as it strives to counter US sanctions in the last 6 months. Non-oil exports from Khorassan Razavi including saffron, steel products, construction materials, fruits and plastic products were up 30% in volume.
China roiled markets Friday as it retaliated with new tariffs on US products prior to the G7 and Jackson Hole economic summit. Clearly with intention to inflame the situation in front of world leaders. Electronics, including cellphones and semiconductors, is the biggest category of American imports into China.