Brazil

According to LSEG data and market sources, the volume of Russian seaborne gasoil and diesel exports dropped by 6% in June on a month-to-month basis. This was due to refinery maintenance. Shipping data shows that last month, the two main importers of Russian gasoil and diesel were Turkey and Brazil. Exports of diesel and gasoil from Russian ports to Turkey increased in June by 15%, a month-on-month increase, while those to Brazil dropped by 33% from May, to just 0.47 million tonnes, after a previous influx. Shipping data revealed that Russia's diesel and gasoil sales to African countries in June...

Petrobras, the state-run oil company in Brazil, was the biggest winner of the auction on Thursday. The sale is expected to generate revenues in excess of $5.08 billion. The amount exceeds initial Government forecasts The 25 billion reais should boost the public coffers, as the Luiz Inacio Lula Da Silva administration tries to reach its fiscal targets. The state-run company PPSA held the auction, and is responsible for selling that portion of oil which companies producing under share contracts in pre-salt fields must give to the Brazilian government according to Brazilian law. Petrobras purchased three of the seven lots that...

Roberto Monteiro, the CEO of Brazilian oil company Prio, said that the company expects its daily production to double next year compared to 2024, due in part, he said, to some offshore fields being developed. Monteiro, Prio's CEO, said that the company expects to produce more than 200,000 barrels a day (bpd), up from 100,000 bpd last year. Prio, an independent oil producer, has grown in recent years by acquiring high-profile assets, such as the Wahoo and Peregrino fields from Equinor, Sinochem, and TotalEnergies. Monteiro explained that the production target reflects development of these assets. The company is currently waiting...

The Swiss Attorney General's Office handed a former wealth management at Pictet Bank an eight-month prison term with a suspended sentence, and fined the bank for money laundering during a Petrobras investigation. Pictet has been ordered to pay $2,5 million for failing to take reasonable and necessary steps to prevent transfers made from a Brazilian official's account to conceal their criminal origin. The Swiss government announced this in a press release. Since years, Swiss prosecutors are working to identify assets in a massive international corruption case involving the Brazilian state-run Petrobras and bringing forward prosecutions. Pictet issued a statement saying,...

According to two sources familiar with the situation, the government of Brazil and the major banks that are Braskem's key creditors have so far been skeptical about the bid of businessman Nelson Tanure for a controlling interest in the petrochemical company. Sources who requested anonymity in order to discuss private discussions said that for now, lenders prefer to have a plan to restructure a company, and eventually sell the shares used as collateral to repay outstanding loans. Sources said that the banks were shocked by Tanure’s formal offer to buy a controlling interest in Braskem made on Friday and had...

The Brazilian federation for oil workers (FUP) announced a two-day strike warning against Petrobras, the state-owned oil company, on Thursday. "In protest at the stagnation in the negotiations with the company," a statement said. The oil giant has pledged to implement austerity measures in response to lower oil prices. Petrobras reported earlier this week a first-quarter earnings. Net profit The firm said it would need to reduce its investment by 35.2 billion reais (6.25 billion dollars) if Brent crude oil prices fall. Cut costs Where possible, please try to avoid using the internet. FUP stated that "dissatisfaction grew after statements...

Yusuf Tuggar, Nigeria's foreign minister, said that the country is in talks with Petrobras about exploring its deep-water oil acreage, after years of the Brazilian oil giant leaving the nation. Petrobras has ceased operations in Nigeria but is keen to return. "They said they wanted frontier acreage on deep water," Tuggar, a vice president's statement quoted as saying. Brazil will host both the BRICS Summit and the COP30 meeting this year, after hosting the G20 last year. Nigeria will promote investment during these summits, as it seeks to strengthen ties with Brazil, particularly in the areas of energy, culture, health...

Magda Chabriard, the chief executive of Brazil's state-run oil firm Petrobras, told analysts on Tuesday that it would be revising its five-year strategy plan because Brent crude oil is now cheaper. Chambriard stated that a Brent price of $65 would force the company to simplify its projects. The firm added that now was the time for cost-cutting measures and austerity. When the price increases, we are more willing to share ideas. Chambriard said that when the price drops, it's time to tighten up. Petrobras will unveil its new strategic plan by the end of this year. Fernando Melgarejo, the Chief...

Petrobras, Brazil's largest oil company, announced a first-quarter net profit of $35.2 billion, an increase of 48.6% over the same period last year. Non-recurring events boosted this figure. The company also announced dividends worth $2.1 billion. If not for one-off events such as fluctuations in the exchange rate of the real against the dollar, state-owned oil company would have seen a 12.1% decline in its net profits over the same period to 23.6 billion reais. Magda Chambriard, Petrobras' Chief Executive Officer, said in a press release that the company's financial results and operational performance were "robust." EBITDA (earnings before interest,...

Fernando Collor de Mello, the former Brazilian president, was arrested in Maceio on Friday after a Supreme Court judge rejected his appeals against a prior conviction and ordered that he begin serving time behind bars. Collor's attorney, Marcelo Bessa said that Collor was arrested at 4:00 am local time (0700 GMT), while traveling to Brazil’s capital Brasilia. He planned to surrender himself following Supreme Court Judge Alexandre de Moraes’ arrest order. Bessa, in a press release, said that the former president had been detained by federal police officers in Maceio. This is the capital of Alagoas. Moraes issued his order...

Petrobras, the state-run Brazilian oil company, said that its board of directors had authorized it to sign a settlement agreement with Unigel Chemical Company to settle a legal dispute over two fertilizer factories in northeastern Brazil. Petrobras stated in a filing of securities that the agreement would restore Petrobras ownership over two fertilizer factories located in Sergipe state and Bahia state. Petrobras announced that the plants would resume operations after a process of bidding to contract for services to operate and to maintain them. The deal, however, still needs to be approved internally within Unigel, and it must also meet...

According to four sources with knowledge of the matter, the board of Brazilian state oil company Petrobras approved plans on Thursday to select a new partner to restart its fertilizer factories in northeastern Brazil. Sources who asked to remain anonymous because the decision had not been made public said that the move hinged on the resolution of ongoing disputes with the current leaseholder, Unigel. The chemical company Unigel demanded compensation from Petrobras, according to previous reports. This impasse marked a setback in President Luiz-Inacio Lula's plan to reduce Brazil's dependence on imported fertilizer. Brazil, a major agricultural powerhouse in the...

Vale, a Brazilian miner, has lowered its projections for the production of iron ore pellets in 2025 due to concerns about oversupply and decreased demand for high quality products. In a filing with the Securities and Exchange Commission, the company said that its decision was based on "current market conditions." Analysts say the move is not surprising, given that pellet prices are under pressure. Executives at the miner also emphasize the fact that their portfolio is competitive and flexible, allowing them to adapt to changing market dynamics. Vale's strategy to reduce carbon emissions is based on high-quality iron ore agglomerates....

The High Court of London ruled that BHP will be held in contempt for its funding of litigation to try and prevent certain Brazilian municipalities from suing BHP over one of Brazil’s worst environmental disasters. The ruling on Thursday is the latest in a long-running lawsuit over the failure of the Mariana Dam in Southeastern Brazil, which was owned and operated jointly by BHP's Samarco joint enterprise and Vale. Judge Adam Constable stated that it is arguable BHP, world's largest miner in terms of market value, has funded Brazilian litigation for the municipalities to stop them suing London "with the...

Vale executives announced on Tuesday that the mining giant aims to end the use of water in the processing of iron ore by its Carajas Mines by 2027. The company also plans to expand pellet feed production at the complex located in northern Brazil through the reuse and recycling mine waste. Vale stated that by eliminating the use of water for iron ore beneficiation, it would reduce the amount of waste, known as tailings, in the production process. This would also eliminate the need to build new dams and save money. Carajas in Brazil's Para State is the largest open-pit...

The price of iron ore futures fell for the second consecutive session on Wednesday. This was due to a combination of a slowdown in China's demand and an increase in shipments from Australia. The day-end price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 702.5 yuan (US$97.97). As of 0728 GMT, the benchmark July Iron Ore traded on Singapore Exchange had fallen 0.25% to a ton price of $92.75 Mysteel, a Chinese consultancy, said that the total volume of iron-ore shipments by top suppliers Australia, Brazil, and South Africa increased to 30,1 million tons...

Iron ore futures ended a three-day rally Tuesday, despite a stronger outlook for supply from Australia's top producer. However, the resilient steel demand in China helped to cushion the fall. The September contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 0.42% lower, at 703 Yuan ($97.97). As of 0725 GMT, the benchmark July Iron Ore traded on Singapore Exchange fell 0.71% to $93 per ton. Rio Tinto, world's biggest iron ore producer enters a joint venture to develop the Hope Downs 2 Project in Western Australia. Rio announced in a press release that the two...

China's imports of iron ore are expected to be their highest month in this year in June, a sign of resilience not reflected in the steel industry's sluggishness. According to analysts LSEG & Kpler, China is expected to import nearly 110 million metric tonnes of this key raw material for steel. Kpler estimates that 109.56 millions tons of cargo will arrive in June, while LSEG predicts 109.1million. It would be the highest month ever since December, when 112.49 millions tons was recorded as the second-highest monthly imports. Why are Chinese steel mills, traders and steel producers buying more iron ore...

Ternium, an American steelmaker with a large business in Mexico, demanded on Wednesday that the terms of a trade agreement for the region be strengthened ahead of a review. This was despite the current challenges posed by steel tariffs levied by President Donald Trump's government. Why it's important Steel products are subject to a 50% tariff on all shipments from Mexico into the U.S., but shipments from Mexico under the U.S. Mexico-Canada (USMCA), trade agreement, are exempted from tariffs. Last week, it was reported that the U.S. is negotiating with Mexico to reduce or remove steel tariffs for imports of...

According to a Wednesday report by the United Nations agency for trade, global trade tensions will disrupt ocean goods and push up the price in the United States of fish imports. According to a report from the U.N. Trade and Development agency, U.S. president Donald Trump has imposed tariffs of 10% on almost all seafood. China will face tariffs as high as 30%. The report stated that "prices for fish products will likely rise due to the limited capacity of local production." The report stated that the wild fish stocks are being depleted in the U.S. due to overfishing. It...

India's growing steel industry is hailed as a boon for iron ore miner's looking to expand their market as China's production slows down. But the reality may not match the hype. India's capacity to produce steel is about 200 million tons per year, and the South Asian country has ambitious plans for reaching 300 million tons by 2030. How would this change the dynamics of the global iron ore seaborne market if these plans were to be realized? To get a definitive answer, you need to determine how much of India's demand for iron ore can be met from its...

India's growing steel industry is hailed as a boon for iron ore miner's looking to expand their market as China's production slows down. But the reality may not match the hype. India's capacity to produce steel is about 200 million tons per year, and the South Asian country has ambitious plans for reaching 300 million tons by 2030. How would this change the dynamics of the global iron ore seaborne market if these plans were to be realized? To get a definitive answer, you need to determine how much of India's demand for iron ore can be met from its...

The South Korean Industry Ministry announced on Monday that it would respond to the imminent 50% U.S. steel tariff as part of its ongoing trade negotiations with Washington to minimize the impact on the industry. U.S. president Donald Trump announced on Friday that he would increase tariffs for imported steel and aluminium to 50%, up from 25%. This will put more pressure on steel producers around the world and intensify his trade war. In a press release, the ministry said that it held an urgent meeting with officials of major steelmakers in the country, including POSCO, and Hyundai Steel. In...

The stocks of Brazilian steel companies dropped on Wednesday, after the government announced that it would extend for another 12 months the system designed to protect the steel industry in Brazil. However, steelmakers said the system was ineffective. Why it's important Steel industry criticised the quotas almost immediately after they were introduced last year. They claimed that it did not control the imports, mostly from China. Steel products are allowed to enter the country as long as they do not exceed the import quota. They will have to pay an import tax between 9% and 16 %. Agencia Brasil, the...