rawmaterialsmarkets

Egypt will conduct its first comprehensive aerial reconnaissance of mineral resources in over four decades, reports Bloomberg. This move is part of the government's efforts to discover new deposits and attract foreign investments into the mining sector.

Global crude steel production fell by 1.9% year-on-year to 153.4 million tons in April, according to data released on Friday by the World Steel Association.
China, the world's largest steel producer and consumer, has recorded a 2.8% drop in crude steel output to 83.6 million tons in April compared to the same month last year, according to the data.

Russia is shipping nearly record volumes of oil amidst ongoing attacks on refineries, pushing more barrels onto the global market even as production declines. This is reported by Bloomberg.
Average daily shipments over the 4 weeks leading up to June 14 reached 3.83 million barrels. This is the highest since December, unchanged compared to the previous week, according to tanker tracking data collected by Bloomberg. Since the start of the year, the average volume of 3.49 million barrels per day exceeds annual figures for every year since the onset of the special military operation in February 2022.

According to data from the U.S. Energy Information Administration published on Tuesday, crude oil production in the United States reached 13.93 million barrels per day in April, setting a historical record. Producers increased output in response to higher oil prices driven by the war in Iran.
According to the EIA, in April production rose by 216,000 barrels per day. Mexico set a national record: output reached 2.37 million bpd.

Global food prices fell slightly in June after a ceasefire between the United States and Iran eased concerns about new disruptions in supply chains. Bloomberg reports this.
The UN Food Price Index fell by 0.3% in June compared with the previous month, mainly due to grains and sugar, according to a report released on Friday by the Food and Agriculture Organization (FAO).

Copper prices and other industrial metals have shifted into a bullish trend—optimism surrounding a potential peace deal between the US and Iran has given a boost to risk assets, reports Bloomberg.
At the London trades, copper spiked by 0.8% at one point. Iranian officials stated that the latest US proposals have helped narrow the gaps between the parties, while Secretary of State Marco Rubio noted 'some positive signals' on the path to a deal. However, unresolved issues remain, such as the amount of enriched uranium stockpiled in Tehran and the dispute over tariffs for transit through the Strait of Hormuz.

Since the start of the year — after reaching a record high at the end of January — gold prices have already fallen by more than 7%, and since the start of the war in the Middle East, they have dropped by more than 20%. Nevertheless, analysts at Goldman Sachs believe that this kind of trend does not mean an end to the rise in precious metal prices this year, Yahoo Finance writes.

Australia's trade surplus bounced back sharply in April, fueled by a rise in exports of iron ore, minerals, and coal, which offset a modest increase in imports driven by higher fuel purchases, according to data from the Australian Bureau of Statistics released on Thursday.

Copper prices are likely to hold support in the short term, despite the growing divergence with fundamental demand indicators, say analysts at BCA Research, who have upgraded the metal's rating to neutral from 'underperform' in their commodity sector asset allocation model.

Kuwait Petroleum Company expects to recover about 70% of oil production within six to eight weeks after the reopening of the Hormuz Strait, stated the managing director of the International Marketing Company.
Sheikh Khaled Ahmad Al-Sabah made this statement on Tuesday at the S&P Global Energy Middle East Petroleum and Gas Conference. According to him, it will take about another month to restore the remaining 30% of production capacity.

Iran for the first time in seven years has started probing the ground to return to the Japanese oil market. Potential buyers are seeking longer relief from U.S. sanctions and additional security guarantees before committing to purchases of crude oil, Reuters reports, citing Iranian and Western sources.

Tajikistan has asked Iran for supplies of 2.55 million tonnes of oil and oil products, seeking to make up for a fuel shortage after disruptions in deliveries from its traditional partner—Russia. Reuters reports this.
According to the request, the republic expects to obtain 2 million tonnes of crude oil, 150,000 tonnes of gasoline, 300,000 tonnes of diesel fuel, and 100,000 tonnes of aviation fuel.

Rio Tinto reported on Wednesday that iron ore sales rose in the second quarter and confirmed its annual production outlook: higher operating performance at the Pilbara division offset weakness in copper production.
The company said global iron ore sales increased by 5% year over year—to 88.8 million metric tons in the second quarter, while Pilbara iron ore sales rose by 7%—to 85.3 million tons, the highest quarterly figure since 2020.

Oil exports from the Middle East are recovering to pre-war levels, but the rapid rise in freight rates, a shortage of tankers, and disruptions on key shipping routes continue to put pressure on the market, PVM Oil Associates said. PVM Oil Associates is part of the TP ICAP group.
Exports from the Middle East have reached about 80% of pre-war levels: in September, shipments averaged roughly 12.8 million barrels per day. Exports from Saudi Arabia have increased to about 6 million barrels per day, approaching the 2025 average for the month.

Refining margin for diesel fuel in Europe fell by about 7% on Thursday as European countries discussed the possibility of releasing emergency diesel reserves amid intensifying pressure from the Trump administration.
Futures for low-sulfur gasoil traded at a premium of $77.44 per barrel to Brent crude oil futures as of 19:06 Moscow time, which was $5.77 below the previous close.

Oil prices fell on September 29 after investors focused on signs of a recovery in oil exports from the Middle East, Reuters reports.
Futures on Brent fell by more than 2% on Tuesday to $102.77 per barrel; American WTI declined to $90.1, but later partly recovered these losses and, as of publication, are trading around $104 and $91.4, respectively, down about 1% from the close the day before. Overall, in September Brent and WTI rose by approximately 14% and 5.6%.

Iron ore prices have dipped below $100 per ton for the first time since March, driven by signs of oversupply amid weakening demand from China. This is reported by Bloomberg.
Futures dropped 2.1% to $99.10 per ton in Singapore, marking a second consecutive day of decline. This week's data showed that steel production in China contracted again in May. Additionally, investments in fixed assets and consumer spending have fallen to levels not seen since the pandemic, exposing risks for the largest economy in Asia.

Oil production in Colombia increased by 1.5% year-on-year in April, averaging 724,910 barrels per day, as reported on Monday by the National Hydrocarbons Agency. The April figure was the lowest in the past year.
Compared to March, production dropped by 2.1% — down to 740,497 barrels per day. Thus, the monthly trend is the opposite of the yearly: the production volume fell from a higher level of the previous month.

European wheat futures trading in Paris dropped below the €200 mark on Monday, hitting a low not seen in nearly four months, though they bounced back slightly by the end of the trading session.
The September contract for milling wheat on the Euronext exchange in Paris wrapped up the trading session at 19:30 with a drop of 0.5% — down to €199.75 ($231.73) per metric ton. During trading, the contract dipped to €198 — the lowest level since 28.02.

Oil production in Russia has "dipped" a bit compared to the volumes at the start of the year due to "unscheduled repairs" at several oil refineries (NPPs). This was stated by the Deputy Prime Minister of the Russian Federation, Alexander Novak, while chatting with journalists at the St. Petersburg International Economic Forum (SPIEF) on Thursday, June 4.