Latest news with #ArgusMedia
Malaysian Reserve
27-05-2025
- Business
- Malaysian Reserve
Argus and Mysteel partner on iron ore benchmarks
New basket prices for both 61% and 62% Fe seaborne iron ore imported into China SINGAPORE, May 27, 2025 /PRNewswire/ — Global energy and commodity price reporting agency Argus and Mysteel, a major Shanghai-based metals pricing and data company, today signed a memorandum of understanding to publish official index averages for 61% and 62% Fe (iron) seaborne iron ore imported into China. In recent years buyers and sellers in the iron ore market have chosen to price against informal 'baskets' (averages) of prices from several pricing sources, particularly for sales into China. The industry already regularly uses a monthly average of assessments separately published by Argus and Mysteel for ore containing 62% iron in spot and term contract markets, informally referred to as AM62. Based on requests from market participants, Argus will formally publish the AM62 average in a monthly Argus/Mysteel service. The service will also include AM61 — a monthly average of new assessments for 61% Fe iron ore prices from each party. The 61% Fe specification more closely reflects the grade of Australian iron ore exported to China, which results from grade depletion at mining operations in Western Australia over a number of years. Argus Media chairman and chief executive Adrian Binks said: 'We're delighted to be able to partner with Mysteel, China's largest and most respected provider of pricing and data to the ferrous sector. Market participants have been pushing both for a greater range of index averages and for new references for 61% Fe, since these will better reflect the market. So we have agreed together to provide both in a single new service. This offers greater optionality for the iron ore market as it looks for new index-linking and risk-management solutions in response to a decline in average grades.' Zhu Junhong, Chairman and Founder of Mysteel, said: 'We are delighted to marry our expertise and deep understanding of the Chinese market with Argus which is an established international price reporting agency with decades of expertise serving a global customer base. It reflects the needs of the widest range of iron ore and steel market participants both internationally and in China.' The new AM61 and AM62 prices will be published monthly as an average of Argus and Mysteel assessments for 61% and 62% Fe iron ore on a delivered to Qingdao basis, calculated on the final Singapore working day of each month. Argus' assessments are calculated as a volume-weighted average of transactions, but also take into account bids and offers in the spot market to ensure that they are accurate and robust representations of fair market value. Argus and Mysteel will continue to publish their own separate assessments for 61% and 62% Fe iron ore. Argus contact information London: Seana Lanigan+44 20 7780 4200Email Seana Houston: Matt Oatway+1 713 968 0000Email Matt Singapore: Tomoko Hashimoto+65 6496 9960Email Tomoko About Argus Media Argus is the leading independent provider of market intelligence to the global energy and commodity markets. We offer essential price assessments, news, analytics, consulting services, data science tools and industry conferences to illuminate complex and opaque commodity markets. Headquartered in London with over 1,500 staff, Argus is an independent media organisation with 30 offices in the world's principal commodity trading hubs. Companies, trading firms and governments in 160 countries around the world trust Argus data to make decisions, analyse situations, manage risk, facilitate trading and for long-term planning. Argus prices are used as trusted benchmarks around the world for pricing transportation, commodities and energy. Founded in 1970, Argus remains a privately held UK-registered company owned by employee shareholders and global growth equity firm General Atlantic. About Mysteel Founded in 2000, Mysteel is the leading provider of market information in China, covering an extensive range of bulk commodities. Its iron ore prices are the first in China to meet IOSCO compliance requirements. Mysteel has its headquarters in Shanghai, China. Mysteel Global, the global arm of Mysteel, was incorporated in 2016 and has offices in Singapore, Australia, Japan and the UK. Trademark notices ARGUS, the ARGUS logo, ARGUS MEDIA, ARGUS DIRECT, ARGUS OPEN MARKETS, AOM, FMB, DEWITT, JIM JORDAN & ASSOCIATES, JJ&A, FUNDALYTICS, METAL-PAGES, INTEGER, Argus publication titles and Argus index names are trademarks of Argus Media Limited.
Yahoo
27-05-2025
- Business
- Yahoo
Argus and Mysteel partner on iron ore benchmarks
New basket prices for both 61% and 62% Fe seaborne iron ore imported into China SINGAPORE, May 27, 2025 /PRNewswire/ -- Global energy and commodity price reporting agency Argus and Mysteel, a major Shanghai-based metals pricing and data company, today signed a memorandum of understanding to publish official index averages for 61% and 62% Fe (iron) seaborne iron ore imported into China. In recent years buyers and sellers in the iron ore market have chosen to price against informal 'baskets' (averages) of prices from several pricing sources, particularly for sales into China. The industry already regularly uses a monthly average of assessments separately published by Argus and Mysteel for ore containing 62% iron in spot and term contract markets, informally referred to as AM62. Based on requests from market participants, Argus will formally publish the AM62 average in a monthly Argus/Mysteel service. The service will also include AM61 — a monthly average of new assessments for 61% Fe iron ore prices from each party. The 61% Fe specification more closely reflects the grade of Australian iron ore exported to China, which results from grade depletion at mining operations in Western Australia over a number of years. Argus Media chairman and chief executive Adrian Binks said: "We're delighted to be able to partner with Mysteel, China's largest and most respected provider of pricing and data to the ferrous sector. Market participants have been pushing both for a greater range of index averages and for new references for 61% Fe, since these will better reflect the market. So we have agreed together to provide both in a single new service. This offers greater optionality for the iron ore market as it looks for new index-linking and risk-management solutions in response to a decline in average grades." Zhu Junhong, Chairman and Founder of Mysteel, said: "We are delighted to marry our expertise and deep understanding of the Chinese market with Argus which is an established international price reporting agency with decades of expertise serving a global customer base. It reflects the needs of the widest range of iron ore and steel market participants both internationally and in China." The new AM61 and AM62 prices will be published monthly as an average of Argus and Mysteel assessments for 61% and 62% Fe iron ore on a delivered to Qingdao basis, calculated on the final Singapore working day of each month. Argus' assessments are calculated as a volume-weighted average of transactions, but also take into account bids and offers in the spot market to ensure that they are accurate and robust representations of fair market value. Argus and Mysteel will continue to publish their own separate assessments for 61% and 62% Fe iron ore. Argus contact information London: Seana Lanigan+44 20 7780 4200Email Seana Houston: Matt Oatway+1 713 968 0000Email Matt Singapore: Tomoko Hashimoto+65 6496 9960Email Tomoko About Argus Media Argus is the leading independent provider of market intelligence to the global energy and commodity markets. We offer essential price assessments, news, analytics, consulting services, data science tools and industry conferences to illuminate complex and opaque commodity markets. Headquartered in London with over 1,500 staff, Argus is an independent media organisation with 30 offices in the world's principal commodity trading hubs. Companies, trading firms and governments in 160 countries around the world trust Argus data to make decisions, analyse situations, manage risk, facilitate trading and for long-term planning. Argus prices are used as trusted benchmarks around the world for pricing transportation, commodities and energy. Founded in 1970, Argus remains a privately held UK-registered company owned by employee shareholders and global growth equity firm General Atlantic. About Mysteel Founded in 2000, Mysteel is the leading provider of market information in China, covering an extensive range of bulk commodities. Its iron ore prices are the first in China to meet IOSCO compliance requirements. Mysteel has its headquarters in Shanghai, China. Mysteel Global, the global arm of Mysteel, was incorporated in 2016 and has offices in Singapore, Australia, Japan and the UK. Trademark notices ARGUS, the ARGUS logo, ARGUS MEDIA, ARGUS DIRECT, ARGUS OPEN MARKETS, AOM, FMB, DEWITT, JIM JORDAN & ASSOCIATES, JJ&A, FUNDALYTICS, METAL-PAGES, INTEGER, Argus publication titles and Argus index names are trademarks of Argus Media Limited. View original content to download multimedia: SOURCE Argus Media Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-04-2025
- Business
- Yahoo
Trump spares Russia from tariffs, but oil price plunge could wreck war economy regardless
U.S. President Donald Trump has inadvertently hit Russia's economy after his "Liberation Day" tariffs caused oil prices to drop drastically on April 7, with potentially massive ramifications for the Kremlin's ability to fund its ongoing war in Ukraine. Russia has so far failed to agree to a full ceasefire, and while Trump has been vocal about being "pissed off" and "very angry" with the Kremlin, he is yet to take any concrete action to force Russia to end its full-scale invasion. He has multiple forms of leverage he could use against the Kremlin — increasing military aid to Ukraine, strengthening the enforcement of existing sanctions, or imposing additional tariffs on countries that buy Russian oil. So far, he has not used any of it, but his "Liberation Day" tariffs imposed on nearly every country in the world — but notably not Russia — may end up forcing Russian President Vladimir Putin to reconsider his options — and the Kremlin is already panicking. Russia's economy is heavily dependent on oil revenues, which make up around 30% of its total state budget. As the war in Ukraine has dragged on, the Kremlin has massively increased defense spending, and 32% of the 2025 budget expenditure was allocated to the military and its war machine in Ukraine. But there's an issue — when drawing up the 2025 budget, the Kremlin budgeted for an oil price of $70 per barrel. But on April 7, the price of Russian Urals oil tumbled to a 21-month low of $51.54 per barrel on the Baltic port of Primorsk, according to Argus Media. "If the average price is lower (than $70 per barrel) throughout the year, Russia will have less money to earn and spend, especially to cover growing expenses connected to illegal actions against Ukraine," Wojciech Jakobik, a Warsaw-based energy analyst, told the Kyiv Independent."Russia's National Wealth Fund would be depleted faster, and Russia would need a truce quicker," he added. Ukraine has long been targeting Russian oil assets with drones in an attempt to deplete the Kremlin's oil revenue, but Trump has done a more effective job in recent days by dragging the world into economic uncertainty. Trump's 34% tariffs on China caused Beijing to retaliate with its own 34% tariffs on American goods. The White House responded on April 7 by saying it would add an additional 50% tariff to Chinese goods on top of last week's 34% tariff and the previous 20% tariff, bringing the total to over 100%. The EU, which was slapped with 20% tariffs on its goods, has also threatened retaliation. Trump's actions sparked concerns of a global recession, leading global oil prices to plunge in anticipation of a slowdown in economic activity. So while Russia was spared the imposition of tariffs, it's now suffering heavily due to the global ramifications of the unfolding global trade war. The price drop ignited panic in Moscow, and the Kremlin is monitoring the "extremely turbulent, tense" situation, Kremlin spokesperson Dmitry Peskov told Interfax on April 7. "Our economic authorities are monitoring this situation very closely and, of course, are doing and will do everything necessary to minimize the consequences of this international economic storm for our economy," he added. Peskov laid the blame squarely on Trump's tariffs but there are other factors contributing to the drop in oil revenue for Russia. Russian fossil fuel revenues were declining even before the tariffs, partly due to American and British sanctions in January which caused "shadow fleet" shipments to drop by 21% in February, the Center for Research on Energy and Clear Air (CREA) reported. The sanctions have also lowered demand for Russian crude in China and India — Moscow's main markets. On top of this, Trump's tariffs are likely to hurt China's economy in particular and consequently, its oil demand. "Since the start of the war with Ukraine, Russia has become significantly dependent on China. Therefore, it's more vulnerable to the health of the Chinese economy," Lilit Gevorgyan, associate director of economics at S&P Global Market Intelligence, told the Kyiv Independent. Additionally, the OPEC+ oil cartel, of which Russia is a member, has recently unwound restrictions on oil production faster than expected, John Gawthrop, editor at Argus Eurasia Energy, told the Kyiv Independent. Trump previously said Russia's war could end "immediately" if OPEC+ lowered oil prices. The cartel, consisting of 12 countries, accounts for 40% of the global oil production and 60% of global oil pledged to increase oil production by 411,000 barrels per day instead of the expected 140,000 per day, starting next month. This will push down prices as there is more oil on the market. "There's massive uncertainty about what's going on in the global economy and you've also got more oil coming out into the market. It creates the perfect storm," Gawthrop said. Banks have cut forecasts for Brent crude, the global benchmark, to as low as $60 per barrel. As recently as late March, Brent prices reached $72.52 a barrel. Read also: As Ukraine, Russia agree to ceasefire at sea, Moscow's battered Black Sea Fleet is set to get a reprieve It doesn't look good for Russia — reduced income from energy would add additional pressure to its already strained economy. Moscow is balancing funding living standards, a war, and macroeconomic stability. Sanctions alone haven't yet toppled its economy largely due to the Russian energy sector raking in cash. Russia's state budget earned around $100 billion from crude exports alone in 2024, according to S&P Global Market Intelligence."If you take out a big chunk of revenue that had been expected, it becomes harder to maintain that already precarious balance. Something may have to give," Gawthrop said. Russia could cut social spending and investment activities to fund its war machine, but continued prices below $70 per barrel could affect its ability to do so in the longer term, Jakobik said. And if oil prices fall even further, it could force Moscow into seeking a truce with Ukraine quicker, he added. Banks don't expect Brent prices to come back this year or next. Goldman Sachs forecast Brent prices would be $62 per barrel by December 2025 and $55 by December 2026, Reuters reported. With OPEC+ increasing oil production, it could push down prices even more. If the cartel goes further into a "price war," it runs the risk of dragging global oil prices below $60 per barrel, which will bring Russian oil down too, Jakobik said. In 2020, during the COVID-19 pandemic, Riyadh faced off with Moscow, drastically increasing oil production and causing prices to drop below sustainable levels for producers. The Russian ruble fell 7% against the dollar as a result. Another face-off between Moscow and Riyadh is unlikely as Russia is complying more with OPEC+ regulation, Gawthrop said. But Kazakhstan has ramped up production recently, which could cause prices to fall to a painful level for Russia. "If oil prices fall to a level that is deemed to be too uncomfortable, OPEC+ will probably rein in production again. Although when we talk about uncomfortable price levels, the Saudis can take much more pain in terms of low oil prices than Russia can," Gawthrop is dragging the world into another unprecedented economic catastrophe that could mirror the 2008 financial crash or pandemic, Gawthrop added. Unless the U.S. reverses its tariff policy, he doesn't expect the market to rebound anytime soon. Read also: Putin issued a decree. Now, millions of Ukrainians face an impossible decision We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
07-04-2025
- Business
- Yahoo
Kremlin panics as Russian Urals crude oil price nears crucial $50 mark
The Kremlin on April 7 announced it is 'closely monitoring' oil markets after the price of its key export grade, Urals crude, plunged towards the $50 mark. 'We are very closely monitoring the situation, which is currently characterized as extremely turbulent, tense, and emotionally overloaded,' Kremlin spokesperson Dmitry Peskov told Interfax. Peskov attributed the price decline to "the US decision to introduce tariffs for most countries in the world." Urals crude fell to $52.76 per barrel at the Baltic port of Primorsk on Friday, according to Argus Media data cited by Bloomberg. This is well below the $70 per barrel benchmark used for Russia's 2025 budget planning. With oil and gas revenues accounting for nearly 30% of budget proceeds in January-February, according to government data cited by Bloomberg, the price decline poses significant fiscal challenges. A price collapse could destabilize Russia's federal budget, as military expenditures for the Ukraine conflict have driven government spending sharply upward in early 2025. If prices fall below the $50 mark, it would push Russia's key oil export to its weakest level in nearly two years. As recently as late March, global oil prices were actually rising, driven by U.S. sanctions on Iran and ongoing discussions on a potential ceasefire in Russia's war in Ukraine, with Brent crude reaching $72.52 a barrel, while U.S. West Texas Intermediate crude increased to $68.68. Despite this, Russian oil and gas revenue fell by 17% year-on-year in March to 1.08 trillion rubles ($12.8 billion), as forced discounts on crude and a stronger ruble hit budget inflows, the Moscow Times reported on April 3, citing Russia's Finance Ministry data. The ministry said the government lost roughly 230 billion rubles ($2.7 billion) in tax income compared to March 2024, with oil and gas revenues accounting for one-third of the total state income. Energy revenues remain a key source of financing for the Kremlin's war against Ukraine, despite Western sanctions and a price cap designed to limit Moscow's earnings from oil exports. Read also: US increasingly polarized over Ukraine support as Trump's 'America First' deepens party divide We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Bloomberg
07-04-2025
- Business
- Bloomberg
Russia's Flagship Oil Urals Tumbles Toward $50 in Global Rout
A plunge in global oil prices has driven down the price of Russia's flagship grade Urals toward $50 a barrel, raising pressure on the state budget as the Kremlin ramps up defense spending for its war on Ukraine. The country's Urals grade from the Baltic Sea port of Primorsk slumped to $52.76 on Friday, data from Argus Media show. The country's barrels have traded at deep discount to the global benchmark Dated Brent ever since the invasion began, more than three years ago.
