Latest news with #Launceston
Reuters
19 hours ago
- Business
- Reuters
India's iron ore imports to trend higher, but it's no China: Russell
LAUNCESTON, Australia, June 3 (Reuters) - The rise of India's steel sector is touted as a boost for iron ore miners seeking to find new markets as China's output eases, but the reality is likely to fall short of the hype. India's steel-making capacity is currently about 200 million metric tons per annum and the South Asian nation has ambitious plans to reach 300 million by 2030. Working on the assumption that these plans come close to being realised, how does that alter the dynamics in the global seaborne iron ore market? In order to get to an answer, it's important to work out how much of the demand for iron ore from the new steel mills can be met by India's own mines. India is the fourth-largest iron ore miner and its production hit a record 289 million tons in the fiscal year from April 2024 to March 2025, according to preliminary government data. This was up from the previous fiscal year's 277 million tons, but is also well short of what would be required to supply a 300 million tons per annum steel-making sector. Depending on the grade of iron ore used, it takes about 1.6 tons to make one ton of steel using the blast furnace/basic oxygen furnace process, the most common method in both India and top steel producer China. Is it possible that India's domestic iron ore output could rise to around 460 million tons by 2030, and if it could, is it also possible that the infrastructure required to transport ore to steel mills can be put in place? Vedanta Group Chairman Anil Agarwal told the Business Standard last month that India has the potential to overtake China and Brazil to become the second-largest iron ore miner after Australia. Vedanta owns Sesa Goa Iron Ore, one of India's major producers, and while Agarwal is correct in pointing to India's large reserves, it's unlikely that such a large increase in iron ore output in a relatively short period of time is possible. The Indian Steel Association expects that there will be a shortage of iron ore of more than 100 million tons in coming years, meaning imports will have to increase. India is currently a net exporter of iron ore, usually shipping lower-grade ores to China while importing higher-grade material to blend with domestic ore. India's exports for the first five months of 2025 were 13.67 million tons, of which 11.11 million went to China, according to data compiled by commodity analysts Kpler. Exports have been trending lower as more ore is used by domestic steel plants, with the monthly average of 2.73 million tons for the first five months of 2025 down from the average of 3.13 million for 2024 and 3.70 million for 2023. Imports have also been trending higher, with arrivals of 4.57 million tons in the first five months of 2025, according to Kpler. This puts India on track to more than double imports this year from the 6.72 million tons in 2024 and the 6.67 million in 2023. But even if imports do rise to around 10 million tons this year, it's a long way to get to 100 million tons by 2030. Much will depend on how quickly India builds up steel capacity and how domestic iron ore miners respond. India has about 20 million tons of steel capacity currently under construction and a further 155 million planned, according to data compiled by the Global Energy Monitor. The under-construction plants will likely boost demand for iron ore imports, but the volumes are likely to be modest, at least for this year and next. What is likely is a continuation of current trends, with India's exports of low-grade iron ore trending lower and its imports of higher-grade ore moving higher over time. The views expressed here are those of the author, a columnist for Reuters.
Reuters
2 days ago
- Business
- Reuters
OPEC+'s crude output hike comes amid tepid Asian oil demand: Russell
LAUNCESTON, Australia, June 2 (Reuters) - The crude oil market devotes considerable energy to what OPEC+ says, but perhaps a little less to what it actually does when it comes to the supply of the world's most important commodity. The eight members of the wider group that had implemented voluntary production cuts met at the weekend and decided to raise output by 411,000 barrels per day (bpd) in July, the third straight month of the same increase. More than half of the lift in output will be split among the big three of the OPEC+ group, namely Saudi Arabia, Russia and the United Arab Emirates. However, there are two questions that need answering. Firstly, will the eight members party to the agreement actually increase output by the agreed volumes, and secondly, if they do will they find buyers for the additional oil? A point worth noting is that OPEC+, and much of the wider market, talk in terms of production, but the more important metric is export volumes, as it's the amount of crude flowing around the globe that sets the price and the supply-demand balance. The group's top producer, Saudi Arabia, actually saw weaker exports in April of 5.75 million bpd, down from March's 5.80 million bpd, according to data complied by commodity analysts Kpler. Saudi Arabia's exports kicked up to 6.0 million bpd in May, the Kpler data showed, and are expected to rise even further in June, suggesting that there is a lag between output agreements and actual exports. Russia's seaborne exports of crude were 5.07 million bpd in March, remained largely flat at 5.12 million bpd in April and then dipped to 4.82 million in April, showing that the agreed increase in output didn't translate into higher shipments. The question still remains as to whether any additional oil is actually needed, especially in the top-importing region Asia. In the statement after the May 31 meeting, OPEC+ reiterated its view that the global oil market has "healthy" fundamentals "as reflected in low inventories." This is the position they have held since they started easing the 2.2 million bpd of voluntary production cuts in April. However, the Organization of the Petroleum Exporting Countries monthly report for May showed crude inventories in the developed world rose in March by 21.4 million barrels to 1.323 billion barrels, which is 139 million barrels less than the average from 2015-2019. In other words, inventories in the Organisation for Economic Cooperation and Development are slightly below the pre-COVID average, and are were already rising before OPEC+ started raising output. Inventories outside the OECD are less visible, and especially in China, the world's largest crude oil importer. Even though China doesn't disclose commercial and strategic stockpiles, the amount of surplus crude can be estimated by subtracting the volumes processed by refiners from the total available from domestic output and inventories. On this basis, China's surplus oil has surged in recent months, hitting 1.98 million bpd in April, the most since June 2023, and up from 1.74 million bpd in March. China increased oil imports in March and April as it secured discounted cargoes from Iran and Russia. But it appears that China's appetite for crude eased in May, despite the lower global prices. China's seaborne imports are estimated at 9.43 million bpd in May by Kpler, down from 10.46 million bpd in April and 10.45 million bpd in March. China's weaker appetite in May contributed to a drop in arrivals in Asia, the world's top-importing region, with Kpler estimating 24.2 million bpd, down from 24.85 million bpd in April. For the first five months of the year, Asia's seaborne crude imports are estimated at 24.45 million bpd, down 320,000 bpd from the same period in 2024. This means that despite the near 30% drop in global crude benchmark Brent futures between mid-January and the low so far this year of $58.50 a barrel on May 5, Asia's demand for oil hasn't increased. So far the impact of lower prices has been muted, and while demand may yet rise in coming months in response to cheaper oil, it's also possible that the economic uncertainty unleashed by U.S. President Donald Trump's trade war is crimping fuel consumption. Brent futures gained on Monday by more than $1 to $63.84 a barrel. The gain in prices suggests that the market had been expecting a larger output increase from the OPEC+ group of eight for July. There remains a high degree of uncertainty for the demand outlook, given the distortions being created by the Trump trade war. But there is also uncertainty over the supply outlook and questions as to whether OPEC+'s top producers will increase export volumes and seek market share over prices. The views expressed here are those of the author, a columnist for Reuters.
Daily Mirror
3 days ago
- Business
- Daily Mirror
Full list of bank branches closing in June including Lloyds, Santander, and TSB
According to a report from the consumer group Which?, banks and building societies have closed over 6,300 high street branches at a rate of 53 per month over the last decade Some major UK banking giants are closing a number of branches across the month of June in a blow to the British high street. 79 bank branches will close for good in June, including 16 Lloyds branches, 15 Halifax, 24 Natwest, 23 Santander, and 1 TSB. According to a report from the consumer group Which?, banks and building societies have closed over 6,300 high street branches at a rate of 53 per month over the last decade. This represents 64% of the branches which were open back in 2015. Which? data reveals that Natwest Group - which consists of NatWest, Royal Bank of Scotland and Ulster Bank - has closed 1,455 branches - the most of any banking group. Lloyds Banking Group, made up of Lloyds Bank, Halifax and Bank of Scotland, has shut down 1,363 sites. Barclays is the individual bank that has reduced its network the most, with 1,236 branches now closed. Banks say the decline in high street branches has been driven by a rapid increase in online and mobile banking, and a rapid decline in the use of physical branches. If your local branch is closing, you should check if a "banking hub" has opened in your area. Banking hubs are located in shared public spaces on the high street, such as libraries or community centres, for customers who need face-to-face support. Each bank takes turns occupying the space on a different day, but you don't necessarily need to be a customer of that particular bank to use some of the services. Lloyds Southsea - June 2 Launceston - June 3 Liverpool - June 4 Southampton - June 9 Welwyn Garden City - June 11 New Milton - June 13 Dorchester - June 19 Warwick - June 24 Ashbourne - June 24 Woodbridge - June 25 Alcester - June 25 Spennymoor - June 26 Pembroke Dock - June 26 Sheffield - June 26 Stanley - June 26 Tonypandy - June 30 Halifax Felixstowe - June 2 London (North West) – June 2 Gainsborough - June 2 Kingsbury - June 2 Horsforth - June 3 Launceston - June 3 Letchworth - June 3 Leek - June 4 Bournemouth – June 4 Mold - June 5 Bitterne – June 9 Welwyn Garden City - June 11 St Annes On Sea - June 12 Littlehampton - June 23 Fleetwood - June 25 Join Money Saving Club's specialist topics For all you savvy savers and bargain hunters out there, there's a golden opportunity to stretch your pounds further. The Money Saving Club newsletter, a favourite among thousands who thrive on catching the best deals, is stepping up its game. Simply follow the link and select one or more of the following topics to get all the latest deals and advice on: Travel; Property; Pets, family and home; Personal finance; Shopping and discounts; Utilities. NatWest Alfreton - June 2 Uttoxeter - June 2 Mexborough - June 3 Stockport, Heaton Moor - June 3 Stockton-on-Tees - June 4 Ellesmere Port - June 4 Stoke-on-Trent, Longton - June 5, Accrington - June 5 Leeds, Cross Gates - June 10 Manchester - June 11 Bridlington - June 11 Keighley - June 16 Leek - June 16 Newark-on-Trent - June 17 Washington - June 17 Worksop - June 18 Stockport, Hazel Grove - June 19 Nantwich - June 19 Nottingham, West Bridgford - June 24 St Annes On Sea - June 24 Stafford - June 25 Beverley - June 25 Mansfield - June 26 Garstang - June 26 Santander Colne - 14 June Clacton - 16 June Croydon - 16 June Gateshead Metro - 16 June Launceston - 16 June Peterhead - 16 June Louth - 17 June Arbroath - 17 June Kilburn - 17 June Kidderminster - 18 June Dungannon - 23 June Eltham - 23 June Blackwood - 23 June Glasgow MX - 23 June Glasgow LDHQ - 24 June Aberdare - 24 June Greenford - 24 June Magherafelt - 24 June Brecon - 25 June Fleet - 30 June Musselburgh - 30 June Portadown - 30 June Swadlincote - 30 June TSB Amble - June 5
ABC News
3 days ago
- General
- ABC News
ABC's April McLennan named Tasmanian 2025 Journalist of the Year
The ABC won 12 of the 15 categories at the 2025 MEAA Tasmanian Media Awards. April McLennan was named Tasmanian Journalist of the Year for her investigative reporting, in particular her work on women who have experienced traumatic births at Launceston General Hospital. 'April's body of work exemplifies her investigative skill and commitment to public interest journalism,' the judges said. 'Her ongoing coverage of issues within the Launceston General Hospital led to her powerful piece on women who've experienced traumatic births, shining a light on the hospital's failure to respond to the women's concerns. 'April approaches her craft with compassion and sensitivity, ensuring her stories have integrity as well as impact.' The ABC's Airlie Ward received the Keith Welsh Award for Outstanding Contribution to Journalism, a lifetime achievement award recognising her 'enduring dedication to Tasmanian journalism and her significant influence on the industry over many years'. Full list of ABC winners 2025 Journalist of the Year April McLennan, ABC Keith Welsh Award for Outstanding Contribution Airlie Ward, ABC Arts Reporting April McLennan, ABC, 'Tasmania's Arts Underbelly' Best New Journalist Eliza Kloser, ABC Best News Image Luke Bowden, ABC, 'Body of Work' Best News Story Jessica Moran, ABC, 'Puppies in the Freezer: Inside Tasmania's Largest Puppy Farm' Comment & Analysis Adam Langenberg, ABC, 'Political Analysis' Coverage of a Breaking News Event James Dunlevie, Daniel Miller, Loretta Lohberger and Adam Langenberg, ABC, 'Tasmanian Election 2024 Breaking News Event' Excellence in Legal Reporting Adam Holmes, ABC, 'Body of Work' Feature, Documentary or Current Affairs Adam Holmes, ABC, 'Builder Collapse Exposes Failures in Regulation and Consumer Protection' Health Reporting Lucy MacDonald, ABC, 'LGH Staff Break Silence' Public Service Journalism April McLennan, ABC, 'Body of Work'
ABC News
22-05-2025
- Climate
- ABC News
Shorts in winter? OK for some, but when the chill really hits, long pants are the go
The great Tasmanian sport of spotting short wearers in winter is fast approaching. Who hasn't shivered in horror when seeing someone baring their legs during the colder months? The Bureau of Meteorology's Luke Johnston (a self-confessed shorts-in-winter wearer) says many Tasmanians are acclimatised to the chilly conditions — but cautions that rugging up for colder extremes is a survival essential. Mr Johnston said he does get "some strange looks at times when I have my shorts on during winter", but that it "does make meteorological sense at times". "The average maximum temperature in Hobart for most of winter is around 12 degrees, but it is not uncommon to see days reaching 17 or 18 degrees. Temperatures in Launceston are often a little cooler in winter." He said it can "be easy to look at the weather forecast and see a number in the low teens, or even high single digits for the maximum temperature" and think that it's going to feel cold. "But Tasmanians are quite familiar with perhaps a more important predictor of how a winter day is going to feel: the wind. "In cooler months, wind chill is a significant factor in what a temperature might feel like. Lots of wind on a 10-degree day will feel really chilly, perhaps more like 2 degrees, but no wind on a 10-degree day out in the sun, it can feel more like 18," he explained. Mr Johnston said another question people ask is "why is it common to see shorts teamed with a puffer jacket around Tasmania?" Picture this: it's near zero degrees outside in the morning, and you know it's going to warm up to around 10 degrees this afternoon, with light winds and plenty of sun. If you wear lots of warm clothing in the morning, then pretty soon as the temperature rises, you're going to start feeling too warm and want to shed layers. "As long as you keep your torso warm and your legs moving, you'll feel warm, with the bonus of being able to unzip the jacket when you start to feel hot to let in some fresh air," Mr Johnston said. "It's the perfect combination for a lot of winter, because we can and do see days in the high teens or even sometimes touching around 20 degrees. If you're somewhere sheltered from the wind and in the sun on one of those 20C days, suddenly it's going to feel the equivalent of mid to high 20s for an acclimatised Tasmanian, he said. "My personal rule of thumb: I plan to wear shorts on any day over 16 degrees, if appropriate. Below that temperature, then I check what the winds are doing. Luke Johnston said there were times and places where it was essential to rug up and wear warmer clothing. "There are situations where you would definitely want to be wearing more to stay safe, such as if you're somewhere exposed to conditions, walking though snow, or somewhere experiencing high winds on a cold day," he said. "You might even need to go to the extreme of wearing gloves." He said people should "follow the advice of professionals when it comes to dressing appropriately for remote bushwalking or in extreme conditions". Mr Johnston says while the bureau's website and BOM Weather app are great tools to use when deciding what to wear, it is also crucial to keep an eye on warnings. "You know things are going to be beyond shorts-wearing days when you see the bureau publish severe weather warnings, bushwalkers weather alerts and/or sheep graziers alerts," he said. The Bureau of Meteorology in Tasmania issues bushwalkers weather alerts for snowfalls to various levels throughout the year (below 500 metres in winter, 800 metres either side of winter, and 1,100 metres over the warmer months). Mr Johnston said severe weather warnings don't usually relate directly to cold temperatures, but advised if you see a severe weather warning for damaging or destructive winds in your area, it's "fair to say there's going to be enough wind around to make outdoors feel chilly". "And sheep graziers alerts indicate that wet and windy conditions, which can impact livestock, can also bring the risk of hypothermic conditions to humans. See the latest forecasts, observations, and the warnings for Tasmania on the bureau's website and download the BOM Weather app to stay up to date with the weather for your location.
