2 million barrels of Libyan crude heads for Shanghai
An oil tanker is carrying 2 million barrels of Libyan crude to China, ship-tracking data compiled by Bloomberg shows.
The Dalian Glory left Es Sider on Tuesday at 96 percent of its maximum sailing depth and heading for Yangpu, near Shanghai, according to data reported by IHS Inc.
The ship is going west toward the Atlantic Ocean, rather than toward the Suez Canal. The largest tankers cannot navigate the waterway full. The supertanker is the first to call at Es Sider in at least two years, the data shows. to be bargain hunting mainland stocks, as a third year of equity losses spurs local investors to empty trading accounts in record numbers.
While overseas firms were granted $6.9 billion of quotas to buy mainland securities since December, more than in any full year since the government program began, the number of Chinese stock accounts containing funds dropped by 788,000 to 56.3 million in the year to August 3 — the most for 12 months, according to regulatory data compiled by Bloomberg. A record 110 million are empty or frozen.
Analysts suggest stocks in the Shanghai Composite Index are trading at a 54 percent discount to their 10-year average. privately owned stainless-steel producer. Wang cited survey findings from an affiliate company in the group.
The biggest production cut since 2008 may support nickel prices in London, which have slumped 30 percent from February on ample global supply. New additions of stainless-steel capacity in China have drained nickel pig iron inventories and prompted users to seek imports of refined nickel.
The worst armyworm outbreak in 10 years hit more than 3 million hectares by Tuesday, the Ministry of Agriculture said on its website on Thursday. A 60-day campaign has begun to curb its spread, it said. The nation planted 34.3 million hectares of corn this year, said the grain center.