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Market Movers Americas, Nov. 14-18: Americas commodity markets prepare for year-end, softening some prices

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Watch: Market Movers Americas, Nov. 14-18: Americas commodity markets prepare for year-end, softening some prices

  • Featuring
  • Ziya Cologlu
  • Commodity
  • Coal Electric Power Metals
  • Length
  • 01:50

In this week's Market Movers Americas, presented by Ziya Cologlu:

• ISO New England conducts Winter Generator Readiness Seminar

• Inventory reduction efforts pressure US petcoke prices

• North American steel sees bullish outlooks

• Brazilian pig iron output cuts begin

View Full Transcript

This week, power grid operator ISO New England is holding its Winter Generator Readiness Seminar. It will include changes to programs, procedures, and preparations to make power generators ready to operate during cold weather. It will also cover the winter electricity capacity outlook and 2022-2023 winter weather outlook.

US petroleum coke prices could continue to fall, with global coal markets declining and seasonal stockpiles being liquidated. Petcoke prices tend to track coal, and European-delivered coal prices recently tumbled to pre-Russia-Ukraine war levels, which then dragged down US FOB coal prices. At the same time, refineries are working to reduce end-of-year inventory for accounting reasons. They are also releasing additional supply into markets with already-muted demand.

Canadian producer Stelco will present its earnings, capping off the latest round of quarterly financial updates for North America's largest steelmakers. Though North American steel prices are still falling from 2022 highs reached in April, Stelco may join in the bullish outlook shared by the region's steelmakers. This has stemmed from optimism over automotive demand and fixed price contracts.

Brazilian pig iron producers are starting to temporarily halt production, due to lackluster export demand, softening prices and high production costs. Domestic charcoal supply used for pig iron production has been limited and expensive due to heavy rains in the region, and at least 20% of the southeastern-based furnaces are expected to be offline from November to March.

I'm Ziya Cologlu. Thanks for kicking off your Monday with S&P Global Commodity Insights.