Trafigura Faces $1.1 Billion Hit After Mongolia Fraud Probe Bloomberg News Jack Farchy Archie Hunter Alfred Cang Priscila Azevedo Rocha Trafigura Trafigura Group is preparing to take a $1.1 billion hit after discovering what it suspects was fraud involving employees in its Mongolian oil business. The loss, which could also force the commodity trading giant to restate prior earnings, comes less than two years since Trafigura rocked the industry with the revelation it lost more than $500 million in an alleged nickel fraud. The company found that some of its employees in Mongolia had manipulated data and documents to inflate the amount of money it paid out, as well as deliberately concealing overdue debts over a period of about five years, Trafigura said in a statement on Wednesday, confirming an earlier report by Bloomberg News. Trafigura discovered the issue in its Mongolian business in late 2023, according to people familiar with the matter, who asked not to be identified discussing private information. #fraud #mongolia #oil #commodities #energy #markets #banks #finance #tradefinance #riskmanagement #crude #naturalresources #metals #zinc
American Metals Supply Chain Institute
Transportation, Logistics, Supply Chain and Storage
Alexandria, VA 720 followers
About us
The American Metals Supply Chain Institute is dedicated to ensuring the success of the entire commercial metals supply chain by strongly advocating for measures that support the industry and the vitality of the metals supply chain and its many thousands of participants. We are particularly focused on advancing policies that promote the growth of the maritime economy, facilitate free and fair trade, and bolster the access of American metals-using manufacturers to competitive global markets. Specific objectives include: • Serving as a hands-on liaison with members of Congress and the Administration that can assist in advancing the policy and commercial agendas of the metals supply chain companies. • Providing its members with live and virtual opportunities to learn about ways to become a more agile, informed, and accomplished metals supply chain participant. • Directly connecting our members with the people, resources, and information they need to be successful businesses and corporate citizens.
- Website
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http://www.amsci.us
External link for American Metals Supply Chain Institute
- Industry
- Transportation, Logistics, Supply Chain and Storage
- Company size
- 2-10 employees
- Headquarters
- Alexandria, VA
- Type
- Nonprofit
- Specialties
- Manufacturing, Government Affairs, International Trade and Customs, and Legislative Affairs
Locations
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Primary
1101 King Street
Suite 360
Alexandria, VA 22314, US
Employees at American Metals Supply Chain Institute
Updates
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Freight Rate Declines Open Big Savings for Metal Buyers After ILA Strike MetalMiner Stuart Burns Importers bringing in products via the East and Gulf Coast ports breathed a huge sigh of relief after the quick resolution of the International Longshoremen’s Association (ILA) strike. Freight logistics concerns quickly dropped off the internal worry radar for many, who instead shifted their focus to competing priorities. However, ignoring freight would be a mistake, as rates have steadily declined. Despite the hiccup caused by the ILA strike, buyers can actively secure reductions and take advantage of significant cost-saving opportunities. Suppliers rarely offer discounts, especially to regular clients, because they see a softening cost market as a chance to improve their margins. So, while metal prices have firmed in recent weeks, buyers can use the drop in freight rates to offset those cost increases. #ships #maritime #containershipping #logistics #transportation #supplychain #freight #oceanfreight #cargo #ports #shipping #trade #commerce #business #shipsandshipping #globaltrade #unions #strike
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American Metals Supply Chain Institute reposted this
Have you put off an expensive home repair or remodeling job due to high interest costs? You're not alone. After booming during the pandemic, spending on residential repairs and renovations has declined for the first time since the aftermath of the 2008 mortgage meltdown. Lately, the highest borrowing costs in a generation slowed home sales, which generate a lot of trips to The Home Depot, and made it expensive to tap home equity to pay for big jobs. “We think there’s $30 billion in remodeling spending just sitting on the sidelines today, waiting to be spent,” said Matt Saunders, senior vice president of building products research at John Burns Research and Consulting. The good news for sawmills, hardware stores, paint makers and contractors is that analysts expect a rebound this time next year to near record remodeling spending. The reasoning behind this forecast is that lower interest rates should make it cheaper for Americans to tap the mountain of home equity they've amassed to pay for their new kitchens and dream decks. Read more about the forecast for this reliable source of economic activity and stock-market gains in The Wall Street Journal today.
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American Metals Supply Chain Institute reposted this
Adam and Jack Lundin were groomed to inherit a commodities empire and a family fortune estimated at $7.3 billion. Now they're hoping to make their mark on the family business, Lundin Mining Corporation, by building a copper mining district in Argentina.
Millennial Mining Heirs Bet the Family Business on Argentine Copper
bloomberg.com
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China Tightens Its Hold on Minerals Needed to Make Computer Chips Already the dominant producer of rare minerals, Beijing is using export restrictions and its power over state-owned companies to further control access. The New York Times Keith Bradsher The vise-tight grip that China wields over the mining and refining of rare minerals, crucial ingredients of today’s most advanced technologies, is about to become even stronger. In a series of steps made in recent weeks, the Chinese government has made it considerably harder for foreign companies, particularly semiconductor manufacturers, to purchase the many rare earth metals and other minerals mined and refined mainly in China. Already, China produces almost all the world’s supply of these materials. The new restrictions solidify that market dominance. #china #mining #minerals #metals #technology #politics #commodities #markets #rareearths #geopolitics #semiconductors
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The Mississippi River is Drying Up Again—And the Timing Could Not Be Worse Bloomberg News gCaptain The Mississippi River is suffering from low waters for the third straight autumn, a crucial time of year when American farmers rely on the route to deliver their crops to the world. Months of limited rainfall — with few chances for more during the rest of the season — have left the vital waterway so shallow that barges are starting to run aground, even after shippers started running lighter loads to prevent boats from hitting the river bottom. While the situation isn’t as chaotic as in years past, the lack of water is again creating headaches for shippers and farmers. The drying of the Mississippi over the past three years is raising shipping costs and hindering farmers’ ability to compete for markets overseas. During the best of times, nearly two-thirds of US crop exports are shipped on the Mississippi to the Gulf of Mexico. “Longer periods of low water, and increased transportation costs to get bushels to port in the US, ultimately starve off business,” said No Bull Inc. grain analyst Susan Stroud. #mississippiriver #climate #drought #barge #transportation #logistics #supplychain #trade #steel #metals #commodities #commerce #agriculture #energy #coal #mining
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Steelworkers Boss Goes on 13-Day Blitz to Win Over Wavering Members Bloomberg News Joseph Deaux United Steelworkers President David McCall is making a final push ahead of November’s US election to stress to members why union leadership opposes a Japanese takeover of United States Steel Corp. as some rank-and-file members openly challenge his stance. McCall said he has met with many members in recent weeks to underscore his concerns with Nippon Steel Corp.’s $14.1 billion offer and vows to spend the next 13 days reinforcing the message to steelworkers. He argues that there’s no clear guarantee the Japanese producer would keep union jobs years down the line and its promised investments may not be all they’re cracked up to be. United States Steel Corporation Nippon Steel Corporation #steel #politics #unions #metals #acquisitions #jobs #markets #trade #mining #ironore
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Sanctions delay to Russian zinc mine causes supply miscalculation, sources say Reuters Wing Yan Julian Luk https://lnkd.in/epXHXXcf #zinc #metals #commodities #basemetals #russia #sanctions #markets #mining
Exclusive-Sanctions delay to Russian zinc mine causes supply miscalculation, sources say By Reuters
investing.com
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China’s steel exports expected to falter in 2025 as pain from tariffs spread CNBC Anniek Bao China’s steel exports will soon hit an eight-year high, before sweeping tariffs sink in and drag down the industry in 2025, industry watchers said. As the biggest exporter of steel, China accounts for about 55% of the world’s steel production. The country’s steel exports have been surging this year and are expected to smash through the 100 million metric ton mark, matching levels last seen in 2016. Strategists at Macquarie Group predicted that China’s steel exports will reach 109 million tons this year, before declining to 96 million tons in 2025. Trade tariffs could further curb China’s steel exports, “albeit this may require a while to play out.” Their predictions were echoed by analysts interviewed by Citigroup. China’s steel shipment is “skewed to the downside” from next year and onwards due to anti-dumping measures, Ren Zhuqian, an analyst from steel consultancy Mysteel, said in a Citigroup note this month. #steel #china #tariffs #trade #ironore #metals #mining #coal #politics #commerce #economy
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US copper imports accelerate in wake of CME squeeze Reuters Andy Home The May squeeze on the CME copper contract has passed but the impact on global flows of the red metal is still playing out. U.S. imports of copper have surged after traders capitalised on a rare arbitrage window that opened between the CME and the London Metal Exchange (LME) contracts at the height of the squeeze on CME short position holders. The result has been a redistribution of global exchange inventory with CME stocks rebuilding from depleted levels and both LME and Shanghai Futures Exchange (ShFE) inventory falling. #copper #metals #basemetals #commodities #mining CME Group London Metal Exchange #trade #markets