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Aluminium Output Down as Grain Exports Double & Oil Risks Grow
Description
Russian seaborne grain exports doubled to nearly three million metric tons in June, capping a bumper shipping season even as Red Sea transit dropped to eleven vessels following attacks on Saudi energy facilities. Physical Middle East oil flows remain constrained by up to ten million barrels per day, forcing emergency power deployments in the United States and driving Suez Canal reroutings. In metals, two million metric tons of Gulf aluminium capacity remains offline, masked in futures markets by surging Chinese and Indonesian exports despite physical premiums spiking up to sixty-five percent in Europe. Meanwhile, Canadian crops reach ten-year condition highs while European Union sugar production is forecasted to fall fifteen percent under extreme drought.
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