Natural Gas, Edible Oil and Steel

• Prices of natural gas are declining sharply. The commodity faces its first globalised glut in history. While new giant facilities are ready to go on stream in the US, Asian and European countries that import the gas are facing a slowdown. Gas from Qatar, Egypt, Nigeria and Algeria that otherwise would be going to Japan, Korea, Taiwan and Spain is beginning to arrive in the US pushing down gas prices. 

• With the ban on export of edible oil extended by another year, prices of the commodity are declining. The ban was imposed last year against the backdrop spiralling inflation to bring down prices of the commodity in the domestic market.

• Though steel production and output have shown encouraging signs on the domestic front, world crude steel production is on the decline. Crude steel production for 66 countries reporting to the World Steel Association was 84 million tonnes in February 2009, down 22% from the year-ago period.

 

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