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Friday, 28 May 10
CHINESE BAN TO HIT INDIAN IRON ORE EXPORTS
Nearly half of India's iron ore exports to China are in serious danger of being wiped out. The local government has imposed a ban on import of low grade iron ore while major Chinese companies are buying up ore mines with two billion worth of reserves in Africa. "The ban will surely have an effect because about 50% of our exports are low grade iron ore," Royston Machado, an industry consultant working jointly with China Inspection and Quarantine, said. India sold 107 million tonnes accounting for 18% of Chinese imports in 2009.
The ban came into effect after the China Iron and Steel Association (CISA) advised ore buyers at a conference to stop buying low grade ores. "CISA has not yet issued a formal notification but the ban is already having an effect," Machado said.
The ban has not caused uproar because businesses in India are still not feeling the pinch. China has more than two months of stocks and the offtake from steel mills is low. Another reason is that the Goa port, which ships nearly half of Indian ores to China, is closed for monsoon.
"A clear picture would emerge after the Goa port reopens in October and there is a strong demand. Indian exports would be seriously reduced unless the government reconsiders the ban," sources said. The move was followed by a decision by the National Development and Reform Commission giving a green signal for the purchase of two African mines with reserves totaling 2 billion tonnes.
Three Chinese companies including the Wuhan Iron & Steel, are jointly buying a mine with reserves worth 800 million tonnes at Soalala in Madagascar. Wuhan has also purchased controlling stakes in the Bong Iron Ore company based in Liberia. Bong has proven reserves of over 1.3 billion tonnes.
Source: Times of India / Hellenic Shipping
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Wednesday, 11 August 10
CAPESIZE MARKET ON RECOVERY MODE
The dry bulk market, usually dormant in August, has returned on a high note this week, after last week’s gains. Monday proved to be rather buo ...
Wednesday, 11 August 10
BANPU SECURES TAKEOVER LOAN - BANGKOK POST
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, has secured loans worth US$2 billion from Thai and foreign banks to proceed with ...
Tuesday, 10 August 10
KOREA'S EWP TO BUY 4 MILLION TON OF 3700 AND 4600 NAR COAL AT FIXED PRICE
COALspot.com: Korean utility East-West Power out with the tender to buy 0.670 million tons with a minimum calorific value of 4600 NAR and 0.350 mill ...
Tuesday, 10 August 10
COAL CONSTRAINS CORE SECTOR GROWTH IN JUNE 2010
Growth in the six key infrastructure sectors decelerated for the third month in June. This is primarily due to last year’s high base effect. D ...
Sunday, 08 August 10
SOUTH AFRICA INCREASES COAL EXPORTS TO INDIA BY 74% IN JULY, TRADER SAYS
South Africa’s Richards Bay, the continent’s largest coal terminal, increased sales to India by 74 percent in July from June, according ...
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- Leighton Contractors Pty Ltd - Australia
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- Independent Power Producers Association of India
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- European Bulk Services B.V. - Netherlands
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- Intertek Mineral Services - Indonesia
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- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
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- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
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- GN Power Mariveles Coal Plant, Philippines
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- India Bulls Power Limited - India
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- Ministry of Mines - Canada
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- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
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- Globalindo Alam Lestari - Indonesia
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- Eastern Coal Council - USA
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- MS Steel International - UAE
- GMR Energy Limited - India
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- Binh Thuan Hamico - Vietnam
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- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
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- Attock Cement Pakistan Limited
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- Orica Australia Pty. Ltd.
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- Power Finance Corporation Ltd., India
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- The Treasury - Australian Government
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- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
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- Africa Commodities Group - South Africa
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- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
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- PowerSource Philippines DevCo
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- Medco Energi Mining Internasional
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- Parliament of New Zealand
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- IEA Clean Coal Centre - UK
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Xindia Steels Limited - India
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- Metalloyd Limited - United Kingdom
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- Wood Mackenzie - Singapore
- CNBM International Corporation - China
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