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Thursday, 15 July 10
IRON ORE PRICING MECHANISMS PUT ON THE SPOT
 THE new iron ore pricing mechanisms that killed off the annual benchmark system are coming under pressure. The spot price of the steel feed has fallen more than 20 per cent on weakening Chinese demand. Goldman Sachs analyst Malcolm Southwood said Chinese buyers have been largely absent from the spot market for almost a month and show no immediate inclination to return while sentiment remains weak.
He said the economic powerhouse continues to shun offers as it expects prices to keep falling.
"With spot iron ore trading at a discount of more than 20 per cent to the implied third quarter contract price, the new quarterly pricing mechanism is clearly under duress," he said.
"Our own view is that quarterly pricing based on a trailing average index may prove to be too cumbersome, and monthly price resets could ultimately be a more palatable mechanism for both buyers and sellers."
The top three global iron ore producers, Brazil's Vale, Rio Tinto and BHP Billiton, all pushed their customers off the annual benchmark on to quarterly indexed-based contracts.
Mr Southwood said while the investment bank continued to forecast a supply-constrained seaborne market in 2011, market participants remain focused on the near term, which he said was increasingly difficult to construct a "positive fundamentally driven price view".
"With seasonal factors also depressing demand, we see little prospect of a sustained improvement in market conditions during July-August," he said.
Macquarie's London-based analysts said Chinese mills had been running down their on-site inventory as sentiment turned sour.
"In our opinion, there is no obvious catalyst to arrest the current fall in the spot price, and we expect it to drift lower over the next month," Macquarie's team said in a report.
A drop in the spot price came as magnetite producer Grange Resources secured a 107 per cent jump in the annual iron ore pellet benchmark price in a sales deal with BlueScope Steel.
Grange announced yesterday BlueScope would pay $US150 a tonne for iron ore pellets delivered from Grange's Port Latta facility in Tasmania during the quarter beginning on July 1.
Grange chief executive Russell Clark said in addition to agreeing an interim price, the miner was also discussing a new pricing mechanism with BlueScope.
Source: The Australian / Hellenic Shipping
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Monday, 11 October 10
INDONESIAN POWER PLANTS AND OTHER INDUSTRIES TO BURN 78.97 MLN TONS OF COAL IN 2011
COALspot.com: The Minister of Energy and Mineral Resources of Indonesia has issued a ministerial degree 2360 K/30/MEM/ 2010 related to Domestic mark ...
Monday, 11 October 10
COAL IMPORTS TO START IN 2015 - VIETNAM BUSINESS
Vietnam Business reported that, Viet Nam is now likely to import coal only from 2015, not 2013 as earlier forecast since many thermal power pl ...
Monday, 11 October 10
OCTOBER INDONESIAN COAL PRICE REFERENCE UP BY 2.92 PERCENT
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Saturday, 09 October 10
MPPGCL SEEKS TO BUY 0.40 MLN MT OF COAL FOR ITS THERMAL POWER STATIONS
COALspot.com: India's Madhya Pradesh Generating Company Limited (MPPGCL), Jabalpur, Madhya Pradesh invites bidders through tender 07-03/Import/Coal ...
Saturday, 09 October 10
FREIGHT MARKET IS EXPECTED TO FIRM UP NEXT WEEK CAPT REDDY
COALspot.com: Inspite of Chinese holidays the BDI was up by 10 pct and closed at 2,696 points. The cape index shot up to 20 pct and closed at 4,076 ...
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- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Economic Council, Georgia
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- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
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- Eastern Coal Council - USA
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- The University of Queensland
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- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
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- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
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- Metalloyd Limited - United Kingdom
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- Alfred C Toepfer International GmbH - Germany
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- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
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- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
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- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
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- Global Business Power Corporation, Philippines
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- White Energy Company Limited
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
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- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
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- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
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- GMR Energy Limited - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
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- Commonwealth Bank - Australia
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- Bangladesh Power Developement Board
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- Ministry of Finance - Indonesia
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- Indika Energy - Indonesia
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- CNBM International Corporation - China
- Energy Development Corp, Philippines
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- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
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- AsiaOL BioFuels Corp., Philippines
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- Global Green Power PLC Corporation, Philippines
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- Directorate General of MIneral and Coal - Indonesia
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- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Pendopo Energi Batubara - Indonesia
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- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
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- Parliament of New Zealand
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- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
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- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
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- Interocean Group of Companies - India
- Parry Sugars Refinery, India
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- Indian Oil Corporation Limited
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