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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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Tuesday, 05 October 10
EWP SEEKING VIETNAMS ANTHRACITE COAL
COALspot.com: South Korea’s EWP is seeking Min 200,000MT of Vietnam coal with plus or minus 30,000MT at EWP’s (Korea East West Power Co ...
Monday, 04 October 10
2 BLN TONS OF COAL RESERVES DISCOVERED IN SOUTHERN PAKISTAN - XINHUA / HELLENIC SHIPPING
Xinhua and Hellenic Shipping reporte dhtat, the discovery of at least two billion tons of usable coal reserves has been confirmed in one of the ...
Sunday, 03 October 10
THE BDI WAS JUST INCREASED BY 8 POINTS AND CLOSED AT 2452 POINTS LAST FRIDAY - VISTAAR
COALspot.com: The BDI was almost at same levels and just increased by 8 points and closed at 2452 points , however the cape index was up by al ...
Sunday, 03 October 10
NALCO TO FINALIZE INDONESIA COAL DEAL BY JANUARY - HINDUSTAN TIMES
HindustanTimes reported that, state-owned National Aluminium Company (NALCO) will finalise a deal with a coal source in Indonesia for its $4 billion ...
Sunday, 03 October 10
INDONESIA WILL BECOME A NET IMPORTER OF ENERGY IN 2030 - BPPT
Jakarta Updates reported that,Indonesian Agency for the Assessment and Application of Technology (BPPT) predicted that the energy situation in Indon ...
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- The University of Queensland
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- Anglo American - United Kingdom
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- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
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- Tamil Nadu electricity Board
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- Indian Energy Exchange, India
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- Kideco Jaya Agung - Indonesia
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- Economic Council, Georgia
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- Bharathi Cement Corporation - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
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- Energy Link Ltd, New Zealand
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- Wood Mackenzie - Singapore
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- Ministry of Transport, Egypt
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- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
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- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
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- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
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- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
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- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
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- European Bulk Services B.V. - Netherlands
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- Baramulti Group, Indonesia
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- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
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- Alfred C Toepfer International GmbH - Germany
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- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- CNBM International Corporation - China
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
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- Commonwealth Bank - Australia
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- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- ICICI Bank Limited - India
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- Grasim Industreis Ltd - India
- ASAPP Information Group - India
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- VISA Power Limited - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Mercuria Energy - Indonesia
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- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
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- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
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- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
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- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
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- White Energy Company Limited
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
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