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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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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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- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
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- IEA Clean Coal Centre - UK
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- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Australian Coal Association
- Kumho Petrochemical, South Korea
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- Savvy Resources Ltd - HongKong
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- Coal and Oil Company - UAE
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- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
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- White Energy Company Limited
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- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
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- International Coal Ventures Pvt Ltd - India
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- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
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- Sojitz Corporation - Japan
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- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
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- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
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- Global Business Power Corporation, Philippines
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- Standard Chartered Bank - UAE
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- Energy Link Ltd, New Zealand
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- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
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- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
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- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- The University of Queensland
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- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Sical Logistics Limited - India
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- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
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- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Economic Council, Georgia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
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- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
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- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
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- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
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- LBH Netherlands Bv - Netherlands
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