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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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Thursday, 05 August 10
DRY BULK LOOKING TO CHINA FOR A NEW RALLY, BUT INDIA COULD BE THIS YEAR'S SURPRISE
The dry bulk market’s rebound has hit a “wall” this week, with the industry’s benchmark, the BDI (Baltic Dry Index) ending i ...
Wednesday, 04 August 10
MALAYSIA'S AGATE GROUP TIES UP WITH INDIA'S ECOGREEN TO DEVELOP COAL BUSINESS
COALspot.com: "Malaysian based AGATE Group had entered into an agreement with India's EcoGreen to jointly develop coal business in India ...
Wednesday, 04 August 10
ADARO PRODUCED 21.62 MILLION TONS OF COAL IN 1H 2010
COALspot.com: “Adaro Energy’s production volume during the second quarter of 2010 was 10.26 million tones and for the first half of 2010 ...
Wednesday, 04 August 10
CIL TO TAKE UP NEW PROJECT TO MEET INCREASED DEMAND OF COAL
As part of Annual Plan 2010-11, Planning Commission has projected all India demand of coal 656.31 Million Tonnes against which the indigenous supply ...
Tuesday, 03 August 10
INDONESIA CONSIDERING RUPIAH DENOMINATION
The jakarta post reportd that, the central bank is deliberating a potential Rupiah denomination in light of decreasing exchange rate valuations agai ...
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- Bhoruka Overseas - Indonesia
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- SMC Global Power, Philippines
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- Australian Commodity Traders Exchange
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- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
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- Indian Oil Corporation Limited
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- Planning Commission, India
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- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- PTC India Limited - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
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- Economic Council, Georgia
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- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
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- India Bulls Power Limited - India
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- Attock Cement Pakistan Limited
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- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
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- Bulk Trading Sa - Switzerland
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- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
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- Thai Mozambique Logistica
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- McConnell Dowell - Australia
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- Indian Energy Exchange, India
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- Cigading International Bulk Terminal - Indonesia
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- Wilmar Investment Holdings
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Central Electricity Authority - India
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- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- MS Steel International - UAE
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
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- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
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- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
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- Toyota Tsusho Corporation, Japan
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
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