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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 $US150 a tonne for iron ore pellets delivered from Grange's Port Latta facility in Tasmania during the quarter beginning on July 1.
Grange chief executive Russell Clark said in addition to agreeing an interim price, the miner was also discussing a new pricing mechanism with BlueScope.
Source: The Australian / Hellenic Shipping
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Tuesday, 27 July 10
INDIA HAS IMPORTED 1.5 MILLION TONS OF COAL LAST WEEK
COALspot.com: Coal imports in Indian ports have reached over 1.5 million tons for the week ended 25 July 2010. According to port agents, aroun ...
Tuesday, 27 July 10
DRY BULK SPOT CARGO DEMAND SHARPLY UP, TRIGGERING RISE IN RATES
Hot on the heels of the dry bulk market’s first weekly gain in almost two months, Monday began on a similar note, with the Baltic Dry Index (B ...
Tuesday, 27 July 10
KANGAROO RESOURCES INKS 297MT COAL RESOURCE FOR TANUR JAYA PROJECT
Kangaroo Resources has reported JORC Code compliant open cut Coal Resources totalling 297 million tonnes for the Tanur Jaya Coal Project in East Kal ...
Monday, 26 July 10
INDONESIAN COAL PRICE REFERENCE FOR JULY 2010 IS US$ 96.65 PER TON FOB VESSEL
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Monday, 26 July 10
BHATIA INTERNATIONAL, MIGHT GRAB THE MAJORITY OF COAL SUPPLY ORDER FROM MAHAGENCO
COALspot.com: Maharashtra State Power Generation Co., a provider of electricity to India’s commercial hub Mumbai, has received price bids from ...
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- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- MS Steel International - UAE
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
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