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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, 20 July 10
CHURCHILL PLANNING TO PRODUCE 35 MILLION TONNES PER ANNUM FROM ITS EAST KUTAI COAL PROJECT
According to Churchill's website, the East Kutai Coal Project is a world-class thermal coal deposit, with a JORC Mining Reserve of 961 milli ...
Tuesday, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long r ...
Monday, 19 July 10
INDONESIA EXPORTS 24.49 MILLION TONNES OF COAL IN JUNE 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 141.249 million tons of coal in the first half of this year. In June 2010, Indone ...
Monday, 19 July 10
CHINA ONCE AGAIN DOMINATING SHIPPING FREIGHT RATES, WHILE OVERSUPPLY OF TONNAGE RAISES CONCERN
The ending of the week brought a cheerful note among dry bulk ship owners, as the sinking benchmark of the industry, the Baltic Dry Index (BDI) fina ...
Saturday, 17 July 10
THE DRY BULK MARKET CONTINUED THE DOWNWARD TREND - VISTAAR
COALspot.com: The indices continued the downward trend this week also with BDI at 1,720 points and cape size index at 1676 points and the charter ra ...
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- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
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