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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, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - ...
Thursday, 15 July 10
NTPC TO PURSUE COAL MINE ACQUISITION IN AUSTRALIA, INDONESIA - BUSINESS STANDARD
Business-Standard reported that, NTPC, the India’s largest power producer, has set the ball rolling to acquire coal mines or form joint ventur ...
Wednesday, 14 July 10
SUCCESSFUL COMMISSIONING OF GTLE LOW RANK COAL UPGRADING PLANT
COALspot.com: GTL Energy Ltd (GTL Energy) announced that construction and commissioning of its proprietary ‘first-of-a-kind’, low rank c ...
Tuesday, 13 July 10
BUMI TO PRODUCE MORE THAN 67 MILLION TONS OF COAL IN 2010
COALspot.com: Bumi resources, Indonesia’s largest coal producer has previewed its operating results in KPC/Arutmin for Jan – Jun 2010. A ...
Tuesday, 13 July 10
FURTHER LOSSES FOR BALTIC DRY INDEX ON HIGH VESSEL SUPPLY
The dry bulk market can’t catch a breath, as it has now entered the 7th straight week of losses. The industry’s benchmark, the Baltic Dr ...
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- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
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- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
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- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
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- Xindia Steels Limited - India
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- The University of Queensland
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- ICICI Bank Limited - India
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- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
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- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Eastern Energy - Thailand
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
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- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
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- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
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- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
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- Planning Commission, India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
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