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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, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
Tuesday, 06 July 10
KEPCO, POSCO BUY AUSTRALIAN COAL MINES - CHOSUN
Chosun reported that, Electricity monopoly KEPCO and steelmaker POSCO have both bought coal mines in Australia.
KEPCO signed a 400 million Austra ...
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- Manunggal Multi Energi - Indonesia
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- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
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- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
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- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
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- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
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- Minerals Council of Australia
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- Attock Cement Pakistan Limited
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- AsiaOL BioFuels Corp., Philippines
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- San Jose City I Power Corp, Philippines
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- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
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- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
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- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
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- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
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- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
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- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
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- Planning Commission, India
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- Salva Resources Pvt Ltd - India
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- Energy Link Ltd, New Zealand
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- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
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- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
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- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
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