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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, 06 July 10
SHENHUA GROUPS 2013 PROFIT MAY EXCEED $15 BILLION - BUSINESS WEEK
Business Week reported that, Shenhua Group Corp., China’s biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 20 ...
Saturday, 03 July 10
THE FREIGHT MARKET CONTINUES TO BE UNCERTAIN - CAPT. REDDY
COALspot.com: The market continues to soften and the most affect sector was Panamax which was down by almost 20 pct and closed at 2447 points. The C ...
Friday, 02 July 10
SARDA ENERGY TO ACQUIRE COAL MINES IN INDONESIA
India Info Line reported that, Sarda Energy & Minerals Ltd has announced that the authorities in Indonesia have granted the Environment Cle ...
Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find ro ...
Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
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- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- The University of Queensland
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
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