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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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- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Minerals Council of Australia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
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