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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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Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
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