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