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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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Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rate ...
Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
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- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
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