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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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Thursday, 10 June 10
R-POWER, INDONESIA'S SUGICO INK PACT TO ACQUIRE COAL MINES - ECONOMIC TIMES
Economic Times of India reported that, Anil Ambani-owned Reliance Power has signed a share-sale agreement with Indonesia’s Sugico Group to acq ...
Thursday, 10 June 10
PARAMOUNT MINING CORPORATION REPORTS KEY INDONESIAN JV AGREEMENT
Indonesia focussed Paramount Mining Corporation has reported that its Indonesian subsidiary, PT Paramindo, has concluded a Joint Venture Agreem ...
Wednesday, 09 June 10
INDIA, CHINA TO PROP UP THERMAL COAL DEMAND - COMMODITY ONLINE
Commodity Online : Weakness in thermal coal demand in OECD will continue to be offset by growth in demand in India and China. Therefore, the s ...
Tuesday, 08 June 10
TATA POWER LOOKING TO PICK UP STAKE IN OVERSEAS COAL MINES - ECONOMIC TIMES
Economic Times reported that, Tata Power is looking for a strategic stake purchase in coal mines of Indonesia or South Africa to fuel its upcoming 1 ...
Tuesday, 08 June 10
RUSSIA REPORTED A TENFOLD GROWTH IN COAL EXPORTS TO CHINA IN 1Q 2010 - BRS
A retreat for all the dry bulk segments this week, but especially for the Panamax and Supramax markets. The Panamax 4TC remains over US$30,000/day h ...
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- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Parliament of New Zealand
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
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