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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 $US150 a tonne for iron ore pellets delivered from Grange's Port Latta facility in Tasmania during the quarter beginning on July 1.
Grange chief executive Russell Clark said in addition to agreeing an interim price, the miner was also discussing a new pricing mechanism with BlueScope.
Source: The Australian / Hellenic Shipping
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Friday, 28 May 10
INDIAS NEYVELI LIGNITE EYEING INDONESIA, SOUTH AFRICA COAL MINES
Integrated mining and power producer Neyveli Lignite Corporation Thursday said it is exploring possibilities for buying coal mines in Indonesia and ...
Friday, 28 May 10
ADARO ACQUIRES 25% ICP AT US$ 335 MIO
Indonesia's second largest thermal coal miner PT Adaro Energy Tbk (ADRO) today announces formation of new joint venture for Indonesian Coal Project ...
Thursday, 27 May 10
KPCL IS LOOKING FOR 0.50 MLN TON TO IMPORTED STEAMING COAL FOR RAICHUR THERMAL POWER STATION
COALspot.com: KARNATAKA POWER CORPORATION LIMITED, India invited from reputed parties meeting the pre qualifications stipulated for the import ...
Thursday, 27 May 10
TNPL TO BUY 0.240 MLN TON NON-COKING COAL FOR SECOND HALF OF 2010
COALspot.com: Tamil Nadu Newsprint and Papers Limited (TNPL), would like to procure 0.24 mln MT of imported Non-Coking Coal in 6 Shipments of about ...
Thursday, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Y ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Sinarmas Energy and Mining - Indonesia
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- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Economic Council, Georgia
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- Madhucon Powers Ltd - India
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- Africa Commodities Group - South Africa
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- PetroVietnam Power Coal Import and Supply Company
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- Thai Mozambique Logistica
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- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
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- Rio Tinto Coal - Australia
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- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- PTC India Limited - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- White Energy Company Limited
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- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
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- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
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- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
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- Neyveli Lignite Corporation Ltd, - India
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- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
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- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
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- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
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- Kideco Jaya Agung - Indonesia
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- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
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- Bhoruka Overseas - Indonesia
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- Planning Commission, India
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