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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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Tuesday, 04 May 10
DRY BULK MARKET SOFTENING AGAIN ON LACK OF DIRECTION
The dry bulk market has put on the brakes once again, after the last session of the Baltic Dry Index ended at 3,354 points, down 5 from the previous ...
Monday, 03 May 10
AUSTRALIA PLANS 40 PERCENT TAX ON MINING PROFITS - THE JAKARTA POST
The Jakarta Post reported that, Australia would heavily tax the booming profits of its mining companies under a tax system overhaul proposed Sunday ...
Saturday, 01 May 10
THE PERIOD ACTIVITY WAS QUITE FIRM DURING THE WEEK - CAPT. REDDY
COALspot.com: The BDI was up by 11.32 pct which was mainly due to the firmness in capsize index which was up by 21.55 pct .
The other sectors Pan ...
Saturday, 01 May 10
EXPANDED SA COAL TERMINAL TO START OPERATIONS ON MAY 1 - MINING WEEKLY
Mining Weekly reported that, In line with expectations, the Richards Bay Coal Terminal (RBCT) had completed the R1,2-billion Phase V expansion ...
Thursday, 29 April 10
SOUTH AFRICAN ROUNDS BACK TO INDIA SUPRAS CAN ACHIEVE AROUND MID 20S
Handy
Atlantic markets remain firm. Supramaxes open in USG are now achieving low/mid&n ...
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- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
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- Minerals Council of Australia
- White Energy Company Limited
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- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
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- Xindia Steels Limited - India
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- Economic Council, Georgia
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- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- London Commodity Brokers - England
- Australian Coal Association
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- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
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- Coal and Oil Company - UAE
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- Sojitz Corporation - Japan
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- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
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- Power Finance Corporation Ltd., India
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- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
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- Posco Energy - South Korea
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
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- ICICI Bank Limited - India
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- Meenaskhi Energy Private Limited - India
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- Electricity Authority, New Zealand
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- Kobexindo Tractors - Indoneisa
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- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
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- Barasentosa Lestari - Indonesia
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- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
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- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
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- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
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- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
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- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
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