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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, 20 April 10
INDO HARUM ENERGY WINS US$200MN LOAN PLEDGE FROM BANK SYNDICATE
Indonesian coal producer PT Harum Energy has secured a loan commitment of US$200 million from a syndicate of six banks.
Bank of Tokyo Mitsubishi ...
Tuesday, 20 April 10
PACIFIC SUPRA MARKET WAS STILL SOFTENING - BRS
A modest increase in dry bulk rates this week with activity picking up in the middle of the week. Panamax rates remain above the Capes, and there wa ...
Monday, 19 April 10
IS CHINA TO SUFFER NEW COAL SUPPLY SHORTAGE IN 2010? - XINHUA
Is China likely to suffer a new coal supply shortage in 2010? It's a question haunting many Chinese market analysts now. After a string of several ...
Monday, 19 April 10
WHITE ENERGY BUYS SA COAL - ABC NET
ABC Net reported that, South Australian Coal Limited is being bought by the New South Wales company White Energy.
Shareholders will get a combine ...
Monday, 19 April 10
PLN TO OPERATE COAL MINES IN BID TO FUEL POWER PLANTS
The Jakarta Globe reported that, state electricity utility PT Perusahaan Listrik Negara said on Sunday that it aimed to take over operation of small ...
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- Simpson Spence & Young - Indonesia
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- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
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- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
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- New Zealand Coal & Carbon
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- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
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- OPG Power Generation Pvt Ltd - India
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- Australian Coal Association
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
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- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
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- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
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- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
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- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
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- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
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- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
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- Commonwealth Bank - Australia
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- San Jose City I Power Corp, Philippines
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- Kapuas Tunggal Persada - Indonesia
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- Banpu Public Company Limited - Thailand
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- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
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- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
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- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
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- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
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