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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, 16 April 10
RBCT COAL DISPUTE RESOLVED - MININGMX
Miningmx reported that, the long-simmering spat over the coal allocation for producers who will use the expanded facilities at Richards Bay Coal Ter ...
Friday, 16 April 10
COAL INDIA SELECTS MERCHANT BANKERS TO ACQUIRE OVERSEAS ASSETS -THE HINDU
An investment of about $1.8 billion is expected to be made in these deals
The Hindu reported that, Bank of America-Merill Lynch, Royal Bank of Sc ...
Thursday, 15 April 10
MAJOR THERMAL COAL CONTRACT AT 40% HIGHER PRICE THAN LAST YEAR - BUSINESS STANDARD
Business-Standard reported that, India is expected to import nearly 60 million tonnes of thermal coal this year.
After coking coal and iron ...
Thursday, 15 April 10
RICHARDS BAY ROUNDS BACK TO INDIA SUPRAS WERE FIXED AT MID 20'S
Handy
The BSI remains in a positive momentum and the Atlantic remains unchanged from last week. Fronthaul grain is active which is keeping ballast ...
Thursday, 15 April 10
DRY BULK MARKET SLOWLY GAINING GROUND
The troubled and underperforming capesize sector of the dry bulk market has been experiencing an improved sentiment since Tuesday, a trend verified ...
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- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
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- Minerals Council of Australia
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- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
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- Ministry of Finance - Indonesia
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- Coalindo Energy - Indonesia
- CNBM International Corporation - China
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- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Bhatia International Limited - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Planning Commission, India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- London Commodity Brokers - England
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