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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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Saturday, 10 April 10
VESSELS OPEN N. CHINA WERE SEEN FIXED AT HIGH TEENS FOR TRIP VIA INDONESIA TO INDIA - VISTAAR SINGAPORE
COALspot.com: The BDI indices was almost at same levels was down by only 2.6 pct.
The cape index was down by almost 13 pct, which appears to be s ...
Saturday, 10 April 10
KRISHNAPATNAM PORT GROWS BY ALMOST 100% IN ITS SECOND YEAR OF OPERATIONS
COALspot.com ( Press Release): It has been a year of setting numerous records for Krishnapatnam Port. Krishnapatnam Port is only in its second year ...
Saturday, 10 April 10
TRANS-ASIA SEEKS SEMIRARA, INDO SUPPLIERS FOR COAL POWER PLANT - MANILA STANDARD TODAY
Manila Standard Today reported that, Trans-Asia Oil & Energy Development Corp., a unit of the Phinma Group, will tap Semirara Mining Corp. ...
Thursday, 08 April 10
THE FAR EAST SHIPPING MARKET FIRMING SINCE THE LAST WEEK
Handy
Little fresh interest early this week after the holidays. The BSI saw yest ...
Thursday, 08 April 10
INDONESIAN ENERGY MINISTRY SEEKS LONGER MINING CONTRACTS - THE JAKARTAGLOBE
The Jakarta Globe reported that, Energy Minister Darwin Zahedy Saleh said he would seek to amend the mining law to address investors’ complain ...
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- Renaissance Capital - South Africa
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- IHS Mccloskey Coal Group - USA
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- Global Coal Blending Company Limited - Australia
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- Bharathi Cement Corporation - India
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- Semirara Mining and Power Corporation, Philippines
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- Coal and Oil Company - UAE
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- Orica Mining Services - Indonesia
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- Australian Coal Association
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- The University of Queensland
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
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- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
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- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
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- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
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- CIMB Investment Bank - Malaysia
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- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
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- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
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- Kepco SPC Power Corporation, Philippines
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- Bangladesh Power Developement Board
- Wilmar Investment Holdings
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- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
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- Intertek Mineral Services - Indonesia
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- Bhoruka Overseas - Indonesia
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- Larsen & Toubro Limited - India
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- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
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- Tata Chemicals Ltd - India
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- Indian Oil Corporation Limited
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- ICICI Bank Limited - India
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- Posco Energy - South Korea
- Australian Commodity Traders Exchange
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- Makarim & Taira - Indonesia
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- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
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- Planning Commission, India
- Indian Energy Exchange, India
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- Economic Council, Georgia
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