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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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Wednesday, 31 March 10
DRY BULK MARKET STILL MODERATELY FALLING, BUT POSITIVE SIGNS APPEAR ON THE HORIZON - HELLENIC SHIPPING
The irregularities of the current dry bulk market have been more than evident in the fact that panamax vessels today earn more than their larger cap ...
Wednesday, 31 March 10
INDIKA ENERGYS PROFIT HIT BY FOREX LOSS AND CABOTAGE - THE JAKARTA GLOBE
The Jakarta Globe reportd that, PT Indika Energy posted a 30 percent drop in 2009 net profit due to a foreign exchange loss and impairment of intang ...
Wednesday, 31 March 10
ITMG TO UP COAL OUTPUT DESPITE PERMIT PROBLEMS - THE JAKARTA POST
The Jakarta Post reported that, the country’s third largest coal producer PT Indo Tambang Raya Megah (ITMG) said it can raise output although ...
Tuesday, 30 March 10
ANALYST SEES BDI LIFT, SUGGESTS DRY BULK SHORT SQUEEZE
Analysts at Credit Suisse are bullish on Diana and see a potential short squeeze elsewhere in the sector. The Baltic Dry Index (BDI) -- an industry ...
Tuesday, 30 March 10
CHINA'S DROUGHT RAISES COAL PRICES, LOWERS HYDROPOWER
Bloomberg reported that, Benchmark coal prices at Qinhuangdao, China’s largest port handling the fuel, rose for the first time in 10 weeks aft ...
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- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- MS Steel International - UAE
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
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