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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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Thursday, 25 March 10
THE INDIAN MARKET IS STILL FIRM - FEARNLEYS AS
Handy
A sluggish start to the week in the Atlantic with little fresh busin ...
Tuesday, 23 March 10
NINE COMPANIES WIN 20-YEAR COAL CONTRACTS - TEMPO
Tempo Interactive reported that, State Eletricity Company (Perusahaan Listrik Negara) revealed four joint ventures and one company winning coa ...
Monday, 22 March 10
INDONESIA`S MERUKH WINS US$3 BLN SWISS CONTRACT TO SUPPLY COAL - ANTARA
Antara Reported that, Indonesia's PT Merukh Enterprises said it has secured a 30-year contract to supply coal to Swiss buyer Glencore International ...
Monday, 22 March 10
INDIA TO IMPORT COLOMBIAN COAL FOR FIRST TIME AS DEMAND SURGES - BLOOMBERG
Bloomberg reported that, Adani Enterprises Ltd., India’s biggest coal importer, agreed to buy thermal coal from Colombia for the first t ...
Saturday, 20 March 10
NO MAJOR CHANGES ON SUPRAMAX MARKET FOR NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com: “The dry bulk freight market continued to be firm on the Panamax and Supramax and Handy size vessels”, said Capt. Reddy MD ...
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- Meralco Power Generation, Philippines
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- Bahari Cakrawala Sebuku - Indonesia
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- Indian Oil Corporation Limited
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- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
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- Chamber of Mines of South Africa
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Bangladesh Power Developement Board
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- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
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- Ceylon Electricity Board - Sri Lanka
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- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
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- Carbofer General Trading SA - India
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- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
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- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
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- SMC Global Power, Philippines
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- Neyveli Lignite Corporation Ltd, - India
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