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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, 09 March 10
STRONG REBOUND IN ALL THE DRY BULK SEGMENTS THIS WEEK
There was a strong rebound in all the dry bulk segments this week, leading to an 18% jump in the Baltic Dry Index.
The Cape and Panamax markets s ...
Tuesday, 09 March 10
L&T POWER EYEING COAL MINES IN AUS, INDONESIA
L&T Power Development Company, a part of the Larsen & Tubro Group, plans to acquire coal mines in Australia and Indonesia, a top company off ...
Tuesday, 09 March 10
BHP AGREES SHORTER-TERM COAL DEALS WITH EUROPEAN, ASIAN CUSTOMERS
Diversified miner BHP Billiton on Monday reported that it had reached sales terms for a significant portion of its hard coking coal volumes for 2010 ...
Monday, 08 March 10
KPCL TO IMPORT 0.9 MILLION TON OF 6000 GCV COAL
COALspot.com: India's Karnataka Power Corporation Ltd is seeking to import 0.9 million metric tons of 6000 kcal/kg (adb) Gross Calorific Value stea ...
Monday, 08 March 10
CHINA SHIPPING TO CARRY MORE COAL FOR SHENHUA
Hellenic Shipping News reported that, China Shipping (Group) Company will expect to ship 40 million tons of coal for Shenhua Group in 2010, Li Shaod ...
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- Energy Development Corp, Philippines
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
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- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Semirara Mining and Power Corporation, Philippines
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- ASAPP Information Group - India
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- GN Power Mariveles Coal Plant, Philippines
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- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
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- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Australian Coal Association
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Romanian Commodities Exchange
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- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
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- Interocean Group of Companies - India
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- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
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- VISA Power Limited - India
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- Ministry of Mines - Canada
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- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
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- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
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- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Planning Commission, India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
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- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
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- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
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- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
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- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
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