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Thursday, 29 July 10
GOVT TOO OPTIMISTIC ON IRON, COAL PRICE
 Federal government forecasts of continued strength in iron ore and coal prices, which underpin revenue expectations for the proposed new mining tax, are too optimistic, analysts say The forecasts underpin the government's expectation of $10.5 billion in revenue from the proposed Mineral Resources Rent Tax over the first two years of its implementation from 2012/13.
Gavin Wendt, senior resources analyst for research firm Mine Life Pty Ltd, said the outlook for thermal coal prices was positive but there was a potential for iron ore prices to fall.
Mr Wendt said government forecasts of decades of iron ore and coal sector growth were "wildly optimistic".
"That's the problem with the tax."
While demand continued to grow for thermal coal, which is used in power generation and is in short supply, the coking coal price was tied to the iron ore price due to its role in steelmaking.
Mr Wendt said demand for iron ore was still very strong but supply was starting to catch up as existing mines expanded and new mines opened to take advantage of several years of high prices.
"I'm still very bullish on demand for iron ore ... which will remain strong because steel production will remain strong," he said.
"But there's no shortage of iron ore.
"It's just a matter of how quickly operations get developed.
"Pricing is probably close to its peak, which means we're slowly starting to see the price tail off.
"The bottom is not going to fall out of the iron ore market but the government is being optimistic when it suits them."
Research and consulting firm Wood Mackenzie says the government won't get any additional revenue from coal if prices fall to levels seen just a few years ago.
The government is expected to fund a one per cent reduction in the corporate tax rate with revenue from the new mining tax, reported by
If coal prices remain strong, coal miners will pay an additional $7.4 billion, or eight per cent in government take over the first five years of the tax, Wood Mackenzie head of coal supply research Gero Farruggio said.
Mr Farruggio said coal miners were already battling strong cost inflation and falling productivity.
"Traditionally Australia is viewed as a low-cost exporter, but in our 2010 global thermal coal export cash cost (of production) rankings it is well down the table in sixth place," he said.
"Indonesia dominates the ranking tables with the largest thermal coal production and lowest average cash cost.
"In contrast to Australia, it (Indonesia) has moved to reduce the level of government take from coal production."
Source: Nine Msn / Hellenic Shipping
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Monday, 02 August 10
DRY BULK MARKET NEEDS TO FIND ADDITIONAL SUPPORT IN AUGUST
The dry bulk market ended another week of rebounding, posting on Friday its 11th straight rise. Still, as analysts point out the rate of this rise h ...
Monday, 02 August 10
LINC, ADANI COMPLETE THEIR COAL CONNECTION
"THE much-speculated deal between underground coal gasification company Linc Energy and India's Adani Enterprises is set to be signed tomorrow ...
Saturday, 31 July 10
TABONEO ANCHORAGE TO LOAD 1.5 MLN TON OR MORE COAL IN H1 AUGUST
COALspot.com: Eighty five ocean going vessels and barges have been nominated by coal buyers to their respective suppliers in Indonesia to load about ...
Saturday, 31 July 10
SEEMS THE FREIGHT MARKET WOULD BE FAIRLY STABLE FOR H2 2010 - VISTAAR
COALspot.com: The BDI continued moving up since 16th July and rise by 14 pct almost touching 2000 points.
The BDI was up by 7.72 pct last week wh ...
Friday, 30 July 10
DRY BULK MARKET BACK ON THE ROAD TO RECOVERY
Freight rates for dry bulk carriers have continued to edge higher this week, with the industry’s main benchmark, the Baltic Dry Index (BDI) ga ...
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- Sical Logistics Limited - India
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- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
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- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
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- Global Coal Blending Company Limited - Australia
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- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
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- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
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- Semirara Mining and Power Corporation, Philippines
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- San Jose City I Power Corp, Philippines
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- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
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- Australian Commodity Traders Exchange
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- GAC Shipping (India) Pvt Ltd
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- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
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- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
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- MS Steel International - UAE
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- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
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- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
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- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
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- IEA Clean Coal Centre - UK
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- Indian Oil Corporation Limited
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- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
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- The University of Queensland
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- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
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- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
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- Ministry of Mines - Canada
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- Planning Commission, India
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