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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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Tuesday, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long r ...
Monday, 19 July 10
INDONESIA EXPORTS 24.49 MILLION TONNES OF COAL IN JUNE 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 141.249 million tons of coal in the first half of this year. In June 2010, Indone ...
Monday, 19 July 10
CHINA ONCE AGAIN DOMINATING SHIPPING FREIGHT RATES, WHILE OVERSUPPLY OF TONNAGE RAISES CONCERN
The ending of the week brought a cheerful note among dry bulk ship owners, as the sinking benchmark of the industry, the Baltic Dry Index (BDI) fina ...
Saturday, 17 July 10
THE DRY BULK MARKET CONTINUED THE DOWNWARD TREND - VISTAAR
COALspot.com: The indices continued the downward trend this week also with BDI at 1,720 points and cape size index at 1676 points and the charter ra ...
Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Thiess Contractors Indonesia
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- Jindal Steel & Power Ltd - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Economic Council, Georgia
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- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
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- Baramulti Group, Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
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- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
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- Bangladesh Power Developement Board
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- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
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- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
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- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
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- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
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- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
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- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
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- International Coal Ventures Pvt Ltd - India
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- Karbindo Abesyapradhi - Indoneisa
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- Vizag Seaport Private Limited - India
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- White Energy Company Limited
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- Mintek Dendrill Indonesia
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- Singapore Mercantile Exchange
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- Deloitte Consulting - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
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- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
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- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
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- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
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- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
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- CNBM International Corporation - China
- Indonesian Coal Mining Association
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- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
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- Power Finance Corporation Ltd., India
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- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
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- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
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