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Thursday, 07 February 13
WEAK STEEL MARKET MEANS IRON ORE RALLY LIKELY TO END SOON - FITCH
 The sharp rebound in iron ore prices over the last couple of months will hurt margins at non-integrated steel producers in the first quarter of 2013, but is unlikely to be sustainable due to the weak demand for steel, Fitch Ratings says. This should help margins recover later in the year.
While we expect margin pressures to abate, iron ore prices have become more volatile as supply contracts have moved from annual to quarterly or spot pricing, with volatility rising 16% in 2012. This means that both higher-cost producers and consumers of iron ore face higher uncertainty on cash flows.
Iron ore prices have risen around 30% since the start of December, while the price of semi-finished steel products has remained practically unchanged, putting pressure on profits at steelmakers that don't have their own ore supplies. The recovery of iron ore prices follows a fall to their lowest level in more than three years in September. This primarily resulted from destocking by Chinese steel mills. It is likely that the fall in prices resulted in some Chinese mines temporarily halting production, providing further impetus for a price rebound.
But the balance of power in price negotiations is likely to swing back towards steel producers for the rest of the year due to the slowing growth in demand for steel products. Steel producers are unable to transfer increased iron ore costs to customers through an increase of steel products' prices and also have limited ability to absorb increased costs by themselves due to already low operating margins. In Europe weak demand from the construction and automotive markets will lead to a drop in steel production, while in China we believe the rate of steel demand growth has peaked - although production volumes will continue to increase, the rate of growth is likely to be below 5% a year.
These trends mean we expect the ratio of iron ore to steel slab prices to remain close to the 2012 level of 0.25x, rather than the high of 0.29x reached in 2010.
Source: Fitch Ratings
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Friday, 15 February 13
2ND ANNUAL INDONESIA MINING 2013 CONFERENCE
Bringing Indonesia's Mining Stakeholders Together Towards Improving Mining Investment Climate & Operations
Following the success of th ...
Friday, 15 February 13
SCRAPPING TO RISE AS BULKER OWNERS SUFFER - DREWRY MARITIME RESEARCH
Drewry's latest Dry Bulk Forecaster report suggests that cash-strapped shipowners will scrap younger and younger ships this year as the dry bulk ma ...
Thursday, 14 February 13
HANDY: ATLANTIC "STABLE"; PACIFIC "QUIET" - FEARNLEYS
Handy
The Atlantic remain stable with rates for FH from USG around USD 18k. The Pacific remains quiet due to Chinese New Year holidays. Rates were ...
Thursday, 14 February 13
BIMCO FORECASTS MOSTLY HIGHER DRY BULK RATES FOR THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Higher steel demand is expected to keep dry bulk rates elevated during the next six weeks, according to the latest BIMCO forecast. The Organization ...
Wednesday, 13 February 13
6TH ANNUAL CBM CONFERENCE
The 6th Annual CBM conference which will be held in Singapore on 18-21 June 201 offers comprehensive insights into leading CBM projects in the Asia- ...
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- Banpu Public Company Limited - Thailand
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- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Australian Coal Association
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- Intertek Mineral Services - Indonesia
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- Wilmar Investment Holdings
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- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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- Global Coal Blending Company Limited - Australia
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- White Energy Company Limited
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- Sakthi Sugars Limited - India
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- Standard Chartered Bank - UAE
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- Energy Link Ltd, New Zealand
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- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- The Treasury - Australian Government
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- Sojitz Corporation - Japan
- Planning Commission, India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
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- Georgia Ports Authority, United States
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
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- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
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- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
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