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Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
 Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in the country. Under the proposal approved by the Indian government, the royalty rate on iron ore will be increased to 15% from 10%. The government has not yet said when the increase will be implemented.
The higher royalty rates will raise the input costs of Indian steel producers by USD 2-5 per tonne of steel produced, depending on the type and grade of iron ore used. Fitch expects iron ore mining companies in India, which largely supply domestic users, to be able to pass on the increase given tight supply domestically, raising the input costs for both integrated and non-integrated steel producers.
Fitch expects steel producers to be able to pass on their higher costs to consumers because of a likely improvement in steel demand in India. As a result, the higher royalty is unlikely to have a major impact on Indian steel producers' profit margins.
Fitch expects steel demand growth to start to improve from the second half of the fiscal year ending 31 March 2015 (FY15), supported by a pick-up in consumption following rising consumer sentiments and an expected improvement in economic growth. The improving consumer sentiment is reflected in passenger vehicle sales data compiled by the Society of Indian Automobile Manufacturers - sales volumes during June and July 2014 rose from a year earlier, compared with a 6% fall in FY14.
Steel demand in India was weak during FY14 with consumption rising by just 0.6% to 73.9 million tonnes, according to data from Joint Plant Committee, a government body that collects data on the iron and steel industry. This was due to slow growth in the key steel consuming industries of automobiles, infrastructure, construction and engineering.
Iron ore exporters, who already pay high export duties on their shipments, will face slimmer profit margins following the increase in royalty. Iron ore exports (other than pellets) already attract export duty of 30%. India largely exports lower grade iron ore fines. The additional costs while global iron ore prices remain weak will significantly impact the competitiveness of iron ore exports from the country.
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Ambuja Cements Ltd - India
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- The University of Queensland
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- Planning Commission, India
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- Electricity Authority, New Zealand
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- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
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- Posco Energy - South Korea
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- Banpu Public Company Limited - Thailand
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- Simpson Spence & Young - Indonesia
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- Tamil Nadu electricity Board
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- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Ministry of Finance - Indonesia
- Economic Council, Georgia
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- McConnell Dowell - Australia
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- New Zealand Coal & Carbon
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- Kartika Selabumi Mining - Indonesia
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- Lanco Infratech Ltd - India
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- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
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- Coal and Oil Company - UAE
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- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
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- Electricity Generating Authority of Thailand
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- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
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- Bhatia International Limited - India
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- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
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