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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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Wednesday, 17 September 14
SHIPPING MARKET INSIGHT - GEORGE LAZARIDIS
Since the onslaught of 2013 the rising tide of asset prices had been primarily driven by the increasing freight market conditions and the improving ...
Tuesday, 16 September 14
INDONESIAN GOVERNMENT DECLARED HBA SUFFERED ANOTHER SETBACK IN SEPTEMBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in September. HBA for ...
Tuesday, 16 September 14
INDONESIAN COAL OUTPUT WON'T EXCEED 421M TONS: GOVT - JP
The government is optimistic that it will meet its coal production target for this year, which caps nationwide production at a flat number compared ...
Monday, 15 September 14
CHINA'S COAL PROPOSALS LEAVE SOME HOPE FOR EXPORTERS - DAILY NEWS
When the best thing you can say about new policies is that they aren’t as bad as they could have been, then you know your industry is in deep ...
Monday, 15 September 14
SUB-BIT FOB INDONESIA COAL SWAP, JANUARY 2015 DELIVERY GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.40 (+0.78%) day on day and US$ 0.55 (+1.08%) per mt week on week. The ...
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- Aditya Birla Group - India
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- Global Coal Blending Company Limited - Australia
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- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
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- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
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- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
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- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
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- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
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- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
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- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
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- Merrill Lynch Commodities Europe
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- Toyota Tsusho Corporation, Japan
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- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
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- Economic Council, Georgia
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
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- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Tamil Nadu electricity Board
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- GMR Energy Limited - India
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- Baramulti Group, Indonesia
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- Deloitte Consulting - India
- White Energy Company Limited
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
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- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
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- Vijayanagar Sugar Pvt Ltd - India
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- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
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- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
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- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
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- Planning Commission, India
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- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
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- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
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- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
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- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
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- Ambuja Cements Ltd - India
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- The University of Queensland
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
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