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Monday, 26 January 15
OVERSUPPLY, AMPLE STOCKPILES, AND LACKLUSTER UNDERLYING STEEL DEMAND KEPT COKING COAL PRICES LOW IN 2014
 COALspot.com: Coking coal prices (FOB & CFR) fell 15% and 18% respectively during the year, amidst persistent oversupply, ample inventory and slower steel demand growth, says SGX Commodities 2014 Review.
According to SGX, spot prices remained depressed through 2014 as ‘take or pay’ continued to wreck havoc. Looking forward, deflationary pressures may hamper hopes of a near-term recovery, while policy changes have created further lingering uncertainties. Coking coal FOB & CFR prices declined 15.0% and 18.3% respectively during the first three months of the year, and remained relatively stable within a $10 per tonne range thereafter.
SGX’s commodities 2014 review further noted that, a combination of persistent oversupply, ample stockpiles within China, and lackluster underlying steel demand kept prices low through the year. In August 2014, SGX launched coking coal derivatives (FOB Australia & CFR China) in response to the increasing trend towards index-linked pricing across the industry.
A variety of factors have kept coking coal prices depressed for longer than many had previously forecast. Such factors include:
(i) a drive by major producers to lower unit costs by improving production efficiencies and increasing production (thereby also increasing market share);
(ii) ‘take or pay ’ rail commitments in Australia, often making it more economical to continue producing at a loss than to cease production (NB. Australia accounts for more than half of seaborne supply); and
(iii) cost deflation in the domestic Chinese coal industry.
Looking forward, SGX’s Commodities 2014 Review report says that, while many analysts have been calling a bottom in the coking coal price, the timing of any meaningful recovery remains far from clear. Supply cuts are indeed emerging. However, deflationary pressures such as falling resource currencies and a slump in oil prices may hinder the prospect of any significant recovery in the near-term. With a relatively flat cost curve, FX may also be an important variable.
Furthermore, there is uncertainty over the likely medium-term impact of the reduction in China’ s export tax on coking coal from 10% to 3% (effective 1 Jan 2015); Japanese and Korean mills used to procure coking coal from China and, while relative costs will be a factor, there may be a strategic argument to diversifying supply, SGX concluded.
SGX also launched coking coal derivatives in August 2014 in response to the increasing trend towards spot and index-linked pricing.
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Tuesday, 10 March 15
OIL PRICE FORECASTING - IGNORE THE EXPERTS: COLIN MARSHALL
KNOWLEDGE TO ELEVATE
Experts put themselves on a pedestal, making claims to have special forecasting abilities for oil price trends. They, too ...
Tuesday, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
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- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Australian Coal Association
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
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