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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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Friday, 20 February 15
U.S. PRODUCED AROUND 19.2 MILLION SHORT TONS OF COAL WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.2 million short tons (mmst) of coal ...
Thursday, 19 February 15
PANAMAX: NOPAC AND AUSSIE ROUNDS ARE DONE IN LOW/MID $ 4000; TRIPS VIA INDONESIA TO INDIA CLOSER TO THE $5000 MARK - FEARNLEYS
Handy
The handy and supra market has not seen any firming rates in front of the Chinese New Year and still suffering on low activity in both hemi ...
Wednesday, 18 February 15
DRY BULK SHIPPING TO RECOVER IN LATE 2015 - DREWRY MARITIME RESEARCH
Strong trade growth, moderating fleet development and deployment of new fuel efficient vessels are expected to lead to a recovery in dry bulk shipp ...
Tuesday, 17 February 15
WHO PAYS THE SUEZ CANAL FEES? - INCE & CO
KNOWLEDGE TO ELEVATE
This was an appeal from an arbitration award on a point of construction in relation to the wording of an addendum to a ch ...
Tuesday, 17 February 15
BUOYANT WAVES IN RECENT YEARS: GLOBAL SHIP INVESTMENT SINCE THE CRASH - HELLENIC SHIPPING NEWS
Anxiety about fleet expansion is a recurring feature of world shipping markets. Within the global maritime community, worries about the vast amount ...
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- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Planning Commission, India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
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