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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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Wednesday, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In Oil we trust! The Barrel price has declined by almost a third in comparison to the 2014 January and has being on the downhill since early last s ...
Wednesday, 14 January 15
COMMODITIES AREN'T PRIMED FOR A REBOUND DURING 2015: SHIPPING COULD BENEFIT FROM LOWER PRICES - ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In the recent past, higher commodity prices were driven by an increase in demand from developing countries, which spelled good news for ship owners ...
Wednesday, 14 January 15
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1 DELIVERY CLOSED AT US$ 46.97 PMT
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week.
The Q1 swap has fell US$ 1.53 (-3.15 ...
Wednesday, 14 January 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED 4.51% LOWER COMPARED TO Q1' 15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.56 per MT (-3.0%) month over month and US$ 1.03 (-2.0%) week ove ...
Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
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- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- PTC India Limited - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- The University of Queensland
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Marubeni Corporation - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Australian Coal Association
- Indian Oil Corporation Limited
- ASAPP Information Group - India
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