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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, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
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