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Thursday, 30 April 15
IRON ORE EXPORTS: A DANGEROUS RACE? - CLARKSONS
 The surge in iron ore exports in recent years has resulted in a significant decrease in iron ore spot prices, which dipped to a ten year low of below $47/t in April 2015. While lower prices helped to boost iron ore trade in 2014, the extent of the current price depression has raised questions over the ability of some miners to continue production at a loss, which is likely to have an impact on trade.
Surge In Exports
Australian seaborne ore exports increased 24% y-o-y in 2014, reaching 719mt, as the major miners Rio Tinto, BHP and Fortescue ramped up production.
The flood of Australian iron ore caused spot prices to fall 49% in 2014; to reach $69/t by December – a far cry from the previous five year average of over $135/t. Prices went on to hit a ten year low of $46.8/t in early April, but have rebounded slightly since. Nevertheless, many analysts have significantly reduced average price forecasts for 2015, with some projecting a level as low as $45/t.
Financial Pressure
Most small ore mining companies have a breakeven price of over $65/t. As prices have dropped below this level, high-cost miners around the world have reduced production, resulting in falling exports from the USA, Iran, Indonesia and Malaysia in 2014. Smaller miners in Australia are also increasingly feeling the pinch. Atlas Iron (which produced 12mt in 2014) was reportedly making a loss of more than $10/t and has now suspended production. BC Iron, which has a reported breakeven point of over $60/t, has seen shares plummet in recent months despite a reprieve from the Western Australian government for due payments of royalties. Fortescue, the fourth largest miner in the world, reportedly plans to expand production in 2015, but has introduced measures to further cut costs. Even the mining companies with low breakeven points – BHP Billiton and Rio Tinto – have seen their profit margins reduced. However, both companies still plan to expand production in the short-term.
Trade Impact?
As Rio Tinto and BHP increase supply this year, iron ore prices are likely to remain under pressure. Higher cost miners in China and elsewhere may reduce output as a result. Some analysts have projected over half of China’s 1,500 iron ore mines to close this year, despite a recent tax cut. Cheaper, higher quality iron ore imports are likely to continue to displace some Chinese output, although some Chinese miners may weather the weak price climate due to close ties with steel mills. This should support further growth in Chinese imports and global trade this year. However, the loss of output from other high cost miners globally could offset some of this growth. The pressure also seems unlikely to disappear soon, given weaker Chinese steel demand and expected expansion of Brazilian ore exports as projects come online in 2016-17.
While the list of mining companies who can afford to stay in the race may shrink, the scale of scheduled output growth from the larger miners is still likely to drive trade growth this year. However, against the backdrop of a lower price environment, and the potential for reduced Chinese demand, longer-term prospects for iron ore trade are starting to appear more challenging than previously.
Source: Clarksons Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 01 July 15
BEIJING HAS OFFICIALLY EXTENDED BY TWO YEARS ITS SUBSIDY PROGRAM TO SUPPORT LOCAL SHIPPING COMPANIES IN SCRAPPING THEIR OLD TONNAGE - INTERMODAL
Last week, Beijing has officially extended by two years its subsidy program to support local shipping companies in scrapping their old tonnage in w ...
Tuesday, 30 June 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED $ 43.45 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and flat week over week, this past week.
The Q3 swap was decli ...
Monday, 29 June 15
CFR SOUTH CHINA COAL SWAPS UP SLIGHTLY MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.57 (1.11%) per MT month over month.
A commodity swap is a ...
Monday, 29 June 15
FOB NEWCASTLE COAL SWAP SLIGHTLY UP MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.49 per MT (1.08%) month over month to US$ 45.77 per mt. The swap was ...
Saturday, 27 June 15
THE FREIGHT MARKET WAS STEADY EARLIER IN THE WEEK; SOFTEN INTO WEEK'S END
COALspot.com: The freight market remain steady earlier in the week, but towards end of the week BDI and BCI shows some signs of softening.
The ...
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- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Economic Council, Georgia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
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