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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, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. ...
Wednesday, 20 May 15
FOB RICHARDS BAY COAL SWAPS GAINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Wednesday, 20 May 15
BUKIT ASAM'S AVERAGE EXPORT PRICE WAS UNDER PRESSURE DURING Q1
COALspot.com: Indonesia’s state owned coal producer saw their profits fall in the first quarter of the year compared to the same period last ...
Wednesday, 20 May 15
IRON ORE PRICES TO REMAIN WEAK ON LOW DEMAND, HIGH OUTPUT - FITCH
Iron ore prices will stay low for several years due to increasing supply, weak demand growth in China and the slower-than-expected closure of high- ...
Tuesday, 19 May 15
KOMIPO IS SEEKING TOTAL 2.34 MMT OF HCV AND LCV COAL FOR 2015 - 2017
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 2.34 million Metric Tons (MT) of HCV ...
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- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- The University of Queensland
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Wilmar Investment Holdings
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Australian Coal Association
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
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