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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, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each econom ...
Tuesday, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from t ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
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- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- Thai Mozambique Logistica
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
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