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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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Friday, 24 April 15
IS INDIA THE 'NEW CHINA' WHEN IT COMES TO THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been feeling the “heat” of China’s slowdown and together with the industry’s own failings, with ove ...
Friday, 24 April 15
GLOBAL STEEL PRODUCTION OUTSIDE OF CHINA CONTINUES TO FARE VERY POORLY - JEFFREY LANDSBERG
COALspot.com: Data released this week showed that global crude steel production totaled approximately 138.05 million tons in March.
Wha ...
Friday, 24 April 15
WEEKLY U.S. COAL PRODUCTION ESTIMATE FALLS 5.7% FROM LAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.0 million short ...
Wednesday, 22 April 15
PANAMAX : ATLANTIC HOLDING ON TO THE GAINS OF THE PREVIOUS WEEK; PACIFIC BUSINESS SLID QUIETLY
COALspot.com: The Dry Bulk market managed to close off the week on a positive note last Friday, while as opposed to what we have been used to, it w ...
Wednesday, 22 April 15
TANKER MARKET INSIGHT - STRATOS TINIAKOS
The current environment we experience as a result of low crude oil prices is characterized by the increased demand for petroleum products in OECD c ...
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- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
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- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
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- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Planning Commission, India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- VISA Power Limited - India
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
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