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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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- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
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