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Wednesday, 04 November 15
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
 Four companies dominate global iron ore production, namely; BHP Billiton, Vale, Rio Tinto, and Fortescue Metals Group. Together these companies control more than 70 percent of the seaborne iron ore market.
The price of iron ore edged to $US49.95/ ton on Wednesday, nearing a four-month low but still the two major producers in Australia and Brazil have been following through with their longstanding plans to increase production. The low iron ore price also comes as China’s official forecaster warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories.
Rio Tinto in Australia and Vale in Brazil, are still ramping up production. For the first nine-months of 2015, Vale’s production overall is around 8 million metric tons higher than Rio Tinto’s at 248 million metric tons, while Vale’s shipments are just over 3 million metric tons higher.
Of course Australian miners still have an advantage in delivered costs to China, the main importer for iron ore. For example, Capesizes hauling the commodity from Brazil to China last week saw rates around $12/ton for the Tubarao/Qingdao route, while from Rio Tinto’s Dampier terminal in Western Australian, freight rates were slightly in excess of $5.10/ton.
It is quite interesting to see that current iron ore prices aren’t worrying Rio Tinto. Their CEO, Andrew Harding, said he’s not losing sleep, because the business line, like the miner itself, is in for the long haul. He reasons that populations will continue to grow and develop, especially in Asia and iron ore will be needed to serve their needs. In September, Rio Tinto said its modelling showed that the world would need three billion tons of iron ore by 2030.
On the other side of the world, Vale is also quite confident in their iron ore division after releasing their third quarter results for 2015. Their highlight is the significant cost cutting during this period, which made Vale, the company with the lowest production cost/ton in the entire sector, reach an unprecedented cost level of $ 12.7/ton of iron ore. They are trailing faster growth compared to Australian majors, who this year posted stronger increases to volumes from new capacity ramp-ups.
This is an oversupplied market that is obviously affected by the shrinking Chinese steel demand. On the other hand, oversupplied ore trade also creates opportunities for the large players, since it means that certain high-cost producers will struggle to survive. Some iron ore mines, such as those in Canada, China and Africa, have already buckled under the pressure.
Nevertheless, producers with operating costs that are far below current iron ore prices are very well-positioned to take market share in the long term. Now if several high-cost producers exit the industry, it would be quite difficult for them to re-commence operations.
Over the long term, the low-cost iron mines could potentially fill the gap that remains after smaller companies exit the market. The gain in market share will likely increase margins, operating cash flow and profits. Hopefully this could also change the dynamics in the market and positively affect the demand for seaborne trade.
By Christopher Thomas Whitty
Marketing Manager, Towage & Port Agency
Cotzias Intermodal Shipping
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 05 November 15
Q2'16 INDO THERMAL COAL SWAP CONTRACT FOB INDONESIA FALLS TO $39.90/T
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week. Price of coal seen no improvements this past we ...
Thursday, 05 November 15
INFORMATION EXCHANGE GROUP'S LATAM MINING SECURITY SUMMIT 2016 - INTERNATIONAL CONFERENCE ON TECHNOLOGY SECURITY IN MINING
Press Release: LATAM Mining Security Summit 2016 is a carefully designed event that will bring together the leading stakeholders in the mining sect ...
Wednesday, 04 November 15
FOB RICHARDS BAY COAL SWAPS GAIN W-W AND M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gained week over week and month over month.
The Q4 swap was up US$ 1.4 ...
Tuesday, 03 November 15
THE DISCHARGE OF CARGO IN THE PRC WITHOUT ORIGINAL BILLS OF LADING - CLYDE&CO
KNOWLEDGE TO ELEVATE
On occasions, a vessel may arrive at a port and be ready to discharge but the original bills of lading in respect of the ...
Tuesday, 03 November 15
API 5 FOB NEWCASTLE COAL SWAPS DECLINE CONTINUES
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery slid $1.84 per ton (4.34%) month over month to US$ 40.54 per ton. The swap ...
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- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
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