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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warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories.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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Friday, 30 October 15
INDONESIA'S COAL EXPORTS DROP ON LOW PRICES - THE JAKARTA POST
Indonesia's coal exports significantly dropped in the first nine months of the year as coal companies continued to suffer from low prices in ad ...
Friday, 30 October 15
CHINESE MINERAL IMPORTS: MOVING ON FROM INDONESIA? - CLARKSONS
China has accounted for almost 90% of global imports of nickel ore and bauxite in recent years and was therefore heavily hit by the Indonesian mine ...
Friday, 30 October 15
COAL PRODUCTION IN THE UNITED STATES INCREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.5 million shor ...
Thursday, 29 October 15
IRAN'S RETURN TO OIL MARKETS WILL HAVE TEMPERED IMPACT FOR THE TANKER SHIPPING INDUSTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While many analysts appear to be fearful of a potential incremental rise in tanker ships’ supply, as a result of the imminent return of Iran ...
Thursday, 29 October 15
Q2' 16 FOB INDONESIA COAL SWAP CLOSED US$ 37.40 PER TON; DECLINED 5.56 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 2.13 (-5.34%) per t ...
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- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- The University of Queensland
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
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