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Wednesday, 08 August 18
CHINA DEMANDS PREMIUM IRON ORE, COAL; MINERS MIXED IMPACT - FITCH RATINGS
 China’s stricter environmental regulations and structural changes in its steelmaking industry boosts ongoing demand for high-quality iron ore and coking coal and widens premiums and discounts for the products’ various grades relative to benchmarks, say Fitch Ratings and CRU. The effect on individual miners’ cash flow depends on the prevailing product grade in each company’s portfolio.
We expect the wider premium and discount relationships to persist in the short term, but for the gap to tighten over time. This mutes the effect on miners’ ratings, as we rate on our mid-cycle long-term pricing assumptions and the ratings already capture the miners’ product quality.
China’s steel sector has undergone significant reform since March 2016, eliminating 260 million tonnes of capacity and increasing capacity utilisation to above 85%, from 70%-75%. Enhanced efficiency and maximisation of blast furnace output has seen record premiums for high-grade iron ore and coking coal, as premium input materials improve steelmaking productivity. Discounts for lower-grade products have widened due to lower demand.
However, there is an upper threshold for the price of high-grade iron ore that steelmakers are willing to pay, as blast furnace productivity is a function of numerous variables, including injection rates, oxygen and pellet usage as well as coke strength after reaction. These variables are more likely to be employed if the premium on higher-grade iron ore remains high, resulting in a narrowing price differential between various iron ore grades in the long term. Similarly, we expect the price difference between premium coking coal and standard coking coal to come closer to the historical 25%-30%, down from the recent 40%-65% range.
Brazil-based Vale’s (BBB+/Stable) cash flow benefits the most from the prevailing pricing conditions due to its high-grade iron ore content of over 64% across the portfolio, with a number of assets producing 65% ore. The cash flow of Australia-based Fortescue (BB+/Stable) will suffer due to wider discounts on its 56%-59% ore, while that of BHP (A+/Negative) and Rio Tinto (A/Stable) will remain largely unaffected due to an average iron content of 61%-62% produced in their mines. However, BHP is set to benefit from the record premium coking-coal price difference due to its large portfolio of premium coking-coal assets.
Source: Fitch Ratings
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Friday, 17 August 18
MALAYSIA'S MANJUNG 4 - WORLD COAL ASSOCIATION
According to the IEA’s Energy Access Outlook 2017 report, nearly all of those who gained access to electricity worldwide in the last 16 years ...
Thursday, 16 August 18
COAL PRODUCTION AT 37.11 PERCENT OF FULL-YEAR TARGET - THE JAKARTA POST
Indonesian coal production was recorded at 180 million tons on Wednesday, or 37.11 percent of the government’s 485 million target this year.
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Thursday, 16 August 18
OIL MARKET HIGHLIGHTS - OPEC
Crude Oil Price Movements
In July, the OPEC Reference Basket increased marginally by 5¢ m-o-m to settle at $73.27/b. Oil futures saw mixed ...
Tuesday, 14 August 18
THE CAPESIZE MARKET HAS SHOWN A TREMENDOUS COURSE DURING THE PAST 12 MONTHS - THOMAS CHASAPIS
The Capesize market has shown a tremendous course during the past 12 months, having quickly climbed out of the “hole that it had found itself ...
Monday, 13 August 18
A 50,200 DWT FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA REDELIVERY CHINA IN THE LOW $10,000S - THE BALTIC BRIEFING
Capesize
Expectations of a further push in the market were largely unfulfilled last week as rates come under pressure in Asia as the North Atla ...
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Showing 1646 to 1650 news of total 6871 |
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- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Posco Energy - South Korea
- PTC India Limited - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
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