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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, 10 August 18
U.S. COAL PRODUCTION TO DECLINE BY 1.8% IN 2019 BECAUSE COAL EXPORTS AND COAL CONSUMPTION ARE BOTH FORECAST TO DECREASE - EIA
EIA forecasts U.S. coal production will decline by 1.1% to 766 million short tons (MMst) in 2018 despite a 5.7% (6 MMst) increase in coal exports.
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Thursday, 09 August 18
RIO TINTO COMPLETES SALE OF REMAINING COAL ASSETS
Rio Tinto has completed the sale of its remaining coal assets in Queensland, Australia, for $3.95 billion.
According to a noted post ...
Wednesday, 08 August 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
Singapore's shipyard business has evolved over the decades, from shipbuilding and repairs to rig building. It's now evolving again, to cate ...
Friday, 03 August 18
PHEW! ASIA, EUROPE HEATWAVE PUSHES AUSTRALIA COAL PRICES TO 6-YEAR HIGH: REUTERS
Australian thermal coal prices have hit fresh six-year highs as a heatwave across the northern hemisphere has triggered a spike in demand for coal- ...
Friday, 03 August 18
HBA HAS RISEN 28.41 PER CENT IN A YEAR TO BE AT THEIR HIGHEST LEVELS SINCE JANUARY 2012
COALspot.com: The benchmark price of Indonesian thermal coal has risen 28.41 per cent in a year to be at their highest levels since January 2012.&n ...
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Showing 1651 to 1655 news of total 6871 |
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- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
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