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