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