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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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Thursday, 02 August 18
INDO / CHINA COAL RV'S IS PAYING AROUND USD 11,000 TO SUPRAS BSS DELIVERY SINGAPORE - FEARNLEYS
Capesize
The counter seasonally strong market during the summer months bodes well for the remainder of the year.
According ...
Wednesday, 01 August 18
JOKOWI CANCELS PLAN TO REVOKE COAL DMO - JP
President Joko "Jokowi" Widodo on Tuesday has canceled the government’s plan to revoke the domestic market obligation (DMO) for coa ...
Wednesday, 01 August 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The dry bulk market activity over the past four weeks has remained stable when compared to the previous months. There are concerns with regards to ...
Tuesday, 31 July 18
INDONESIA UNLIKELY TO CHANGE COAL SUPPLY, PRICING RULES UNTIL 2019 - REUTERS
Indonesia is unlikely to change its rules on domestic coal supply and pricing until 2019, Coordinating Maritime Minister Luhut Pandjaitan said on M ...
Tuesday, 31 July 18
ENERGY MINISTRY REMAINS FIRM ON DMO POLICY FOR COAL - JP
The Energy and Mineral Resources Ministry has stressed that it will not cancel its policy on the domestic market obligation (DMO) for coal, as the ...
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- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
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