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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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Saturday, 28 July 18
GOVERNMENT TO REVOKE COAL PRICE CAP POLICY - JP
The government plans to revise its domestic market obligation (DMO) on coal price next week during a high-level meeting with President Joko “ ...
Thursday, 26 July 18
A SUPRAMAX IS NOW PAID AROUND USD 21,500 FOR LOADING IN THE US GULF WITH DISCHARGE IN THE FAR EAST - FEARNLEYS
Cape
There has been a relatively strong summer period so far, and there is a strong week we have left behind us.
In the Pa ...
Thursday, 26 July 18
ASEAN COAL IMPORTS INCREASED IN 2Q' 18 COMPARED TO THE PRIOR YEAR; THIS TREND TO CONTINUE AS 56 GIGAWATTS OF NEW COAL PLANTS IN 24 COUNTRIES WORLDWIDE ARE EXPECTED TO COME ONLINE IN 2018 - PEABODY
Peabody announced its second quarter 2018 operating results, including revenues of $1.31 billion, income from continuing operations, net of income ...
Wednesday, 25 July 18
COAL MINER BUKIT ASAM'S PROFIT GROWS 50% IN FIRST HALF - JP
Coal miner Bukit Asam announced 50 percent profit growth to Rp 2.58 trillion (US$177.33 million) in the first half of 2018, on the back of a coal-p ...
Wednesday, 25 July 18
TANKER MARKET INSIGHT - DIMITRIS KOURTESIS
We are now into the second half of 2018, which so far has not been a fruitful year for tankers. With 2020 quickly approaching we need to consider t ...
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- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
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