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Saturday, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
 Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from returning demand while the supply response remains slow and inventories are running low.
Our revision of all iron ore price assumptions is the most significant change and is driven by tight market supply, which we expect to continue in the next couple of years, and the absence of material new projects over a long period that could offset depleting mines. Vale has cut its production guidance for 2021, resulting in no supply response to growing demand, with all large-scale iron ore producers operating at almost full capacity. Inventories are running low, while we expect additional demand linked to US and European economic stimulus packages.
We have increased the short-term copper price assumption due to strategic purchases by the China State Reserve Bureau and supply risks in 2021, including renewals of labour contracts in Chile and Peru, which may result in strikes. Medium-term prices will be supported by balanced market and energy transition trends as copper is used in charging infrastructure, cabling, electric vehicles, wind generators and transformers.
We have increased our zinc price assumptions for 2021 and 2022 due to growing demand in China. Zinc production is price-sensitive and mine supply of concentrates will catch up relatively quickly.
We have raised our aluminium price assumptions for 2021 on a stronger demand recovery in China, particularly from the automotive and solar energy sectors, and re-stocking outside of China, particularly in Europe. However, we expect a production surplus outside of China to persist, causing prices to soften once pent-up demand is satisfied. Prices will recover longer-term due to incremental demand growth.
We have raised gold price assumptions for 2021 and 2022 on increased demand due to investment flows and central bank purchases. We believe that prices will moderate in the medium term to an equilibrium of USD1,200/oz.
The rise in the 2021 coking coal price assumption is due to robust demand from the steel sector, supported by recovering steel production in India, Japan, South Korea and Europe, and rebalanced flows of seaborne coal despite ongoing restrictions on Australian coal imports to China.
We expect coal demand to grow in the medium and long term, but final decisions on new projects were delayed in 2020. This means that capacity expansions that were due to take place in 2021-2023 will be delayed until 2024 or 2025. Supply will therefore remain tight, supporting medium- and long-term price assumptions.
The upward revision of the 2021 Qinhuangdao 5,500 kcal/kg coal price assumption reflects strong prices at the start of 2021, which we expect to reduce as demand normalises in the rest of the year. We expect the price to align with our medium-term price assumption in 2022 due to growing renewables and increased approvals for greenfield mines. We have lowered the long-term price reflecting China’s ambition to achieve carbon-neutrality by 2060, meaning that carbon emissions, including those from coal consumption, will peak by 2030.
The revision in the 2021 Newcastle 6,000 kcal/kg coal price reflects higher year-to-date prices. However, these will prompt operations at costlier mines to resume leading prices to moderate in line with our medium-term assumptions. The long-term price adjustment reflects a gradually normalising price gap with the Chinese benchmark.
We have raised nickel price assumptions for 2021 due to strong spot prices and our expectation of increasing demand in 2021 for stainless steel; a key consumer of nickel. We have increased our long-term assumption as we expect the increased use of nickel in batteries to lead to a market deficit from 2025.
Source: Fitch Ratings
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Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
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