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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
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