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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- The University of Queensland
- Australian Coal Association
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
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