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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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- Eastern Energy - Thailand
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- White Energy Company Limited
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
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