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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Thiess Contractors Indonesia
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