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