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Monday, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to grow by about 30% over the next 12 to 18 months as the economy recovers from the pandemic-induced slowdown
The outlook for the global metals and mining industry has been changed to positive from stable, Moody's Investors Service says in a report published today. The industry´s EBITDA is expected to grow by about 30% over the next 12 to 18 months as the world economy recovers from the pandemic-induced slowdown and demand for steel, iron ore and copper increases while supplies remain tight.
"The positive outlook for the global metals and mining industry stems mainly from rising demand and tight supplies for steel, iron ore and copper as economic activity picks up in the wake of the pandemic," said Barbara Mattos, a Moody's Senior Vice President. "Aluminum, nickel and zinc will remain in surplus in 2021, with aluminum seeing a slow recovery, while nickel and zinc supplies will grow as production levels normalize."
Aluminum, a key metal for the aerospace and automotive industries, will remain in surplus as the aerospace sector slowly recovers from the downturn and semiconductor shortages stymie auto production, Mattos says.
Copper prices will benefit from low inventories and vulnerability to supply disruptions, while demand for stainless steel and batteries will buttress nickel prices. For the medium term, the transition into greener economies, electric vehicles and renewable energy all point to positive market fundamentals for copper.
Meanwhile, steelmakers' operating results and cash flow will improve significantly in the year ahead on the back of historically high prices. Producers in Europe, China and elsewhere are facing rising production costs as they invest in cleaner technologies, while steel prices will gradually soften as supply and demand rebalance. Similarly, in the US and other countries that depend on electric arc furnaces, costs for scrap and other metallics are rising.
Although currently high prices for iron ore aren't sustainable, market fundamentals remain strong for 2021 due to supply constraints and a lack of major expansion projects in the coming years, Moody's says. High prices will support strong cash flow for the major producers, some of which will post all-time high cash flow and EBITDA.
Coal producers' cash flow and earnings likewise will improve significantly this year, though prices will ease off and the post-COVID bump in demand will subside later in 2021. Demand for thermal coal and met coal, which are used in steel production, will pick up. Low near-term interest rates and the uncertain pace of economic recovery will bolster demand for gold and silver, while prices for rough diamonds will rise amid restocking by cutters and polishers and robust demand from retailers.
Industry outlooks reflect our view of fundamental business conditions for an industry over the next 12-18 months. Since outlooks represent our forward-looking view on business conditions that factor into our ratings, a negative (positive) outlook suggests that negative (positive) rating actions are more likely on average. However, the industry outlook does not represent a sum of upgrades, downgrades or ratings under review, or an average of the rating outlooks of issuers in the industry, but rather our assessment of the main direction of business fundamentals within the overall industry.
source: Moody's
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Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
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- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
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