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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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Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
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- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Parliament of New Zealand
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
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