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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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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- The University of Queensland
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
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