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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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Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
Saturday, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
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- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- The University of Queensland
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Australian Coal Association
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
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