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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- The University of Queensland
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
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