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Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
 Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
Short-term assumptions for copper, aluminium, nickel, zinc, iron ore and hard coking coal have been cut, reflecting lower current prices and increasing uncertainties over short-term demand. At the same time short- and medium-term assumptions for thermal coal have been raised reflecting increased demand due to the energy crisis in Europe.
Our reduced copper assumptions for 2022-2023 reflect a global economic slowdown and expectations of weaker demand in the short term compared with supply prospects, which we anticipate to lead to a small surplus in 2023, although the market is likely to remain tight. We expect small demand increases in China in 2022-2023 due to periodic lockdowns and a decline in the country’s construction sector, while consumption growth in other regions is only marginally higher than that in China. Nevertheless, medium-term prospects remain solid due to the energy transition accounting for 50% of growth in global copper demand anticipated over the next five years. Our medium- and long-term assumptions therefore remain unchanged.
We have cut the 2022 iron ore and coking coal price assumptions reflecting ytd pricing on lower steel demand, particularly in China, which leads to steel production curtailments and lower demand for steelmaking inputs, falling steel producers’ margins and build-up of iron ore inventories. At the same time, met coal supply has improved as Australian production recovered and Russian producers redirected some of their output from Europe to Asia. However, the market prices for met coal have bottomed out, while some hard coking coal producers started diverting sales to the thermal coal market, which benefits from high demand and pricing. However, our medium- and long-term views of the iron ore and met coal markets remain unchanged.
The lowered aluminium assumptions for 2022-2023 reflect changing market sentiments that lead to reduced prices in the short term, while market fundamentals and our longer-term assumptions are unchanged. Lower demand, particularly due to weaknesses of the Chinese construction market, will weigh on aluminium prices in the short term. However, rising energy prices could turn production in many markets loss-making, leading to curtailment and shoring up prices from further decline.
We have reduced zinc assumptions for 2022-2023 as inflationary and recessionary pressures and energy issues weigh on demand, while mine production remains flat, leading to market surpluses in the short term. However, price-elastic supply should support market rebalancing in the medium term.
All gold price assumptions remain unchanged, reflecting the metal’s ‘safe haven’ investment status amid high geopolitical instability and inflationary pressures. The market price has been moderating during most of 2022 in line with our expectations of interest-rate hikes, while the strong US dollar will continue pushing the price down. We expect gold prices to moderate in the longer term once geopolitical risks abate and as the interest-rate hiking cycle continues.
Our increased 2022-2025 assumptions for both thermal coal price benchmarks reflect strong demand, particularly from China, against the backdrop of higher energy prices, particular high European gas prices, leading to increased reliance on coal-powered energy generation. The increased price assumptions for 2024-2025 also incorporate higher coal mining costs and limited expected new capacity in the main producing countries. However, our long-term assumptions remain unchanged as consumption in China should gradually decline.
We have cut our nickel price assumption for 2022 reflecting subdued demand from the stainless steel sector, while production levels remain healthy, particularly in Russia and Indonesia. However, long-term demand from electric vehicle production should support longer-term prices.
Source: Fitch Ratings
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Saturday, 20 August 22
KOSPO TO IMPORT 240000 MT OF MIN 4400 KCAL/KG NCV STEAM COAL FOR OCTOBER;LOADING FROM RUSSIAN PORTS NOT ALLOWED
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 240,000 MT of min 4,400kcal/kg to max. 4,999 kcal/kg NC ...
Wednesday, 17 August 22
INDIAN COMPANIES SWAPPING DOLLAR FOR ASIAN CURRENCIES TO BUY RUSSIAN COAL - REUTERS
Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoidi ...
Wednesday, 17 August 22
LNG: MAJOR INVESTMENT AND EXPANSION PHASE, DOUBLING OF LIQUEFACTION CAPACITY BY 2028 PROJECTED - CLARKSONS
Clarksons Research have released the latest version of their long standing annual review, LNG Trade & Transport, on to Shipping Intelligence Ne ...
Wednesday, 17 August 22
UNAFFORDABLE LNG PRICES UNDERMINE RAPID DEMAND GROWTH FORECASTS IN KEY ASIAN MARKETS - IEEFA
Sustained high prices may accelerate downward pressures on Asian LNG demand, clouding long-term industry outlooks
The global liquefi ...
Wednesday, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
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- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Economic Council, Georgia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Planning Commission, India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- McConnell Dowell - Australia
- White Energy Company Limited
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
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