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Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
 The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation facilities, such as copper, nickel, cobalt and lithium, Fitch Ratings says. This will require a vast supply response in the next two decades and investments from miners, although we view the repositioning of their businesses towards a higher share of energy-transition metals in revenue and cash flows as credit positive.
EVs and renewable generation are more metal-intensive than fossil fuel-based alternatives. This will support metals demand as the world transitions towards a carbon-free economy, leading to a six-fold increase in demand for minerals by 2050 compared to current levels, according to the International Energy Agency (IEA). Growth rates for each metal will vary and will depend on technologies chosen for batteries and power generation and environmental policies. We anticipate demand for energy-transition metals to peak by the 2040s, when the bulk of low-emission infrastructure will have been built.
However, rapid demand growth may not necessarily be met with an equivalent supply-side response. We estimate the level of available resources to be sufficient, but mineral resources are often geographically concentrated and their extraction may be subject to challenges. Mining projects have long lead times and require large investments. Lead times from resource discovery to production average 17 years, including 12.5 years from discovery to feasibility and 4.5 years for planning and construction, according to the IEA. Copper, cobalt and nickel projects have the longest lead times. By comparison, lithium deposits have shorter lead times, of about seven years.
CRU estimates that most markets for energy-transition metals will remain balanced over the medium term as committed and probable projects come online. Supply gaps might emerge after 2025, as the pipeline of new projects is not yet synchronised with the expected rise in demand created by the energy transition.
The commissioning of new projects will depend, along with the estimates of demand and return on investments, on the availability of funds for large capex projects, either internally generated or borrowed. The financial discipline of most miners has improved over the past decade, providing sufficient financial headroom for future investments. However, a prolonged period of low commodity prices might result in delayed investment decisions.
We view the exposure to energy-transition metals among Fitch-rated miners as credit positive. Several mining companies’ credit profiles, including that of Anglo American, have benefited from a growing share of these metals.
However, market participants now expect miners to deliver increasing volumes of metals required for the energy transition without compromising ESG standards. The key challenge is to reduce greenhouse gas emissions across the metal value chain. Emissions intensity of cobalt, aluminium and nickel mining and processing is high, so skyrocketing demand may result in rising net carbon footprints.
Electricity generation is the largest source of emissions in metals production, and therefore decarbonisation of power sources through shifting from coal to renewables will help reduce emissions. Changes in production technologies and increased metal recycling will cut carbon intensity further.
Source: Fitch Ratings
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Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
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- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
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