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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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- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Planning Commission, India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- PTC India Limited - India
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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