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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, 09 February 22
OIL PRICES: "IT'S GOING TO BE VERY EASY" TO GET TO $100/BARREL, ANALYST SAYS - YAHOO FINANCE
Energy and oil prices have been on fire over the last six months — and expect them to go higher, says one analyst.
“For ...
Wednesday, 09 February 22
MARKET INSIGHT - INTERMODAL
Iron ore prices have jumped significantly in the week prior to the Chinese New Year with traders and producers stocking up on raw materials. China& ...
Wednesday, 09 February 22
FEBRUARY HBA HITS RECORD HIGH IN 2022 ON INDONESIA’S EXPORT BAN IN JANUARY, WORSEN SUPPLY, UKRAINE TENSIONS
COALspot.com: Indonesian Coal Price Reference for February in a steep climb from January 2022.
As expected in January the Indonesia ...
Wednesday, 09 February 22
CHINESE COAL MARKS BEST DAY IN 4 MONTHS ON TIGHT SUPPLY, HIGH DEMAND - REUTERS
China’s coal futures on Tuesday recorded their best session since Bejing’s mid-October intervention to cool runaway prices, aided by co ...
Friday, 04 February 22
RENEWABLES ON THE RISE, COAL CONTINUOUSLY FALLING - EUROPEAN COMMISSION
Although oil (34.5%) and natural gas (23.7%) were still the most important fuel sources in the EU energy mix in 2020, renewable energy’s shar ...
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- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
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