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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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Monday, 25 October 21
CHINA VOWS TO SEVERELY PUNISH MARKET VIOLATIONS AMID LOW COAL FUTURES PRICES - GLOBAL TIMES
Domestic coal futures had plunged for three consecutive trading days after the government vowed to crack down on soaring prices, and China’s ...
Monday, 25 October 21
FARMERS MAY JOIN THE COAL COMMODITY MARKET TO REDUCE RISKS - GLOBAL TIMES
A recent trip to by the Global Times to East China’s Shandong Province to get a glimpse of China’s coal supply chain revealed a surpris ...
Monday, 25 October 21
CHINA COAL PRICES MARK WORST WEEK SINCE MAY ON GOVERNMENT INTERVENTION - REUTERS
China’s thermal coal futures plunged on Friday and turned in their worst week in five months, following Beijing’s strongest interventio ...
Friday, 22 October 21
THE BIG PICTURE: ENERGY MARKETS - BREAK WAVE ADVISORS
The shipping markets have been pulled further into wild markets of coal and other energy sources. Given how nebulous this sector is, it’s alw ...
Friday, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
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- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- MS Steel International - UAE
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- PTC India Limited - India
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- CNBM International Corporation - China
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
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