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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, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
Saturday, 16 October 21
DESPITE HIGHER COAL PRICES, U.S. COAL RECOVERY LOOKS WEAK BY MOST MEASURES - IEEFA
U.S. coal sector is locked into a long-term sectoral decline
Coal prices have surged to the highest level in years in the U.S., and have soare ...
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- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
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