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Friday, 28 May 10
CHINESE BAN TO HIT INDIAN IRON ORE EXPORTS
Nearly half of India's iron ore exports to China are in serious danger of being wiped out. The local government has imposed a ban on import of low grade iron ore while major Chinese companies are buying up ore mines with two billion worth of reserves in Africa. "The ban will surely have an effect because about 50% of our exports are low grade iron ore," Royston Machado, an industry consultant working jointly with China Inspection and Quarantine, said. India sold 107 million tonnes accounting for 18% of Chinese imports in 2009.
The ban came into effect after the China Iron and Steel Association (CISA) advised ore buyers at a conference to stop buying low grade ores. "CISA has not yet issued a formal notification but the ban is already having an effect," Machado said.
The ban has not caused uproar because businesses in India are still not feeling the pinch. China has more than two months of stocks and the offtake from steel mills is low. Another reason is that the Goa port, which ships nearly half of Indian ores to China, is closed for monsoon.
"A clear picture would emerge after the Goa port reopens in October and there is a strong demand. Indian exports would be seriously reduced unless the government reconsiders the ban," sources said. The move was followed by a decision by the National Development and Reform Commission giving a green signal for the purchase of two African mines with reserves totaling 2 billion tonnes.
Three Chinese companies including the Wuhan Iron & Steel, are jointly buying a mine with reserves worth 800 million tonnes at Soalala in Madagascar. Wuhan has also purchased controlling stakes in the Bong Iron Ore company based in Liberia. Bong has proven reserves of over 1.3 billion tonnes.
Source: Times of India / Hellenic Shipping
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Monday, 17 May 10
S. AFRICA CUTS EUROPE COAL SUPPLY, ASIA SALES RISE, TRADER SAYS - BLOOMBERG
Bloomberg reported that, South Africa’s Richards Bay Coal Terminal, Europe’s biggest source of the fuel burned for power, cut shipments ...
Monday, 17 May 10
GREEK CRISIS TO SEE FREIGHT RATES FALL BANGKOK POST
The Greek debt crisis will likely cause shipping rates to fall this quarter enabling SET-listed Precious Shipping Plc to buy second-hand vessels at ...
Monday, 17 May 10
NEWCASTLE COAL QUEUES COULD BE HISTORY - THE HERALD
NEWCASTLE'S infamous coal queues could be a thing of the past if a plan to have the ships anchor over the horizon succeeds against the doubts of it ...
Sunday, 16 May 10
THREE FIRMS SHORTLISTED FOR CIL'S $ 2BN OVERSEAS PROJECTS - ECONOMIC TIMES
Economic Times reported that, State-owned Coal India Ltd (CIL) has shortlisted US firms Massey Energy and Peabody Energy, besides Indonesian Novem/S ...
Sunday, 16 May 10
INDIKA ENERGY & COAL ASSETS EXPANSION
Insider stories reported that, PT Indika Energy Tbk (INDY) has three portfolio coal assets, PT Kideco Jaya Agung, coal asset in East Kalimanta ...
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- Anglo American - United Kingdom
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- Economic Council, Georgia
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- The University of Queensland
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- Wood Mackenzie - Singapore
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- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
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- Central Electricity Authority - India
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- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
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- Alfred C Toepfer International GmbH - Germany
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- Thai Mozambique Logistica
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- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
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- Billiton Holdings Pty Ltd - Australia
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- Medco Energi Mining Internasional
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- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
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- Minerals Council of Australia
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- Australian Coal Association
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- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
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- Maheswari Brothers Coal Limited - India
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- SMG Consultants - Indonesia
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- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
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- Standard Chartered Bank - UAE
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- Bangladesh Power Developement Board
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- Trasteel International SA, Italy
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