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Thursday, 15 July 10
IRON ORE PRICING MECHANISMS PUT ON THE SPOT
 THE new iron ore pricing mechanisms that killed off the annual benchmark system are coming under pressure. The spot price of the steel feed has fallen more than 20 per cent on weakening Chinese demand. Goldman Sachs analyst Malcolm Southwood said Chinese buyers have been largely absent from the spot market for almost a month and show no immediate inclination to return while sentiment remains weak.
He said the economic powerhouse continues to shun offers as it expects prices to keep falling.
"With spot iron ore trading at a discount of more than 20 per cent to the implied third quarter contract price, the new quarterly pricing mechanism is clearly under duress," he said.
"Our own view is that quarterly pricing based on a trailing average index may prove to be too cumbersome, and monthly price resets could ultimately be a more palatable mechanism for both buyers and sellers."
The top three global iron ore producers, Brazil's Vale, Rio Tinto and BHP Billiton, all pushed their customers off the annual benchmark on to quarterly indexed-based contracts.
Mr Southwood said while the investment bank continued to forecast a supply-constrained seaborne market in 2011, market participants remain focused on the near term, which he said was increasingly difficult to construct a "positive fundamentally driven price view".
"With seasonal factors also depressing demand, we see little prospect of a sustained improvement in market conditions during July-August," he said.
Macquarie's London-based analysts said Chinese mills had been running down their on-site inventory as sentiment turned sour.
"In our opinion, there is no obvious catalyst to arrest the current fall in the spot price, and we expect it to drift lower over the next month," Macquarie's team said in a report.
A drop in the spot price came as magnetite producer Grange Resources secured a 107 per cent jump in the annual iron ore pellet benchmark price in a sales deal with BlueScope Steel.
Grange announced yesterday BlueScope would pay $US150 a tonne for iron ore pellets delivered from Grange's Port Latta facility in Tasmania during the quarter beginning on July 1.
Grange chief executive Russell Clark said in addition to agreeing an interim price, the miner was also discussing a new pricing mechanism with BlueScope.
Source: The Australian / Hellenic Shipping
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Wednesday, 21 July 10
CHARTER RATES FOR BIG SHIPS GO INTO FREEFALL
It is reported that concerns over the slowdown in the mainland construction sector posturing over ore price negotiations and a general summer slowdo ...
Wednesday, 21 July 10
FEWER SHIPS SOLD FOR SCRAP IN JUNE, ADDING PRESSURE TO FREIGHT RATES
The easing of vessel tonnage supply should be among the main concerns among ship owners, especially those active in dry bulk shipping. The reason is ...
Wednesday, 21 July 10
BUKIT ASAM SEALS RP900 BIO COAL DEAL
Souce: Insider Stories
Insider Stories reported that, State-Owned coal producer PT Tambang Batubara Bukit Asam Tbk (PTBA) have agreed t ...
Wednesday, 21 July 10
TUAH TURANGGA BUYS ABP US$ 15.9 MIO
Source: Insider Stories
Insider Stories reported that, Komatsu heavy equipment PT United Tractors Tbk (UNTR) through its wh ...
Tuesday, 20 July 10
CHINA'S RELIANCE ON COAL TO DROP 7% BY 2015 - XINHUA NET
Xinhua Net reported that, China's coal consumption is likely to drop to 63 percent of total energy consumption by 2015, down from 70 percent last y ...
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- Vijayanagar Sugar Pvt Ltd - India
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- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
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- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
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- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
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- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
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- Chamber of Mines of South Africa
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- Standard Chartered Bank - UAE
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- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
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- Baramulti Group, Indonesia
- Parliament of New Zealand
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- South Luzon Thermal Energy Corporation
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- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
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- Eastern Coal Council - USA
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- Ceylon Electricity Board - Sri Lanka
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- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
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- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
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- Planning Commission, India
- Manunggal Multi Energi - Indonesia
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- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Medco Energi Mining Internasional
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- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
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- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
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- Latin American Coal - Colombia
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- Indian Oil Corporation Limited
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- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
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- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
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- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
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- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
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- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
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- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
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- Malabar Cements Ltd - India
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- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
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