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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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Thursday, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
Tuesday, 06 July 10
KEPCO, POSCO BUY AUSTRALIAN COAL MINES - CHOSUN
Chosun reported that, Electricity monopoly KEPCO and steelmaker POSCO have both bought coal mines in Australia.
KEPCO signed a 400 million Austra ...
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- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- The University of Queensland
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Australian Coal Association
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
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