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Thursday, 30 April 15
IRON ORE EXPORTS: A DANGEROUS RACE? - CLARKSONS
 The surge in iron ore exports in recent years has resulted in a significant decrease in iron ore spot prices, which dipped to a ten year low of below $47/t in April 2015. While lower prices helped to boost iron ore trade in 2014, the extent of the current price depression has raised questions over the ability of some miners to continue production at a loss, which is likely to have an impact on trade.
Surge In Exports
Australian seaborne ore exports increased 24% y-o-y in 2014, reaching 719mt, as the major miners Rio Tinto, BHP and Fortescue ramped up production.
The flood of Australian iron ore caused spot prices to fall 49% in 2014; to reach $69/t by December – a far cry from the previous five year average of over $135/t. Prices went on to hit a ten year low of $46.8/t in early April, but have rebounded slightly since. Nevertheless, many analysts have significantly reduced average price forecasts for 2015, with some projecting a level as low as $45/t.
Financial Pressure
Most small ore mining companies have a breakeven price of over $65/t. As prices have dropped below this level, high-cost miners around the world have reduced production, resulting in falling exports from the USA, Iran, Indonesia and Malaysia in 2014. Smaller miners in Australia are also increasingly feeling the pinch. Atlas Iron (which produced 12mt in 2014) was reportedly making a loss of more than $10/t and has now suspended production. BC Iron, which has a reported breakeven point of over $60/t, has seen shares plummet in recent months despite a reprieve from the Western Australian government for due payments of royalties. Fortescue, the fourth largest miner in the world, reportedly plans to expand production in 2015, but has introduced measures to further cut costs. Even the mining companies with low breakeven points – BHP Billiton and Rio Tinto – have seen their profit margins reduced. However, both companies still plan to expand production in the short-term.
Trade Impact?
As Rio Tinto and BHP increase supply this year, iron ore prices are likely to remain under pressure. Higher cost miners in China and elsewhere may reduce output as a result. Some analysts have projected over half of China’s 1,500 iron ore mines to close this year, despite a recent tax cut. Cheaper, higher quality iron ore imports are likely to continue to displace some Chinese output, although some Chinese miners may weather the weak price climate due to close ties with steel mills. This should support further growth in Chinese imports and global trade this year. However, the loss of output from other high cost miners globally could offset some of this growth. The pressure also seems unlikely to disappear soon, given weaker Chinese steel demand and expected expansion of Brazilian ore exports as projects come online in 2016-17.
While the list of mining companies who can afford to stay in the race may shrink, the scale of scheduled output growth from the larger miners is still likely to drive trade growth this year. However, against the backdrop of a lower price environment, and the potential for reduced Chinese demand, longer-term prospects for iron ore trade are starting to appear more challenging than previously.
Source: Clarksons Nikos Roussanoglou, Hellenic Shipping News
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Thursday, 30 April 15
IRON ORE PLAYS EXPECTED TO SHAPE UP MAY DRY BULK SCHEDULE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Market plays in the iron ore commodities’ markets, are expected to carve out the future demand for the shipping industry as well, said Allied ...
Wednesday, 29 April 15
MARKET INSIGHT - INTERMODAL
The figures of China’s slowing down imports of coking coal for the first quarter of the year are coming to confirm what everybody was expecti ...
Wednesday, 29 April 15
SHIPBUILDERS START OFFERING DISCOUNTS FOR DRY BULK NEWBUILDINGS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It took a while, but now it appears that some shipbuilders are beginning to adjust their price lists to the new grim reality of the dry bulk market ...
Tuesday, 28 April 15
FOB INDONESIA COAL SWAP DECLINED M-O-M; INCREASED W-O-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week but declined month on month.
The Q2 swap was declined US$ 0.15 ( ...
Tuesday, 28 April 15
Q2' 15 FOB RICHARDS BAY COAL SWAP CLOSED 4.18% HIGHER FROM MONTH AGO
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased month over month and slightly week over week.
The Q2 swap ha ...
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- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
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