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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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Monday, 27 April 15
U.S. COAL PRODUCTION FELL BELOW ONE BILLION SHORT TONS IN 2013 - EIA
COALspot.com: For the first time in two decades, U.S. coal production fell below one billion short tons to 984.8 million short tons in 2013 from 1, ...
Monday, 27 April 15
Q3' 2015 FOB NEWCASTLE COAL SWAP CLOSED 3.69% LOWER THAN Q2' 2015 PRICE OF $46.36
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery gained US$ 0.19 per MT (0.41%) month over month and US$ 0.78 week on week. ...
Monday, 27 April 15
CFR SOUTH CHINA COAL SWAP SLOWLY IMPROVED THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 0.74 (-1.41%) per MT month over month and increased US$ 0.43 ...
Sunday, 26 April 15
DRY BULK MARKET KEPT IMPROVING THIS WEEK; CAPES AND PANAMAXES SHOW A SLIGHT PICKUP IN RATES
COALspot.com: The freight market was stable this week as BDI closed at 600 points after improving 0.50 percent week over week.
The cape ...
Friday, 24 April 15
CHINA IRON ORE MINE CLOSURES TO SLOW ON GOVERNMENT SUPPORT - FITCH
Fitch Ratings expects fewer Chinese iron ore mine closures in 2015 as the government takes steps to support the industry, which has been struggling ...
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- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- MS Steel International - UAE
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Australian Coal Association
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
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