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Wednesday, 04 November 15
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
 Four companies dominate global iron ore production, namely; BHP Billiton, Vale, Rio Tinto, and Fortescue Metals Group. Together these companies control more than 70 percent of the seaborne iron ore market.
The price of iron ore edged to $US49.95/ ton on Wednesday, nearing a four-month low but still the two major producers in Australia and Brazil have been following through with their longstanding plans to increase production. The low iron ore price also comes as China’s official forecaster warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories.
Rio Tinto in Australia and Vale in Brazil, are still ramping up production. For the first nine-months of 2015, Vale’s production overall is around 8 million metric tons higher than Rio Tinto’s at 248 million metric tons, while Vale’s shipments are just over 3 million metric tons higher.
Of course Australian miners still have an advantage in delivered costs to China, the main importer for iron ore. For example, Capesizes hauling the commodity from Brazil to China last week saw rates around $12/ton for the Tubarao/Qingdao route, while from Rio Tinto’s Dampier terminal in Western Australian, freight rates were slightly in excess of $5.10/ton.
It is quite interesting to see that current iron ore prices aren’t worrying Rio Tinto. Their CEO, Andrew Harding, said he’s not losing sleep, because the business line, like the miner itself, is in for the long haul. He reasons that populations will continue to grow and develop, especially in Asia and iron ore will be needed to serve their needs. In September, Rio Tinto said its modelling showed that the world would need three billion tons of iron ore by 2030.
On the other side of the world, Vale is also quite confident in their iron ore division after releasing their third quarter results for 2015. Their highlight is the significant cost cutting during this period, which made Vale, the company with the lowest production cost/ton in the entire sector, reach an unprecedented cost level of $ 12.7/ton of iron ore. They are trailing faster growth compared to Australian majors, who this year posted stronger increases to volumes from new capacity ramp-ups.
This is an oversupplied market that is obviously affected by the shrinking Chinese steel demand. On the other hand, oversupplied ore trade also creates opportunities for the large players, since it means that certain high-cost producers will struggle to survive. Some iron ore mines, such as those in Canada, China and Africa, have already buckled under the pressure.
Nevertheless, producers with operating costs that are far below current iron ore prices are very well-positioned to take market share in the long term. Now if several high-cost producers exit the industry, it would be quite difficult for them to re-commence operations.
Over the long term, the low-cost iron mines could potentially fill the gap that remains after smaller companies exit the market. The gain in market share will likely increase margins, operating cash flow and profits. Hopefully this could also change the dynamics in the market and positively affect the demand for seaborne trade.
By Christopher Thomas Whitty
Marketing Manager, Towage & Port Agency
Cotzias Intermodal Shipping
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 09 November 15
CFR SOUTH CHINA THERMAL COAL SWAP FOR Q3' 16 CONTRACT DECLINED US$ 4 PER TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 4.35 (9.03 %) per ton month over month.
A commodity swa ...
Monday, 09 November 15
INDIAN THERMAL COAL IMPORTS SURGED 18%; COKING COAL 6.31% DURING APRIL-OCTOBER: BUSINESS-STANDARD
Indian thermal coal imports surged 18% at the country's top 12 major ports to 55.90 million tonnes (MT) in the first seven months of the curren ...
Sunday, 08 November 15
THE FREIGHT MARKET KEEP DROPPING THIS WEEK - VISTAAR
COALspot.com: The freight market keep dropping this week.
The BDI down 12.48 percent week on week and closed at 631 points on 6 November 2015. ...
Sunday, 08 November 15
CAPESIZE FREIGHT RATES IN AUSTRALIA-CHINA ROUTES OVER 50% CHEAPER THAN BRAZIL-CHINA ROUTE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China’s mining and steel industries are facing tectonic shifts over the past couple of years, with the country’s limiting of coal use, ...
Friday, 06 November 15
COAL PRODUCTION IN THE U.S. FELL SHARPLY FOR THE WEEK ENDING OCTOBER 31
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.6 million shor ...
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- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
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