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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warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories.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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Thursday, 05 November 15
Q2'16 INDO THERMAL COAL SWAP CONTRACT FOB INDONESIA FALLS TO $39.90/T
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week. Price of coal seen no improvements this past we ...
Thursday, 05 November 15
INFORMATION EXCHANGE GROUP'S LATAM MINING SECURITY SUMMIT 2016 - INTERNATIONAL CONFERENCE ON TECHNOLOGY SECURITY IN MINING
Press Release: LATAM Mining Security Summit 2016 is a carefully designed event that will bring together the leading stakeholders in the mining sect ...
Wednesday, 04 November 15
FOB RICHARDS BAY COAL SWAPS GAIN W-W AND M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gained week over week and month over month.
The Q4 swap was up US$ 1.4 ...
Tuesday, 03 November 15
THE DISCHARGE OF CARGO IN THE PRC WITHOUT ORIGINAL BILLS OF LADING - CLYDE&CO
KNOWLEDGE TO ELEVATE
On occasions, a vessel may arrive at a port and be ready to discharge but the original bills of lading in respect of the ...
Tuesday, 03 November 15
API 5 FOB NEWCASTLE COAL SWAPS DECLINE CONTINUES
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery slid $1.84 per ton (4.34%) month over month to US$ 40.54 per ton. The swap ...
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- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- The University of Queensland
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- White Energy Company Limited
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Planning Commission, India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
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