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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warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories.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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Friday, 30 October 15
INDONESIA'S COAL EXPORTS DROP ON LOW PRICES - THE JAKARTA POST
Indonesia's coal exports significantly dropped in the first nine months of the year as coal companies continued to suffer from low prices in ad ...
Friday, 30 October 15
CHINESE MINERAL IMPORTS: MOVING ON FROM INDONESIA? - CLARKSONS
China has accounted for almost 90% of global imports of nickel ore and bauxite in recent years and was therefore heavily hit by the Indonesian mine ...
Friday, 30 October 15
COAL PRODUCTION IN THE UNITED STATES INCREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.5 million shor ...
Thursday, 29 October 15
IRAN'S RETURN TO OIL MARKETS WILL HAVE TEMPERED IMPACT FOR THE TANKER SHIPPING INDUSTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While many analysts appear to be fearful of a potential incremental rise in tanker ships’ supply, as a result of the imminent return of Iran ...
Thursday, 29 October 15
Q2' 16 FOB INDONESIA COAL SWAP CLOSED US$ 37.40 PER TON; DECLINED 5.56 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 2.13 (-5.34%) per t ...
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- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Parliament of New Zealand
- The University of Queensland
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Sojitz Corporation - Japan
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