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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warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories.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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Wednesday, 28 October 15
Q2'16 FOB RICHARDS BAY COAL SWAP SEES FURTHER DECLINES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gained week over week and declined month over month.
The Q4 swap was d ...
Wednesday, 28 October 15
BDI INCREASE TOOK PLACE SOLELY ON THE BACK OF CAPESIZE PERFORMANCE, BUT........ - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a small improvement which nonetheless failed to lift sentiment, not only because ...
Tuesday, 27 October 15
Q1'16 API 5 FOB NEWCASTLE COAL SWAP DECLINE 6 PER CENT M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $2 per ton (4.66%) month over month to US$ 40.93 per ton. The swa ...
Monday, 26 October 15
PORT OF NEWCASTLE SHIPPED 10.5 PER CENT LESS COAL IN SEPTEMBER, COMPARED TO AUGUST LOADING
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.161 billi ...
Monday, 26 October 15
CFR SOUTH CHINA COAL SWAPS CLOSE DOWN 4.3% AS DEMAND CONCERNS WEIGH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US$ 1.48 (3.02 %) per ton month over month.
A commodity sw ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
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