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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warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories.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, 16 October 15
MAJOR REVISION OF NYPE TIME CHAPTER PARTY - BIMCO
Major revision of NYPE time charter party promises to be both balanced and comprehensive
BIMCO has today jointly issued the first revision of ...
Friday, 16 October 15
FOB INDONESIA COAL SWAP FOR Q4'15 DELIVERY FLAT WEEK OVER WEEK; DOWN 5.5 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and flat week over week.
The Q4 swap declined $ 2.23 (-5.51%) ...
Friday, 16 October 15
COAL PRODUCTION IN THE UNITED STATES DECREASED THIS WEEK; DOWN 11.3 PER CENT Y-Y, DOWN 3.5 PERCENT W-W
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.1 million shor ...
Friday, 16 October 15
INDONESIA REJOINING OPEC DESPITE BEING A NET IMPORTER OF PETROLEUM - EIA
The Organization of the Petroleum Exporting Countries (OPEC) notified Indonesia that it plans to accept the country's request to reactivate its ...
Thursday, 15 October 15
INDONESIA COAL PRICE REFERENCE FALLS FOR SEVEN STRAIGHT MONTH IN OCTOBER
COALspot.com - The Director General of Mineral and Coal of Indonesia once a again revised down Indonesian coal benchmark price this month.
The ...
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- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
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