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Saturday, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
 Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from returning demand while the supply response remains slow and inventories are running low.
Our revision of all iron ore price assumptions is the most significant change and is driven by tight market supply, which we expect to continue in the next couple of years, and the absence of material new projects over a long period that could offset depleting mines. Vale has cut its production guidance for 2021, resulting in no supply response to growing demand, with all large-scale iron ore producers operating at almost full capacity. Inventories are running low, while we expect additional demand linked to US and European economic stimulus packages.
We have increased the short-term copper price assumption due to strategic purchases by the China State Reserve Bureau and supply risks in 2021, including renewals of labour contracts in Chile and Peru, which may result in strikes. Medium-term prices will be supported by balanced market and energy transition trends as copper is used in charging infrastructure, cabling, electric vehicles, wind generators and transformers.
We have increased our zinc price assumptions for 2021 and 2022 due to growing demand in China. Zinc production is price-sensitive and mine supply of concentrates will catch up relatively quickly.
We have raised our aluminium price assumptions for 2021 on a stronger demand recovery in China, particularly from the automotive and solar energy sectors, and re-stocking outside of China, particularly in Europe. However, we expect a production surplus outside of China to persist, causing prices to soften once pent-up demand is satisfied. Prices will recover longer-term due to incremental demand growth.
We have raised gold price assumptions for 2021 and 2022 on increased demand due to investment flows and central bank purchases. We believe that prices will moderate in the medium term to an equilibrium of USD1,200/oz.
The rise in the 2021 coking coal price assumption is due to robust demand from the steel sector, supported by recovering steel production in India, Japan, South Korea and Europe, and rebalanced flows of seaborne coal despite ongoing restrictions on Australian coal imports to China.
We expect coal demand to grow in the medium and long term, but final decisions on new projects were delayed in 2020. This means that capacity expansions that were due to take place in 2021-2023 will be delayed until 2024 or 2025. Supply will therefore remain tight, supporting medium- and long-term price assumptions.
The upward revision of the 2021 Qinhuangdao 5,500 kcal/kg coal price assumption reflects strong prices at the start of 2021, which we expect to reduce as demand normalises in the rest of the year. We expect the price to align with our medium-term price assumption in 2022 due to growing renewables and increased approvals for greenfield mines. We have lowered the long-term price reflecting China’s ambition to achieve carbon-neutrality by 2060, meaning that carbon emissions, including those from coal consumption, will peak by 2030.
The revision in the 2021 Newcastle 6,000 kcal/kg coal price reflects higher year-to-date prices. However, these will prompt operations at costlier mines to resume leading prices to moderate in line with our medium-term assumptions. The long-term price adjustment reflects a gradually normalising price gap with the Chinese benchmark.
We have raised nickel price assumptions for 2021 due to strong spot prices and our expectation of increasing demand in 2021 for stainless steel; a key consumer of nickel. We have increased our long-term assumption as we expect the increased use of nickel in batteries to lead to a market deficit from 2025.
Source: Fitch Ratings
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Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Planning Commission, India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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