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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
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