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Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
 The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation facilities, such as copper, nickel, cobalt and lithium, Fitch Ratings says. This will require a vast supply response in the next two decades and investments from miners, although we view the repositioning of their businesses towards a higher share of energy-transition metals in revenue and cash flows as credit positive.
EVs and renewable generation are more metal-intensive than fossil fuel-based alternatives. This will support metals demand as the world transitions towards a carbon-free economy, leading to a six-fold increase in demand for minerals by 2050 compared to current levels, according to the International Energy Agency (IEA). Growth rates for each metal will vary and will depend on technologies chosen for batteries and power generation and environmental policies. We anticipate demand for energy-transition metals to peak by the 2040s, when the bulk of low-emission infrastructure will have been built.
However, rapid demand growth may not necessarily be met with an equivalent supply-side response. We estimate the level of available resources to be sufficient, but mineral resources are often geographically concentrated and their extraction may be subject to challenges. Mining projects have long lead times and require large investments. Lead times from resource discovery to production average 17 years, including 12.5 years from discovery to feasibility and 4.5 years for planning and construction, according to the IEA. Copper, cobalt and nickel projects have the longest lead times. By comparison, lithium deposits have shorter lead times, of about seven years.
CRU estimates that most markets for energy-transition metals will remain balanced over the medium term as committed and probable projects come online. Supply gaps might emerge after 2025, as the pipeline of new projects is not yet synchronised with the expected rise in demand created by the energy transition.
The commissioning of new projects will depend, along with the estimates of demand and return on investments, on the availability of funds for large capex projects, either internally generated or borrowed. The financial discipline of most miners has improved over the past decade, providing sufficient financial headroom for future investments. However, a prolonged period of low commodity prices might result in delayed investment decisions.
We view the exposure to energy-transition metals among Fitch-rated miners as credit positive. Several mining companies’ credit profiles, including that of Anglo American, have benefited from a growing share of these metals.
However, market participants now expect miners to deliver increasing volumes of metals required for the energy transition without compromising ESG standards. The key challenge is to reduce greenhouse gas emissions across the metal value chain. Emissions intensity of cobalt, aluminium and nickel mining and processing is high, so skyrocketing demand may result in rising net carbon footprints.
Electricity generation is the largest source of emissions in metals production, and therefore decarbonisation of power sources through shifting from coal to renewables will help reduce emissions. Changes in production technologies and increased metal recycling will cut carbon intensity further.
Source: Fitch Ratings
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Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
Thursday, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
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