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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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Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
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- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Parliament of New Zealand
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
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