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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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- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- London Commodity Brokers - England
- MS Steel International - UAE
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