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Sunday, 28 March 10
DEMAND FROM INDIA RESHAPING THE GLOBAL COAL MARKET - DAVE FOREST
 Attention international coal industry. There's a new kid on the block.
The nation of India.
India is emerging as a major re-shaping force for the global coal market. With in-country coal supplies flagging, Indian buyers are increasingly turning to imports to meet demand.
The situation at many of the nation's power plants is dire. The federal Central Electricity Authority monitors coal stockpiles at 79 plants throughout India. As of yesterday, 19 of those plants (25%) were running at "critical" levels, with less than 7 days worth of coal on hand.
In fact, 9 of those plants are operating with less than 4 days of coal supply. Meaning that 11% of national generating capacity is teetering on the edge of shutdown. These plants are completely reliant on new coal deliveries. If coal shipping is disrupted for any reason, there's no back-up.
There are a few factors at play here. Firstly, India's coal production is lagging demand. Due to fixed government pricing that makes it difficult for coal miners to turn a profit. There's simply not much economic incentive to build new mines (although the government is trying to horse-whip producers into increasing output, even at low prices.)
The other problem is that India's coal-producing regions are distant from many of the electricity demand centers, especially along the coast. Bottlenecks in rail transport make it difficult to get coal to many of the power plants that need supply most.
A clear solution seems to be emerging amongst many of India's biggest coal buyers. Go international.
Yesterday, Maharashtra State Power Generation Co. (the firm that supplies power to Mumbai, among other places) announced it will seek to import 3.35 million tons of thermal coal in the year beginning April 1.
This is a big jump in Maharashtra's foreign coal use. Up 40% from the 2.4 million tons imported in the year ended March 31.
The company's managing director Subrat Ratho made it clear this is a decision coming from the highest levels in India. As he noted, "We would like to import as little as we can because overseas coal is six-times more expensive than Indian coal. But it appears the Ministry of Power has made an assessment of how much coal the domestic companies will be able to supply to various states and have given us this target."
The decision is changing the face of coal imports across the country. India's thermal coal imports surged 100% in 2009, to 60 million tons. Up from just 30 million tons in 2008.
With India's focus now shifting to coal imports, a question is arising. Where will this international supply come from?
Nations like China and Japan have been competing hard for years to secure coal supplies in many of the world's richest regions like Indonesia and Australia. Being late to the party, India is now making its own push to capture supplies. By going forth and buying mines.
Last year, the Indian government gave explicit instructions to many of the nation's largest coal companies to buy overseas coal mines in the interest of nailing down import supply.
One such acquisition materialized this week, with major coal miner and power plant operator Essar Group announcing its purchase of the Aries coal mine in East Kalimantan, Indonesia. The project is reported to hold 100 million tons of thermal coal.
This follows on the heels of Essar's recently-announced $600 million purchase of West Virginia's Trinity Coal Corp. Signaling that Essar (and other groups like it) are moving fast to secure coal assets globally.
The coal industry is already a crowded space, with several nations competing for imports and to buy mines. The sudden addition of an aggressive and deep-pocketed buyer like India could end up being like trying to drive a bulldozer through a mousehole. Putting upward pressure on both coal trade prices and the price tag for purchasing deposits.
We saw this movie once before in 2005 when China turned from a net exporter of coal to a net importer. Prices soared and coal producers had a great run in the stock market.
India may be the only other nation on the planet with the ability to do same.
Source: OilPrice
Dave Forest, dforest@piercepoints.com, www.piercepoints.com
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Tuesday, 04 May 10
APRIL 2010 COAL PRICE REFERENCE WAS US$ 86.58/T FOB VESSEL
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has publishing a monthly coal price reference (HBA) to be used by ...
Tuesday, 04 May 10
DRY BULK MARKET SOFTENING AGAIN ON LACK OF DIRECTION
The dry bulk market has put on the brakes once again, after the last session of the Baltic Dry Index ended at 3,354 points, down 5 from the previous ...
Monday, 03 May 10
AUSTRALIA PLANS 40 PERCENT TAX ON MINING PROFITS - THE JAKARTA POST
The Jakarta Post reported that, Australia would heavily tax the booming profits of its mining companies under a tax system overhaul proposed Sunday ...
Saturday, 01 May 10
THE PERIOD ACTIVITY WAS QUITE FIRM DURING THE WEEK - CAPT. REDDY
COALspot.com: The BDI was up by 11.32 pct which was mainly due to the firmness in capsize index which was up by 21.55 pct .
The other sectors Pan ...
Saturday, 01 May 10
EXPANDED SA COAL TERMINAL TO START OPERATIONS ON MAY 1 - MINING WEEKLY
Mining Weekly reported that, In line with expectations, the Richards Bay Coal Terminal (RBCT) had completed the R1,2-billion Phase V expansion ...
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- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- The University of Queensland
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
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