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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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Thursday, 29 April 10
SOUTH AFRICAN ROUNDS BACK TO INDIA SUPRAS CAN ACHIEVE AROUND MID 20S
Handy
Atlantic markets remain firm. Supramaxes open in USG are now achieving low/mid&n ...
Thursday, 29 April 10
KANGAROO RESOURCES INKS KEY COAL EXPORT CONTRACT WITH YUDEAN FARNON - PROACTIVE INVESTORS
Proactive Investors reprted that, Kangaroo Resources has secured an initial export sales contract for coal from the company’s operating coal p ...
Wednesday, 28 April 10
UNITED TRACTORS FOCUSES ON MINING AS IT SEEKS TO DIVERSIFY REVENUE SOURCES - JG
The Jakarta globe reported that, PT United Tractors, Indonesia’s biggest heavy-equipment distributor and mining contractor, aims to have its m ...
Wednesday, 28 April 10
DRY BULK MARKET
After a prolonged period of anticipation and a stalled dry bulk market in terms of freight rates, the industry’s benchmark, the Baltic Dry Ind ...
Tuesday, 27 April 10
CAPESIZES UP, PANAMAXES DOWN - BRS
It was Capesizes up, Panamaxes down this week as the latter experienced a correction after its recent gains. Period rates for Panamaxes remain firm ...
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- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
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