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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 $600 million purchase of West Virginia's Trinity Coal Corp. Signaling that Essar (and other groups like it) are moving fast to secure coal assets globally.
The coal industry is already a crowded space, with several nations competing for imports and to buy mines. The sudden addition of an aggressive and deep-pocketed buyer like India could end up being like trying to drive a bulldozer through a mousehole. Putting upward pressure on both coal trade prices and the price tag for purchasing deposits.
We saw this movie once before in 2005 when China turned from a net exporter of coal to a net importer. Prices soared and coal producers had a great run in the stock market.
India may be the only other nation on the planet with the ability to do same.
Source: OilPrice
Dave Forest, dforest@piercepoints.com, www.piercepoints.com
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Friday, 23 April 10
KPCL EYES MINE IN INDONESIA - BUSINESS STANDARD
Business-Standard reported that, Karnataka Power Corporation Ltd (KPCL), the state-owned power generator, is exploring the possibility of acquiring ...
Thursday, 22 April 10
INDONESIAN COAL PRICE REFERENCE FOR MARCH 2010 - US$ 86.64/T
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has begun publishing a monthly coal price reference (HBA) to be use ...
Thursday, 22 April 10
NEED TO IMPORT 82 MT COAL IN FISCAL - INDIA COAL MIN
Indian Express reported that, anxious to bridge the ever-widening gap between the rising demand for coal and its inadequate supply, the Coal Ministr ...
Thursday, 22 April 10
DRY CARGO DEMAND EXPECTED TO INCREASE, FAVORING HIGHER FREIGHT RATES
Increased dry bulk cargo demand is expected to become the norm in the coming weeks and months, according to analysts, which in turn should sustain f ...
Thursday, 22 April 10
INDIA'S BORL SEEKS TO BUY INDONESIAS LOW - SULFUR COAL
COALspot.com: Bharat Oman Refineries Ltd, a joint venture company (promoted by Bharat Petroleum Corporation Ltd, India and Oman Oil Company Lt ...
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- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
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