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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 $600 million purchase of West Virginia's Trinity Coal Corp. Signaling that Essar (and other groups like it) are moving fast to secure coal assets globally.
The coal industry is already a crowded space, with several nations competing for imports and to buy mines. The sudden addition of an aggressive and deep-pocketed buyer like India could end up being like trying to drive a bulldozer through a mousehole. Putting upward pressure on both coal trade prices and the price tag for purchasing deposits.
We saw this movie once before in 2005 when China turned from a net exporter of coal to a net importer. Prices soared and coal producers had a great run in the stock market.
India may be the only other nation on the planet with the ability to do same.
Source: OilPrice
Dave Forest, dforest@piercepoints.com, www.piercepoints.com
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Monday, 19 April 10
PLN TO OPERATE COAL MINES IN BID TO FUEL POWER PLANTS
The Jakarta Globe reported that, state electricity utility PT Perusahaan Listrik Negara said on Sunday that it aimed to take over operation of small ...
Sunday, 18 April 10
GOVT FORMS PANEL FOR RS 12,000-CR (US$ 2.711 BILLION) COAL INDIA IPO - ECONOMIC TIMES
Economic Times reported that, the government has formed an inter-ministerial panel to carry forward the proposed Rs 12,000-crore (US$ 2.711 billion) ...
Sunday, 18 April 10
THE FUTURES FOR THREE YEARS (2010-2012) FOR PANAMAX WAS AT AROUND US$ 21500 PER DAY - VISTAAR
COALspot.com: The BDI indices up by 3.30 pct and overall market continued to be firm except for India to Fareast.
“The cape index for the f ...
Saturday, 17 April 10
DRY BULK SHIPPING MARKET ANALYSIS - BIMCO
Strong Chinese steel market is set to cushion the flood of new Capesize vessels entering the dry bulk fleet Demand: The first quarter of 2010 saw up ...
Saturday, 17 April 10
DRY BULK MARKET EDGES HIGHER ON STRONGER DEMAND
The dry bulk market managed to inch higher by the end of the week as brokers indicated that stronger cargo demand pushed freight rates that much hig ...
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- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- London Commodity Brokers - England
- McConnell Dowell - Australia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
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