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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, 15 April 10
DRY BULK MARKET SLOWLY GAINING GROUND
The troubled and underperforming capesize sector of the dry bulk market has been experiencing an improved sentiment since Tuesday, a trend verified ...
Tuesday, 13 April 10
CHINA COAL SEEING 'STRONG DEMAND,' PUDA COAL CFO SAYS - BUSINESS WEEK
Business Week reported that, China coal prices will increase this year as the nation’s industry expands and a drought in the southwest region ...
Tuesday, 13 April 10
PEABODY, COAL INDIA CONFIRM 'EARLY STAGE' TALKS - MINING WEEKLY
Mining Weekly reported that, US coal-miner Peabody Energy is holding discussions with Coal India, the company said on Monday, after an Australian ne ...
Tuesday, 13 April 10
ANGLO PREDICTS HIGH COAL PRICES, STEADY SUPPLY
Busrep / Reuters reported that, Coal prices were expected to remain strong this year, while exports would match last year's despite rail cons ...
Tuesday, 13 April 10
THE PANAMAX MARKET CONTINUED TO STRENGTHEN - BRS DRY BULK
Panamax rates continue to beat the market, and the Panamax 4TC is now trading at a 25% premium to the Cape 4TC — the biggest margin since the ...
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- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Planning Commission, India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Thai Mozambique Logistica
- MS Steel International - UAE
- Australian Coal Association
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
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