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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, 08 April 10
INDONESIAN ENERGY MINISTRY SEEKS LONGER MINING CONTRACTS - THE JAKARTAGLOBE
The Jakarta Globe reported that, Energy Minister Darwin Zahedy Saleh said he would seek to amend the mining law to address investors’ complain ...
Thursday, 08 April 10
NAPOCOR GETS ONE OFFER AT COAL TENDER - ABS CBN
ABS- CBN News reported that, Philippine power producer National Power Corp. (Napocor) is likely to buy 50,000 tons of steam coal from PT Berau Coal ...
Wednesday, 07 April 10
DRY BULK MARKET LOOKING FOR DIRECTION
The dry bulk market has kept a low profile during the past week, as evidenced by the small changes of a usually rather turbulent Baltic Dry Index (B ...
Tuesday, 06 April 10
NEWCASTLE COAL EXPORTS RISE 24%, SHIP QUEUE SHORTENS - BLOOMBERG
Bloomberg reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel used in power st ...
Tuesday, 06 April 10
UAE STEEL TRADERS FEAR LOSSES ON GLOBAL HIKE
A sudden spurt in the price of iron ore in the international market has caught local steel traders and manufacturers and a host of other steel-depen ...
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- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- The University of Queensland
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Interocean Group of Companies - India
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
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