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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 $600 million purchase of West Virginia's Trinity Coal Corp. Signaling that Essar (and other groups like it) are moving fast to secure coal assets globally.
The coal industry is already a crowded space, with several nations competing for imports and to buy mines. The sudden addition of an aggressive and deep-pocketed buyer like India could end up being like trying to drive a bulldozer through a mousehole. Putting upward pressure on both coal trade prices and the price tag for purchasing deposits.
We saw this movie once before in 2005 when China turned from a net exporter of coal to a net importer. Prices soared and coal producers had a great run in the stock market.
India may be the only other nation on the planet with the ability to do same.
Source: OilPrice
Dave Forest, dforest@piercepoints.com, www.piercepoints.com
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Tuesday, 30 March 10
CHINA'S DROUGHT RAISES COAL PRICES, LOWERS HYDROPOWER
Bloomberg reported that, Benchmark coal prices at Qinhuangdao, China’s largest port handling the fuel, rose for the first time in 10 weeks aft ...
Tuesday, 30 March 10
PRICES FOR COKING COAL, IRON ORE TO SOAR AMID BURGEONING STEEL DEMAND: SCOTIABANK
Winnipeg Free Press reported that, Strong steel demand from China and a recovery in the developed world will push coking coal prices 56 per ce ...
Sunday, 28 March 10
SHIPS FROM WC INDIA TO CHINA CONTINUED TO BE FIXED AT HEALTHY LEVELS AT AROUND US$ 50/52,000 PER DAY - VISTAAR
COALspot.com: The dry bulk freight market seemed to be heading for a correction with all the indices dropping by 8-10 pct except for handy size whic ...
Saturday, 27 March 10
CHINA DROUGHT MAY RAISE COAL DEMAND, BOOST PRICES, CLSA SAYS - BLOOMBERG
Bloomberg reported that, Droughts in southwest China may increase demand for coal used in power plants, and ‘support” prices in the &ldq ...
Saturday, 27 March 10
CHINA TO REMAIN NET COAL IMPORTER IN NEAR FUTURE - STEEL GURU
Xinhua News cited Mr Wu Chenghou a councilor with the China Coal Transportation and Marketing Association as saying that China will remain a net coa ...
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- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- VISA Power Limited - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
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