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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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- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
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