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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, 09 March 10
STRONG REBOUND IN ALL THE DRY BULK SEGMENTS THIS WEEK
There was a strong rebound in all the dry bulk segments this week, leading to an 18% jump in the Baltic Dry Index.
The Cape and Panamax markets s ...
Tuesday, 09 March 10
L&T POWER EYEING COAL MINES IN AUS, INDONESIA
L&T Power Development Company, a part of the Larsen & Tubro Group, plans to acquire coal mines in Australia and Indonesia, a top company off ...
Tuesday, 09 March 10
BHP AGREES SHORTER-TERM COAL DEALS WITH EUROPEAN, ASIAN CUSTOMERS
Diversified miner BHP Billiton on Monday reported that it had reached sales terms for a significant portion of its hard coking coal volumes for 2010 ...
Monday, 08 March 10
KPCL TO IMPORT 0.9 MILLION TON OF 6000 GCV COAL
COALspot.com: India's Karnataka Power Corporation Ltd is seeking to import 0.9 million metric tons of 6000 kcal/kg (adb) Gross Calorific Value stea ...
Monday, 08 March 10
CHINA SHIPPING TO CARRY MORE COAL FOR SHENHUA
Hellenic Shipping News reported that, China Shipping (Group) Company will expect to ship 40 million tons of coal for Shenhua Group in 2010, Li Shaod ...
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- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Australian Coal Association
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
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