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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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Friday, 26 February 10
BANPU PROFITS SURGE BY 54% TO RECORD B14BN ON BRISK SALES
Banpu Plc, Asean's largest coal miner, said its earnings surged to a record high of 14.23 billion baht last year, an increase of 54% on the previou ...
Thursday, 25 February 10
INDO / INDIA COAL TRIPS SUPRAS CAN ACHIEVE AROUND MID 10S - FEARNLEYS AS
Handy
The BSI regained positive momentum exactly a week ago and the Atlantic rema ...
Thursday, 25 February 10
STEEP RISE IN COAL IMPORTS REQUIRED TO POWER INDIA - MONEYLIFE
The power ministry has estimated coal imports of 48 million tonnes in FY10-11, sharply higher than the expected imports of 28mt in the current fisca ...
Wednesday, 24 February 10
CHINA IMPORTED 8.81 MLN TONS OF INDONESIAN COAL IN JANUARY 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 24.38 million tons of coal last month, compared with 27.46 million tons in a ...
Tuesday, 23 February 10
TRENDS..... DRY BULK MARKET .... TRENDS
The dry bulk market was pulled along by the Capes this week, as fresh enquiry breathed temporary life back into the market. Short period rates also ...
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- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
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