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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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Saturday, 13 February 10
COAL INDIA 2010/11 COAL IMPORTS TO JUMP - EXEC
Coal imports by state-run Coal India Ltd are likely to soar to 6-10 million tonnes in fiscal 2010/11 from an expected 1.5-1.7 million tonnes in the ...
Saturday, 13 February 10
RULES MAY FREE $10B OF MINING PROJECTS IN INDONESIA
The government announced on Friday that it had issued two implementing regulations for the new Mining Law that will clear the way for the developmen ...
Saturday, 13 February 10
INDONESIA OFFERS TAX INCENTIVES FOR RENEWABLE ENERGY
Indonesia is offering tax incentives to develop renewable energy projects, including geothermal energy, to cut dependency on fossil fuels, a decree ...
Friday, 12 February 10
MECHEL EYES 2010 COAL OUTPUT AT 28-29 MLN T
Russian steel and coking coal producer Mechel expects coal output to reach 28-29 million tonnes this year, returning to pre-crisis levels thanks to ...
Friday, 12 February 10
TATA POWER: QUARTERLY BLIP
Although the company’s revenues dipped in the December quarter, its long-term story is intact.
Lower power generation and realisations saw ...
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- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Australian Coal Association
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- White Energy Company Limited
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
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