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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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Wednesday, 10 February 10
ANGLO AMERICAN TIPS COAL PRICE RISE AFTER RAIN, AUSTRALIAN SAYS
Anglo American Plc expects coking coal contract prices to rise after weeks of heavy rain in Queensland state cut output by as much as 10 million met ...
Wednesday, 10 February 10
KANGAROO RESOURCES COMMENCES MINING AT MAMAHAK COKING COAL PROJECT
International coal producer Kangaroo Resources has kicked off mining at its second Indonesian coal operation, the Mamahak Coking Coal Project in Eas ...
Wednesday, 10 February 10
CHINA DENIES CLIVE PALMER'S COAL DEAL
ONE of China's biggest government-owned companies yesterday repudiated mining billionaire Clive Palmer for overstating what he said was Australia' ...
Tuesday, 09 February 10
INDIANS SAY SEEKING COAL BARGAINS VIA INDEX PRICES
* Indonesian cheaper than S.African - traders
* End-users wait for price falls before tendering
Indian coal traders responsible for the bulk of ...
Tuesday, 09 February 10
EURO COAL-PROMPT SLIDES WITH OIL PRICES
* April S.African cargo trades at $83.50/T FOB, unchanged
* April DES cargo trades at $74.75 a tonne, down $1/T
* Russia's Kuzbassrazrezugol sees ...
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- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
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