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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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Thursday, 21 January 10
HANDYMAX - SHORT PERIOD OWNERS IDEAS ARE AROUND MID/LOW 20S - FEARNLEYS AS
HANDY
The BSI moved in a downward direction since last Friday reflecting minor a ...
Thursday, 21 January 10
ASF GROUP TO COMMENCE COAL SALES TO CHINA BY FEBRUARY 2010
Sydney-based China energy and resource conduit, ASF Group has struck an agreement to supply coal to China.
In September 2009, ASF announced a ven ...
Thursday, 21 January 10
INDONESIA BUKIT ASAM AGREES ON LOWER COAL PRICE
Indonesian state coal miner PT Tambang Batubara Bukit Asam Tbk has agreed with a local power plant to set 2010 coal prices at 23 percent lower than ...
Thursday, 21 January 10
CABOTAGE POLICY POSTPONED
The Transportation Ministry has decided to postpone for one year the full enforcement of the cabotage principle – a maritime term for the proh ...
Thursday, 21 January 10
MEC IN TALKS WITH TATA POWER ON COAL - TRADE
The UAE's Middle East Coal is in talks to supply coal to Tata Power, India's biggest private sector power firm, from its new Indonesian operations ...
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- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
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