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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, 06 January 10
BUMI SHARES UP AS OVERALL PERFORMANCE BEATS PREDICTIONS
The world’s largest thermal coal exporter PT Bumi Resources saw its shares jump 10 percent to Rp 2,675 ($29 US cents) on Tuesday after the com ...
Wednesday, 06 January 10
INDIA MAY HAVE BECOME TOP BUYER OF SOUTH AFRICAN COAL
India may have overtaken Europe for the first time as the biggest purchaser of South African coal in 2009, according to Raymond Chirwa, Richards Bay ...
Wednesday, 06 January 10
COAL PEAK RECEDES INTO THE FAR DISTANCE
COALspot.com (German): Coal will be available to mankind as an energy source for the next 120 years.
The German Coal Importer Association has ca ...
Tuesday, 05 January 10
SUPRAMAX MARKET REMAINED QUIET OVER THE LAST 10 DAYS BRS - DRY BULK
Despite a damp end to the year for bulk rates, shipping has weathered the storm far better than was initially expected in the wake of the financ ...
Tuesday, 05 January 10
WINTER WEATHER SPIKES COAL PRICES - CHINA UPDATE
Cold weather is driving coal prices higher and will lend the advantage in annual negotiations to suppliers, analysts said, predicting that the risin ...
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- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- The University of Queensland
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
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