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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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Monday, 04 January 10
TOKYO ELECTRIC SEALS XSTRATA COAL DEAL
Tokyo Electric Power Co has agreed to pay about $US85 a tonne for Australian thermal coal in 2010 from miner Xstrata, a source familiar with the pri ...
Monday, 04 January 10
IND-BARATH TO SHIFT PROJECT FROM AP TO TN
Hyderabad-based power producer Ind–Barath is planning to set up a power plant at Tuticorin, Tamil Nadu. The proposed project would attract inv ...
Sunday, 03 January 10
NEWCASTLE THERMAL COAL PRICES FALL IN FIRST DECLINE IN 3 WEEKS
Power-station coal prices at Australia’s Newcastle port, a benchmark for Asia, declined 1.5 percent, falling for the first time in three weeks ...
Sunday, 03 January 10
NTPC SEEKS REPORT ON TRANSPORTING COAL THROUGH WATERWAYS
State-run National Thermal Power Corporation (NTPC), the country’s largest power utility, has asked for a “holistic” feasibility r ...
Sunday, 03 January 10
BHP TO STAY IN MARUWAI AND TO KEEP 75 PERCENT OF THE STAKE
Despite recent statements that it would pull out completely from Indonesia, the world's largest mining company BHP Billiton has now admitted that i ...
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- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- PTC India Limited - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
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