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Monday, 07 November 11
CHINA'S COAL IMPORTS STEAM AHEAD
 Chinese seaborne coal imports have grown greatly in recent years, up from 39.2mt in 2008 to 167.7mt in 2010, with the result that China became a net coal importer in 2009.
Chinese seaborne steam coal imports equated to less than 5% of Chinese coal consumption in 2010. Despite this, China is now the world’s second largest steam coal importer, accounting for 13.7% of seaborne imports in 2010. Thus, any changes in China’s import volumes will have a major impact on the global seaborne steam coal trade.
The existence of a pricing arbitrage between domestic and international coal prices was the catalyst for the upturn in Chinese coal imports. In 2010, higher domestic prices led Chinese consumers to source more coal from the international market, where the price was lower. As the Graph of the Month shows, in January 2010, the price of Indonesian steam coal (spot price + freight) was $39 per tonne cheaper than the Chinese domestic price (spot price + coastal freight) in south China. As a result, China imported an average of 9.0mt per month in Q1 2010, compared to just 1.2mt in the same period of 2009.
However, during the first quarter of 2011, a reduced average of 5.4mt of coal was imported by China. This reflects a higher global coal price (up to $139 per tonne), which made domestic coal a more cost-effective option.
Other Factors
Since April this year, Chinese domestic steam coal prices have risen and now exceed international prices. Thus, Chinese imports reached 12.0mt in September, the largest volume on record.
Other factors, in addition to pricing, support this short-term movement towards coal imports. Firstly, there are fears about potential power shortages, following a sharp decline in hydroelectricity output (down 11.2% and 14.9% y-o-y in July and August respectively). Secondly, it is likely that there will also be heightened demand for coal for power generation, due to the onset of winter. The price arbitrage should stimulate imports, as should reports that the central government will lower taxes and port charges on imported coal.
Potential Limitations
In the medium-term, Chinese domestic coal production may be limited if the government drive for better mine safety leads to mine closures. However, this may not inevitably lead to heightened seaborne imports. Production in countries like Mongolia and regions like Inner Mongolia has been ramping up recently and a railway expansion programme, due to be completed in 2015, will facilitate large-scale coal exports from these areas.
However, it is important not to understate the long-term impact of Chinese demand on seaborne coal trade even though most coal currently consumed by China is produced domestically. Even if seaborne import’s share of Chinese coal demand were to increase by just 2% percentage points over the course of the next decade to stand at 5%, then(assuming long-term demand growth of 2.5%), this would equate to an extra 100mt of annual seaborne import requirements.
In the long-run, any developments along this line would offer a considerable upside for dry bulk trade.
Source: Clarksons / Hellenic Shipping
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Wednesday, 02 November 11
MMTC TO BUY 3.73 MILLION TONS OF COAL FOR 2011- 2013
COALspot.com - India’s state-owned coal and mineral trader MMTC looking for 3.73 million tons of power plant coal for the period 2011 - 2012/ ...
Wednesday, 02 November 11
PANAMAX MARKET BECAME QUIETER AFTER THE RECENT RECOVERY - BRS
There were substantial losses across the board this week: the BDI lost 6.3% to end at 2,018 and the BCI 8.2% to end 3,274. In the smaller sizes the ...
Tuesday, 01 November 11
BORNEO LUMBUNG BUYS 23.8% INTEREST IN BUMI
COALspot.com - PT. Borneo Lumbung Energi (BORN), an Indonesian coking coal producer announces that it has signed a sale and purchase agreement, cond ...
Tuesday, 01 November 11
BAKRIE FORMS STRATEGIC PARTNERSHIP WITH BORNEO - REDUCING DEBT BY USD 1 BILLION
Press Release - Enhancing the standing of “Indonesia Inc.” at the London Stock Exchange PT Bakrie & Brothers Tbk (“BNBR” ...
Tuesday, 01 November 11
ATLAS RESOURCES SETS IPO AT RP1,500 - INSIDER STORIES
Insider Stories reported that, coal miner PT Atlas Resources Tbk has set its initial public offering (IPO) at Rp1,500 (approximately US$ 0.169) per ...
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- Global Green Power PLC Corporation, Philippines
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- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
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- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
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- Georgia Ports Authority, United States
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- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- MS Steel International - UAE
- McConnell Dowell - Australia
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- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
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- SN Aboitiz Power Inc, Philippines
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- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
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- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
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- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
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- Interocean Group of Companies - India
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- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
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- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
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- Ambuja Cements Ltd - India
- PTC India Limited - India
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- The State Trading Corporation of India Ltd
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- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
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- Economic Council, Georgia
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- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
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- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
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- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
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- Electricity Authority, New Zealand
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- Indian Oil Corporation Limited
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- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
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- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
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- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
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