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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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Sunday, 23 October 11
CHINA LOOKING TO RESELL INDONESIAN COAL CARGOES - BARCLAYS
Commodity Online reported that, Anecdotal evidence has suggested that China is even looking to resell Indonesian cargoes back into the seaborne coal ...
Saturday, 22 October 11
THE SHORT-PERIOD RATES FOR PANAMAX REMAINED FIRM - CAPT. REDDY
COALspot.com - "The market seemed to slow down a bit this week, and all sectors were down by about One to five percent", said Capt. Reddy, ...
Saturday, 22 October 11
WILL THE PROPOSED 26 PERCENT PROFIT SHARING CLAUSE IN THE MINING BILL SPEED UP THE PRODUCTION OR SCARE AWAY INVESTORS? - DIPESH DIPU
A draft law has been approved by a ministerial panel headed by Finance Minister Pranab Mukherjee of India which, if passed by the Cabinet, will make ...
Saturday, 22 October 11
INDONESIA'S GOLDEN ENERGY SLASHES ITS IPO PRICE - THE JAKARTA GLOBE
The Jakarta Globe reported that, Golden Energy Mines, a coal mining company affiliated with Sinar Mas Group, lowered its target in an initial public ...
Thursday, 20 October 11
CAPESIZE - TUBARAO /QINGDAO BEING FIXED AT STRONG US$ 29.75 PMT
Handy
The Atlantic market is quite steady, and market seems to be around the same levels as last week. Fewer fixtures reported though. ...
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- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- The University of Queensland
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