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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, 12 October 11
CAPESIZE - A SURPRISE JUMP IN RATES - BRS
There was a surge across all sizes last week, resulting in the BDI gaining 101 points to end the week at 2,000 points (+5.3%). The BCI reached 3,218 ...
Wednesday, 12 October 11
CAPESIZE FREIGHT RATES BOUND TO RETREAT FROM 2011 HIGHS ON THE BACK OF TONNAGE OVERSUPPLY SAYS BIMCO
According to Nikos Roussanoglou, Hellenic Shipping, with the BDI (Baltic Dry Index) breaking yet another 2011 high yesterday and ending the se ...
Tuesday, 11 October 11
GLENCORE, SUITOR FOR BUMI PLC? - INSIDER STORIES
Insider Stories reported that, the largest commodities trader in the world, Glencore International Plc, is considering an opportunity to acquire a m ...
Tuesday, 11 October 11
RENUKA COALINDO BUYS JAMBI COAL
PT Renuka Coalindo Tbk, formerly PT Allbond Makmur Usaha Tbk plans to acquire PT Jambi Prima Coal holder of mining concession in Pauh, Sa ...
Monday, 10 October 11
MOZAMBIQUE CHANNEL TO BE THE NEW PIRACY HOTSPOT FOR THIS YEAR SAYS MARITIME SECURITY EXPERT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The Mozambique Channel, as well as the entrance to the Persian Gulf, are expected to become some of the new pirate hotspots for piracy, says Richard ...
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- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- The University of Queensland
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Australian Coal Association
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
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