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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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Tuesday, 04 October 11
INDONESIA RAISES COAL BENCHMARK (HBA) FOR FIRST TIME IN 4 MONTHS
COALspot.com - Indonesia raised the monthly reference price for sales in October by 2.56 percent, the first increase since June.
The Ministry of ...
Tuesday, 04 October 11
COAL MINING GROUP WANTS EXPORT TAX, NOT EXCISE - JG
One of the leading English news paper in Indonesia, The Jakarta Globe reported that, the government shall reimpose a duty on coal exports, classifyi ...
Sunday, 02 October 11
INDIAN COAL IMPORTS PICKED UP - CAPT. REDDY
COALspot.com - The BDI dropped by 1 pct and Cape index dropped by 6 pct closing at 1,899 points and 3,136 points respectively. However all other seg ...
Saturday, 01 October 11
2012 TO BE ANOTHER CHALLENGING YEAR - CEO, REMI MARITIME
Shipowners are facing another challenging year in 2012 said Mr. Leonidas Polemis CEO of Remi Maritime Corporation, urging caution towards operating ...
Friday, 30 September 11
MINING BILL CLEARED, FIRMS TO SHARE 26% PROFITS WITH LOCALS - NDTV
NDTV reported that, The Union Cabinet cleared the draft mining bill aimed at regulating mining activities Friday. The bill proposes a profit-sharing ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- The University of Queensland
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
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