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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, 27 September 11
A STRONG REBOUND FOR THE CAPE MARKET - BRS
A strong rebound for the Cape market, as cargoes continued to flow into the market and tonnage remained tight in the Atlantic, according to Barry Ro ...
Tuesday, 27 September 11
INTRACO SEALS US$25.3 MIO ORDER - INSIDER STORIES
Insider Stories reported that, Heavy equipment distributor PT Intraco Penta Tbk (INTA) obtained a US$25.3 million order on hand of heavy equipments ...
Sunday, 25 September 11
THE CHARTER RATES FOR INDONESIA TO INDIA WAS FIRM - VISTAAR
COALspot.com - The freight market moved up sharply with the cape Index up by 11 pct pushing the BDI by almost 6 pct and closing at 1,920 point ...
Saturday, 24 September 11
GOVT PLANS TO RENEGOTIATE ALL CONTRACTS INCLUDING FREEPORT - JP
The Jakarta Post reported that, the Energy and Mineral Resources Ministry has confirmed plans to renegotiate all mining contracts including those wi ...
Friday, 23 September 11
ICMA TO BUILD UPGRADE FACILITIES TO ANTICIPATE BAN ON LOW-GRADE COAL EXPORT BY 2014
COALspot.com - January to August of this year, Indonesia’s coal production had already reached 235 million tons. Earlier estimates had targete ...
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- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
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