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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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Thursday, 08 September 11
PETROSEA ADDS US$730 MIO CONTRACT
Coal mining contractor PT Petrosea Tbk (PTRO), a majority owned subsidiary of energy integrated company PT Indika Energy Tbk (INDY), has secured a U ...
Wednesday, 07 September 11
ANOTHER EXCEPTIONALLY STRONG WEEK FOR THE CAPESIZE MARKET - BRS
The very strong rise in Cape rates pushed through an overall improvement in the BDI this week, although relatively little benefit from the Capes has ...
Wednesday, 07 September 11
INDIA HIT BY INDONESIAS COAL PRICE - TEMPO INTERACTIVE
TEMPO Interactive, an Indonesian online news portal reported that, The Indian government has complained about the price increase of Indonesian coal, ...
Wednesday, 07 September 11
SAMPUR POWER AGREEMENT SIGNED - DAILY NEWS
Daily News, Sri Lank's national news paper reported that, the agreement for the setting up of a 500 MW coal-fired power plant at Sampur, Trincomale ...
Tuesday, 06 September 11
INDONESIAS PROPOSED COAL EXPORT BAN MAY HAVE IMPACT ON THE INDIAN POWER SECTOR - DIPESH DIPU
COALspot.com - This is a special interview about Indonesian proposed coal export ban by 2014, with Mr. Dipesh Dipu, Director of Deloitte Touche Tohm ...
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- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Economic Council, Georgia
- London Commodity Brokers - England
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- The University of Queensland
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
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