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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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Saturday, 03 September 11
TNPL TO BUY 240K MT OF NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint and Papers Limited (TNPL), is seeking to procure 240,000 MT +/- 5 percent of non-coking imported coal with ...
Friday, 02 September 11
CAPESIZE DEMAND LIFTS DRY BULK MARKET ONCE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what proves to be the best week of the year for Capesize owners, strong demand has helped propel the dry bulk market to new highs yesterday. The ...
Thursday, 01 September 11
EWP TO BUY 195KT OF VIETNAM COAL
COALspot.com - Korea Midland Power (KOMIPO) has issued an International open bidding for 490kt of sub bituminous coal, according to a bid invitation ...
Thursday, 01 September 11
DRY BULK MARKET TAKES GREAT LEAP FORWARD - NIKOS ROUSSANOGLOU
In what turned out to be a rather hopeful ending of the month, the last day of August saw the dry bulk market’s benchmark, the BDI (Baltic Dry ...
Tuesday, 30 August 11
FAUJI CEMENT CONSUMED MORE THAN 1 MILLION TONS OF LOCAL COAL
Cooper Minerals Inc.based in Vancouver, BC, Canada, is a junior exploration company engaged in the acquisition, exploration and development of miner ...
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- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- The University of Queensland
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
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