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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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Sunday, 28 August 11
FREIGHT MARKET COULD BE FIRM NEXT MONTH - VISTAAR
COALspot.com - The freight market continued the upward trend first half of the week . However, towards the end of the week lost momentum and the BDI ...
Saturday, 27 August 11
JAPANESE BULK CARRIER SETS RECORD ON NORTHERN SEA ROUTE - BARENTS OBSERVER
The Northern Sea Route will see its third record in less than a month when the largest ever bulk carrier to take the route leaves Murmansk next week ...
Saturday, 27 August 11
RBCT-INDIA ROUNDS FIXED AT AROUND US$ 12K - FEARNBULK
Handy
Stable but very positional markets across all segments in the Atlantic: the gap between owners and charterers rate ideas is building up as o ...
Friday, 26 August 11
TUAH TURANGGA AGUNG ACQUIRES AN ADDITIONAL 40% SHARES IN BARA PRIMA AGUNG
COALspot.com - PT Tuah Turangga Agung, a subsidiary of PT United Tractors Tbk, has signed an acquisition agreement to acquire 40% of PT Bara Prima A ...
Friday, 26 August 11
INTRACO EYES US$200 MIO COAL TAKEOVER - INSIDER STORIES
Heavy equipment distributor PT Intraco Penta Tbk, that was founded by Halex Halim, is scouting a coal acquisition with the valuation above US$200 mi ...
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- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
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