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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, 25 August 11
OPG EXPECTS COAL PRICES TO REMAIN FIRM IN THE SHORT TERM
COALspot.com - Revenue of OPG, the developer and operator of Group Captive power plants in India up 188% to £33.15m and Income from continuing ...
Thursday, 25 August 11
PAITON POWER LOOKING FOR 3.96 MILLION TONS OF COAL
COALspot.com - PT Pembangkit Jawa Bali (PJB) is looking for 3.96 million tons coal with calorific value 4,800 kcal/kg on as received basis. Accordin ...
Tuesday, 23 August 11
ICMA CALLS GOVERNMENT TO REVIEW EXPORT BAN REGULATION
COALspot.com - Chairman of the Indonesian Coal Mining Association (ICMA) Bob Kamandanu asks the government to review the regulation that being draft ...
Tuesday, 23 August 11
ADARO ENERGY ACQUIRES 75% STAKE OF PT MUSTIKA INDAH PERMAI FOR US$ 222.5 MILLION
COALspot.com - PT Alam Tri Abadi, a wholly owned subsidiary of PT Adaro Energy Tbk, signed a share purchase agreement to acquire a 75% stake of PT M ...
Tuesday, 23 August 11
COAL DEMAND IS REMAINED STRONG IN SPITE OF CURRENT GLOBAL ECONOMIC UNCERTAINTY - BUMI
COALspot.com - Indonesia's largest coal producer, PT Bumi Resources, Tbk (BUMI)'s sales revenue has increased to US$1.79 billion (compared with US ...
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- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- The University of Queensland
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Minerals Council of Australia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Australian Coal Association
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Planning Commission, India
- Agrawal Coal Company - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
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