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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, 14 August 11
SUPRAMAX CHARTER RATES SHARPLY UP - CAPT.REDDY
COALspot.com - The BDI ended positive with gains in Cape and Panamax index. The BDI was up by 1.50 pct and the cape and panamax index was up by almo ...
Saturday, 13 August 11
GMR HAS ENTERED INTO CSPA WITH GEMS TO ACQUIRE 30% STAKE
COALspot.com - GMR Infrastructure Investments (Singapore) Pte Ltd, a subsidiary of GMR Infrastructure, has signed conditional sale and purchase agre ...
Friday, 12 August 11
COAL MINERS WILL ALLOW TO CONSTRUCT MINE MOUTH POWER PLANT
COALspot.com - The government is set to draft a regulation to enable construction of steam-fired power plants (PLTU) by coal mining companies for th ...
Friday, 12 August 11
CAPESIZE DEMAND HELPS LIFTING OF DRY BULK MARKET - HELLENIC SHIPPING NEWS
The dry bulk market has recovered a small fraction of its lost ground this week, with higher returns as a result of increased capesize demand. This ...
Thursday, 11 August 11
INDO TAMBANGRAYA 1H NET PROFIT SOARS 53.09%
Coal miner PT Indo Tambangraya Megah Tbk (ITMG) today reported a 53.09% jump in net profit for the first 6 months of this year on the back of higher ...
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- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Australian Coal Association
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
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