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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 December 11
INDIA MAY SEE 41% ANNUAL GROWTH OF ITS COAL DEMAND DURING THE NEXT 5 YEARS - ICAP SHIPPING
India’s Ministry of Coal expects that India’s coal demand may face an annual 41% rise during the next 5 years, while its coal deficit is ...
Thursday, 08 December 11
HAREDA KRIDA GETS CONTRACT FROM BAYAN - INSIDER STORIES
Insider Stories reported that, coal miner PT Bayan Resources Tbk (BYAN), through its subsidiary dubbed PT Gunungbayan Pratamacoal (GPB), has signed ...
Thursday, 08 December 11
CAPESIZES LIFT DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize vessels yesterday helped lift the dry bulk market which had been falling since the start of the week on lower cargo demand. As a result the ...
Wednesday, 07 December 11
ABM INVESTAMA EYES RP6.3 TRIO REVENUE - INSIDER STORIES
Insider Stories reported that, an energy integrated company PT ABM Investama Tbk is eyeing a 1.5 folds increase in revenue this year from Rp4. ...
Tuesday, 06 December 11
DRY BULK MARKET ENDS RALLY, STARTS WEEK WITH FALL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After a series of increases which saw the dry bulk market’s benchmark, the Baltic Dry Index (BDI) increasing close to 1,900 points and rates o ...
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- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- The University of Queensland
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
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