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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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Friday, 02 December 11
DRY BULK CARRIERS BACK IN THE SPOTLIGHT AS MARKET SPEEDS UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the tanker and container markets suffering dearly, it seems that the tide has once again turned in favor of the dry bulk carriers, despite over ...
Thursday, 01 December 11
DRY BULK MARKET RISES TO NEW HEIGHTS ON RENEWED DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept on rising this week, with the industry’s benchmark, the Baltic Dry Index (BDI) climbing to 1,846 points on Wednes ...
Tuesday, 29 November 11
SOUTH AFRICAN COAL INTO CHINA, THE ACTIVITY WAS SLOW - BRS
Capesize
The Capesize market in Atlantic stayed pretty firm last week with transatlantic rounds being fixed in the high twenties. Sentiment was les ...
Tuesday, 29 November 11
GOLDEN GATE BRIDGE OF INDONESIA COLLAPSED AT KUKAR, EAST KALIMANTAN
COALspot.com - A suspension bridge in Indonesia’s east Kalimantan province over the Mahakam river collapsed on Saturday, killing at least elev ...
Tuesday, 29 November 11
BUKIT ASAM SCOUTS RP3 TRILLION PROFIT - INSIDER STORIES
The state-controlled coal miner PT Bukit Asam Tbk (PTBA) expects to post a Rp3 trillion net income this year, reaching its target which is 50% above ...
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- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
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