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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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Saturday, 26 November 11
THE FREIGHT MARKETS EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The market were down probably with the sentiments of global financial markets and all segments were down.
The BDI was up down by 4 ...
Friday, 25 November 11
DISPUTE BETWEEN GIANT MINING FIRMS ENDS IN LAHAT - THE JAKARTA POST
The Jakarta Post reported that, prolonged dispute taking place in the South Sumatra regency of Lahat and involving two giant mining companies PT Buk ...
Friday, 25 November 11
DRY BULK MARKET LOSING STEAM, FAST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It’s been a week of falls for the dry bulk market this one, leaving ship owners with a sour taste in their mouths, as evidence of a recovery i ...
Thursday, 24 November 11
INDONESIA/INDIA SPMX TC AROUND $ 7/8K AND AROUND $ 12/13.00 PMTS ON VOYAGE BASIS - FEARNLEYS
Handy
Last week ended on a positive note in the Atlantic however the activity levels are somewhat reduced. Owners are asking in excess of USD ...
Thursday, 24 November 11
DRY BULK MARKET KEEPS LOSING STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was lower once again on Wednesday, with the industry’s benchmark, the Baltic Dry Index (BDI) ending the session down by 1. ...
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- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Planning Commission, India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- GMR Energy Limited - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- White Energy Company Limited
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
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