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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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Tuesday, 22 November 11
NTPC TO BUY 2 MMT OF IMPORTED COAL FOR ITS FOUR PLANTS
COALspot.com - NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government of India, the largest thermal power generati ...
Tuesday, 22 November 11
ABM INVESTAMA SETS IPO AT RP 3,750
Insider Stories reported that, Integrated energy company PT ABM Investama Tbk has determined the IPO price at Rp3,750 (approximately US$ 0.415) per ...
Tuesday, 22 November 11
A SURPRISINGLY STRONG WEEK FOR THE CAPES - BRS
Positive gains for most of the segments this week, the exception being the Handysizes. Overall the BDI ended the week at 1,895 points (+3.3% week-on ...
Tuesday, 22 November 11
APPETITE FOR DRY BULK VESSELS SLOWS DOWN AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was down at the beginning of the week, as demand for Capesize vessels was particularly low. The industry’s benchmark, the ...
Monday, 21 November 11
CAPESIZES DRIVE MARKET LOWER, ANALYSTS DIVIDED ON DRY BULK OUTLOOK IN THE LONG RUN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market ended the week on a sour note, with the industry’s benchmark heading downwards to 1,895 points, which represented a slight ...
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- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Australian Coal Association
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
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