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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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Wednesday, 16 November 11
TAX OFFICE VOWS TO CRACK DOWN ON COAL MINERS - JP
The Jakarta Post reported that, the Finance Ministry’s Directorate General of Taxation says that it will strengthen its supervision of coal mi ...
Wednesday, 16 November 11
A STRONG WEEK FOR THE CAPES - BRS
A sharp bounce by the Cape market pushed the BDI up by 3% last week. This was despite a softening in the other indices with the Panamax, Supramax an ...
Monday, 14 November 11
BORL SEEKS 660K MT OF LOW SULPHUR COAL
COALspot.com - BORL India has issued a tender for around 660,000 MT of 4500 - 5500 kcal/kg sub-bituminous Coal.
Bharat Oman Refineries Ltd ...
Sunday, 13 November 11
BUNKER PRICES REMAINED FIRM
COALspot.com - The market seemed to recover this week with the BDI and Cape Index up.
The BDI was up by only about 2.86 pct closing at 1835 point ...
Saturday, 12 November 11
COALINDO ENERGY LAUNCHED INDEX FOR 3400 GAR COAL
COALspot.com - PT Coalindo Energy, in cooperation with Argus Media Limited, launched the coal index for low-rank coal with a calorific value of 3,40 ...
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- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Planning Commission, India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- The University of Queensland
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
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