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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, 08 November 11
COAL MINER ABM INVESTAMA PLANS $290M PUBLIC OFFERING - JG
The Jakarta Globe reported that, ABM Investama, an Indonesian coal miner controlled by the Hamami family, plans to raise as much as Rp 2.6 trillion ...
Saturday, 05 November 11
DEMAND SLUMP THREATENS MORE PAIN FOR BULK VESSELS - VISTAAR
COALspot.com - The market continued to fall with BDI dropping below 2,000 points by around 10 pct and closing at 1817 points. The cape index also co ...
Saturday, 05 November 11
BERAU STARTS TO EXPLORE BINUNGAN SITE - INSIDER STORIES
Insider Stories reported that, coal miner PT Berau Coal, a 90% owned subsidiary of PT Berau Coal Energy Tbk (BRAU), is busy to hold exploration in B ...
Friday, 04 November 11
INDIAN IRON ORE MARKET REMAINS DEAD - FEARNLEYS
Handy
The Atlantic market kept its strong position from last week. Even with fewer fixtures reported. Fronthauls still around 25k, wit ...
Thursday, 03 November 11
DRY BULK MARKET OFFICIALLY IN THE RED ON LOWER CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept falling yesterday, on lower iron ore demand, which has caused the industry’s benchmark, the BDI (Baltic Dry Index) to ...
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- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- The University of Queensland
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
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