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Friday, 01 August 14
UNCERTAINTY IN ASIAN COAL MARKETS WHERE INDEX-LINKED PRICING DOMINATES - SGX
 COALspot.com: In the past 3 years, seaborne thermal coal markets have been in a state of constant oversupply.
Reuters expects this oversupply to continue into 2015 with current physical markets sloshed with roughly 10 million tons of thermal coal in excess of 2014 demand. The result is depressed and falling prices which has placed at risk many coal mining firms globally. However, current low prices belies great uncertainty in a market where the supply glut could rapidly turn into a squeeze, SGX said in its latest memo.
Bulking Up SGX Thermal Coal Derivatives
-- Growing uncertainty in Asian thermal coal markets reflected in rising price volatility from 3% to roughly 10%.
-- SGX will introduce API 4 and API 5 thermal coal derivatives on 4 Aug 2014 to complement to existing thermal coal contracts.
-- 50% margin credits for any pair of SGX thermal coal derivatives improve capital efficiencies.
According to SGX, although the surplus numbers look relatively puny next to a global output of 9 billion tons and an annual seaborne trade of a billion tons, it is the process of rebalancing such marginal supply (or marginal demand) that can sharply swing coal prices and create elevated levels of volatility. If the 10 million tons of excess supply gets absorbed by shocks or fresh demand, the seaborne coal market could quickly turn bullish with undersupply driving rising prices and higher volatility. In fact, 30-day active month historical price volatility has already risen significantly from 3% to approximately 10% in the last 2 months.
SGX further said, with physical coal trade flows heavily hinged on Asia, there is little doubt where a demand trigger could come from. Major consumers in China, India, and South East Asia look set to increase consumption as they fight poverty through rapid industrialization and urbanization—both of which require electricity.
For these countries, despite global concerns regarding pollution, coal remains the most affordable source of power. Meanwhile, in response to the recent glut, various government policies are being put in place to rationalize supply. Also, key producers in Indonesia and Australia are already in the midst of cutting production, said SGX
A combination of supply side discipline and rising demand may result in the re-balancing which could tilt market equilibrium. However, it is unknown when the effects of higher demand and reduced supply will hit the market.
SGX introduces API 4 and API 5 derivatives
Barring some exceptions, majority of international thermal coal deals are priced against an index or basket of indices. Many power generators in the region price electricity against index. This continues to create rising demand for index-linked thermal coal derivatives in Asia to meet hedging needs of miners, power gencos, and traders alike.
In responding to that trend, SGX will expand its current thermal coal derivative offerings from SGX API8 CFR China Coal Derivatives and SGX IHS McCloskey Indonesian Sub-Bit FOB Swaps/ Futures to also include SGX API4 FOB Richards Bay Coal Derivatives and SGX API5 FOB Newcastle Coal Derivatives.
The expanded suite will facilitate more effective hedging of thermal coal prices in Asia. The two new thermal coal contracts will be launched on 4 August 2014, alongside two coking coal derivative products. (please click here to find out more).
For more information on SGX Commodities, please visit SGX
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Saturday, 30 August 14
INDIAN GOVERNMENT SHOULD TAKE NOTICE: THERMAL COAL IMPORT PRICES EXTREMELY LOW - COMMODORE RESEARCH
COALspot.com: Both Indonesian and Australian thermal coal prices are at the lowest levels seen this decade, with Indonesia's monthly benchmark ...
Saturday, 30 August 14
RECOVERY IN SIGHT FOR THE DRY BULK SHIPPING MARKET - DREWRY SHIPPING CONSULTANTS
Despite weak freight rates so far this year, Dry Bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities ...
Friday, 29 August 14
U.S. WEEKLY COAL PRODUCTION DROPS 1.3 PERCENT, EIA SAYS
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Friday, 29 August 14
ADARO'S PROFITS SINK FURTHER AMID FALL IN COAL PRICES - JP
Adaro Energy, one of the country’s largest coal miners, has reported a 31 percent drop in net profit in the first half of this year as global ...
Friday, 29 August 14
CHINESE LIGNITE IMPORTS: QUANTITY OVER QUALITY? - CLARKSONS
In the first half of 2014, Chinese seaborne coal imports declined 0.4% y-o-y to 148mt, largely reflecting a 3.3% fall in imports of steam coal. Mea ...
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- Indian Oil Corporation Limited
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Australian Coal Association
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- ASAPP Information Group - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- MS Steel International - UAE
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