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Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
 COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a potentially positive credit impact for a number of Asia-Pacific sovereigns if the lower prices are sustained below USD90/bbl through 2015, in line with our latest forecast, says Fitch Ratings.
Most major Asian economies - including China, Japan, Korea and Thailand - would see an effective overall income boost from sustained lower oil prices. In addition, countries with large oil import needs facing external adjustment pressures such as Indonesia and India are among the best positioned to see a positive impact on sovereign credit profiles, although the broader policy response will matter too.
All but one of the Fitch-rated APAC sovereigns are net oil importers. Net oil import bills range significantly, from greater than 10% of GDP for Thailand to less than 2% for Bangladesh and Vietnam. Korea, Japan and China have net import bills of 6%, 3% and just over 2% of GDP, respectively.
For consumers, there would be a positive consumption effect from falling retail energy prices. Disinflation as a result of lower oil prices could also contribute to GDP growth less directly in some countries, by facilitating a more accommodative monetary policy than would otherwise be followed. Notably, several key Asian economies, including Japan, have been increasingly relying on liquefied natural gas (LNG) as part of their energy mix, and Asian LNG prices are linked to Brent crude.
A combined positive impact on fiscal accounts, economic growth and terms of trade, would be particularly beneficial for the sovereign credits of countries which are both net oil importers and facing external adjustment pressures, including Indonesia and India. Lower oil prices will help to ease the trade-offs faced by these economies as they aim to bolster growth while reducing external account deficits.
Beyond the macroeconomic growth effects, the fiscal impact could also be significant for several south and south-east Asian sovereigns. Both the Indian and Indonesian governments have already taken advantage of the price decline. In India, diesel prices were deregulated on 18 October. The direct impact on our headline fiscal forecasts is expected to be limited, while this will make the fiscal accounts more robust against future oil shocks, since both diesel and petrol prices are now determined by the market.
In Indonesia, the new administration under President Joko Widodo raised the administered price of fuel by over 30% on 18 November. Roughly 15% of total government spending (2.4% of GDP) is allocated to fuel subsidies, according to the state budget. In addition to direct effects on the state budget, the price hike provides a clear, positive signal of the new government's intentions to swiftly implement its reform agenda.
However, the extent to which sovereigns are able to realise the potential fiscal benefits will be determined at least partly by how policy makers respond - whether they use budget windfalls to increase spending or reduce deficits.
Fitch has lowered its forecast for the price of Brent Crude to average USD87/bbl through 2015 and USD90/bbl for 2016 as part of our latest forecasting round, down from our September forecasts of USD100/bbl and USD95/bbl, respectively.
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Friday, 12 December 14
U.S WEEKLY COAL PRODUCTION UP 3.4% W/E DECEMBER 6
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.6 million short tons (mmst) of coal ...
Wednesday, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly sof ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 0.2 ...
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- ASAPP Information Group - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- PTC India Limited - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Planning Commission, India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
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