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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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Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
Friday, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
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- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- The University of Queensland
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Central Electricity Authority - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
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