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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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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- The University of Queensland
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Economic Council, Georgia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- VISA Power Limited - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
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