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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 government measures that have helped to arrest the downward trend. These measures, however, are not enough to meaningfully improve prices over the short term. Cost control and leverage reduction will be important strategies for companies to maintain stable credit quality.
Fitch Ratings further said, 2014 has been a difficult year for coal mining companies in China, with coal prices sliding by about 20% in the first 10 months of the year. Prices have been hurt by overcapacity in the industry, which has persisted since 2012. There was also lower demand for thermal coal stemming from one-off factors such as higher-than-average rainfall that boosted hydropower generation.
The government introduced measures to support the industry, including imposing import duties ranging from 3% to 6% for thermal and coking coal from mid-October 2014. This led to a 27% fall in coal import volume in November 2014 compared with a year ago. In addition, the government banned the domestic production as well as import of low-quality coal.
Together with a seasonal upswing in coal consumption, coal prices in China have stabilised recently. The Qinhuangdao 5500 kcal/kg free on board (FOB) coal price has risen by about 6% since the beginning of November 2014. Nonetheless, Fitch believes a meaningful upswing in coal prices is unlikely in the next 12 months. Substantial capacity investments in previous boom years are still being digested, while demand has been weakened due to industrial deceleration. In addition, the government aims to increase the production of renewable energy at the expense of the share of coal-fired power over the longer term, which means that the thermal coal consumption growth rate is set to decline.
While 2014 coal prices are comparable with 2009 levels, production costs are in general about 25%-30% higher than in 2009, driven by increases in staff expenses as well as governmental fees, such as land conversion fees and environmental protection fees. To combat lower prices, many Chinese coal producers have cut costs significantly. Yanzhou Coal Mining Company Limited has reduced its domestic mining cost per ton by 30% during the first three quarters of 2014 from a year earlier, thereby maintaining steady gross profits on a per ton basis. Fitch believes a continuation of similar efforts will be needed for coal companies to preserve cash flow.
When coal prices increased between 2009 and 2012, many coal producers undertook debt-funded capex and investments. With the reversal in coal prices, their leverage has climbed higher than they expected because the expected cash flow for debt reduction failed to materialise. Efforts to improve debt leverage amid continuing low prices will be crucial for companies to maintain stable credit profiles.
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Tuesday, 30 December 14
INDIA INC TO BENEFIT AS IMPORTED COAL PRICES SET TO FALL - RAHUL PRITHIANI
The Hindu: India‘s coal import volumes are set to rise by over 30 per cent over the next two years to 214 million tonnes in 2015-16, as domes ...
Tuesday, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
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- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Australian Coal Association
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- The University of Queensland
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Planning Commission, India
- Orica Mining Services - Indonesia
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