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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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Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
Monday, 15 December 14
CFR SOUTH CHINA COAL SWAP LOST $3.37 M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3,37 (-5.33%) month over month and US$ 1.58 (-2.57%) ...
Monday, 15 December 14
Q1' 15 FOB NEWCASTLE COAL SWAP CLOSED AT $ 51.45 ON 12 DEC
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.45 per MT (-2.74%) closed at US$ 51.45 on 12 December month over ...
Sunday, 14 December 14
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The Baltic Dry Index (BDI), a measure of commodity-shipping costs, fell 12.12 pct to 863 points week ending 12 December 2014.
Th ...
Friday, 12 December 14
LIMITED TRADING AND AN OVERSUPPLY OF TONNAGE PUSHED HANDY SIZE SHIPS TO DOWN IN USG
Handy
We have seen the TA spot market come down this week lead by limited trading and an oversupply of tonnage in the USG, Fearnleys said in its ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
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