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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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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
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 ...
Tuesday, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
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- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Parliament of New Zealand
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
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