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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, 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 ...
Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
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- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Australian Coal Association
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Planning Commission, India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
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