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Friday, 13 November 15
WEAK CHINA POWER DEMAND DAMPENS COAL CONSUMPTION - FITCH
 The weak growth in China's electricity consumption in 2015, together with increasing non-thermal power generation capacity are exerting more pressure on the thermal coal market, which is already suffering from over capacity, says Fitch Ratings.
Fitch Ratings further says, overcapacity looms in China's power generation industry, with coal-fired power at most risk. China is experiencing the slowest power consumption growth in three decades - power consumption only increased 0.8% yoy during 9M15, largely due to a 0.9% yoy drop in industrial demand that accounts for 70% of overall power usage. Despite weak electricity demand, generation capacity increased by 9.4% yoy in the same period, of which half came from renewable and nuclear generation sources. Coal-fired power supply contracted 2.2% yoy during 9M15. China's total coal consumption in 9M15 was 2.9bn metric tonnes (MT), down 4.6% from the same period last year.
Consumption of coal-fired power is unlikely to increase significantly in the next 12 to 18 months, given our expectation of weaker economic growth in China, as well as the overall reduction in the energy intensity of the Chinese economy.
Furthermore, "we expect significant addition of renewable-energy generation capacity in the medium term, which is likely to further depress utilisation levels of coal-fired power plants in the absence of a substantial pick up in the energy-intensive industries. Some 177GWs of new generation capacity was under construction as of September 2015, or 13% of 2014 total installed capacity; clean energy sources account for just over 50% of this additional capacity.", says Fitch.
China's key thermal coal reference price, the Qinhuangdao 5,500-kilocalorie power coal price, has fallen 30% to CNY360/MT at end-October 2015, from CNY515/MT at the beginning of 2015. Prices have continued to be under pressure despite imports falling 29.8% yoy to 156m MT in 9M15, and domestic production falling 4.3% yoy to 2.7bn MT in 9M15 following production cuts, including cuts by large operators such as China Shenhua Energy Company Limited (A+/Stable) and China Coal Energy Company
Limited.
"We expect sustained low coal prices and the limited potential for further cost cuts to lead to more mine closures, which will bring some balance to the market over the medium-term. This may also lead to some consolidation in the highly fragmented coal mining industry in China, with large players increasing their market share - this is more likely to happen via stronger players sustaining or increasing their production as the weak leave the market, than by strong players acquiring distressed assets."Fitch Concluded.
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Wednesday, 21 October 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In today’s dry bulk market, both freight rates and asset prices are creating mixed feelings to seasoned ship owners, who tend to instinctivel ...
Wednesday, 21 October 15
INDONESIAN COAL MINER BUKIT ASAM POSTS POSITIVE PERFORMANCE DURING FIRST THREE QUARTERS OF 2015
COALspot.com: Indonesian publicly listed and state controlled coal miner PT. Bukit Asam has announced that, the company’s coal sales up 8 per ...
Wednesday, 21 October 15
LOWER DEMAND HIT Q1' 16 INDONESIA COAL SWAPS
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 1.88 (-4.71%) per t ...
Tuesday, 20 October 15
SHIPBROKER SEES CAPESIZE RATES EASILY REACHING $25,000/DAY BY YEAR-END : NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future course of the dry bulk market has been troubling market participants for quite some time now, as the “elusive” freight rate ...
Tuesday, 20 October 15
FOB RICHARDS BAY COAL SWAPS SINK INTO RED THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
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- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
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- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
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- Mercator Lines Limited - India
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- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
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- White Energy Company Limited
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- Central Electricity Authority - India
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- New Zealand Coal & Carbon
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- Metalloyd Limited - United Kingdom
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- Electricity Authority, New Zealand
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- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
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- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
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- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
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- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
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- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
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- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
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- Australian Commodity Traders Exchange
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- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
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- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
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- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
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- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
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