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Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
 The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-invoicing of coal imports by 40 companies — both in the public and private sector — to the tune of 35,000 crore (approximately US$ 5.259 billion*).
“It is an issue that has been going on for the past two-three years and now we are doing a full investigation,” said a person familiar with the development, Hindu says.
The Directorate of Revenue Intelligence, as quoted by Hindu, is understood to have issued a nationwide alert asking customs offices to look into all coal imports starting this fiscal. The Finance Ministry is also understood to be looking into the issue and will take a decision based on the final DRI report.
“The Finance Ministry has been apprised. It will try to work on measures to address the problem,” said the source.
The paper further said, according to sources, the DRI found a number of companies artificially inflating the price of their coal imports from Indonesia by as much as 100 per cent to get a higher power tariff and also “siphon off” funds.
The Hindu Business Line further noted that, the inflated invoices were issued by intermediary invoicing agents in Singapore, Dubai, Hong Kong and British Virgin Islands, among other jurisdictions, according to the DRI alert notice.The average price of Indonesian coal with a gross calorific value of 3,800-4,200 Kcal/kg ranged between $38 and $49 a tonne on free-on-board (FOB) basis, according to most international indices. Adding freight and insurance charges, the CIF (cost insurance and freight) rate of Indonesian coal should be $60-55/tonne during this period, the said.
But invoices were inflated by up to 100 per cent.
Accordng to Hindu, if there has been over-invoicing, it would have resulted in electricity consumers paying more, analysts said, adding that typically coal costs are a pass through for power generators and are factored in during tariff revisions by regulators.
Every dollar increase in the per tonne cost of coal results in 4-5 paise (approximately US cents 0.0601056 - 0.0751320*) per unit increase in electricity tariff. The over-invoicing could have pushed up the tariffs by 80-90 paise (approximately US$ 0.0120211 - 0.0135238*) per unit. *(1 USD = 66.5495 INR -XE Currency Converter)
Source: The Hindu Business Line
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Thursday, 28 January 16
RICHARDS BAY COAL SWAPS FOR Q1,Q2 AND Q3 DELIVERIES FIRM THIS PAST WEEK
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap rose month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coa ...
Wednesday, 27 January 16
API 5 FOB NEWCASTLE COAL SWAPS CLOSE MIXED
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.17 per ton (3.13%) this past week compared to the sam ...
Wednesday, 27 January 16
CHINA'S STALLING ECONOMY HAS HAD A GREAT EFFECT ON VARIOUS COMMODITIES; DECREASED DEMAND DRIVING COMMODITY PRICES LOWER AND LOWER - LINOS ALEXANDROS KOGEVINAS
Having gone through the first few weeks of 2016, it’s starting to look like another challenging year is ahead of us. Hopes for a recovery in ...
Wednesday, 27 January 16
WORLD HARD COAL PRODUCTION AND CONSUMPTION DECLINE IN 2015 FOR THE FIRST TIME IN OVER A DECADE - VDKI
COALspot.com: Seaborne hard coal trade and the changes in this area were decisively affected by China and India - VDKi.
China bears the g ...
Tuesday, 26 January 16
Q3'16 CFR SOUTH CHINA COAL SWAP DROPPED BELOW $41 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.82 (1.94%) per ton month over month.
A commodity swap is ...
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- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- GMR Energy Limited - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- The University of Queensland
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
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