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Wednesday, 04 May 16
COAL IMPORTS: A VOLATILE MATTER OR STILL POWERING DOWN? - CLARKSONS
 Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording positive y-o-y growth in March. The recent improvement has partly been supported by a reduction in domestic coal supply, and increased domestic coal prices, but can this slightly more positive momentum in
Chinese imports be sustained?
Domestic Coal Dominated
Chinese seaborne coal imports started to surge back in 2009, and China rapidly became the world’s largest coal importer, with imports topping 300mt in 2013. While this volume accounted for 24% of global seaborne coal trade, it only represented 7% of China’s total coal use, with the rest accounted for by domestic supply. Growth in imports was partly driven by higher domestic coal prices, which also led to firm expansion in Chinese coal production capacity during this period.
Slow Burner?
In the last ten years China has added an average of 320mtpa of new coal production capacity. While estimated 1.1bt of less efficient capacity was removed in 2006-15 (based on available reports), total coal production capacity still registered a net increase of around 3.0bt over the last ten years. Meanwhile, in 2012 the pace of growth in Chinese coal consumption started to slow, and coal use fell 4% in both 2014 and 2015, exerting pressure on domestic coal prices and reducing the price advantage of imported coal over domestic material. This, combined with environmental measures, limited demand for imported coal, and Chinese seaborne coal imports fell sharply by 11% in 2014, and 30% in 2015 to total 188mt last year.
Supply Slice
However, the recent focus on ‘supply-side’ reform in China’s industrial sector has led to a further drop in coal production this year, with output down 3% y-o-y in the first two months of 2016. This has contributed to an increase in domestic coal prices in recent months, and seaborne coal imports in March grew y-o-y for the first time in almost two years, rising 3%, with total imports in Q1 down 6%.
Capacity Challenges
Looking ahead, China aims to cut a further 0.5-1.0bt of coal production capacity between 2016 and 2020, and has halted new coal mine approvals for the next three years. While this may help reduce total production capacity, a significant volume of the 5.7bt of capacity is current idled or producing at a slower rate. A general improvement in domestic coal prices could lead to increased production from these mines, potentially offsetting the impact of further capacity closures.
So, oversupply in the coal sector is unlikely to be resolved rapidly. The domestic coal market has improved slightly in recent months, but given that imports account for a small share of China’s coal use, the balance between domestic output and consumption is likely to lead to short-term volatility in imports. Nevertheless, with coal consumption not expected to pick up significantly in coming years, partly reflecting a greater environmental focus, for now the most likely scenario is that pressure on imports will remain into the longer-term.
Source: Clarksons
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Wednesday, 11 May 16
MARKET INSIGHT - KATERINA RESTIS
On Saturday 7th May, Riyadh replaced the long-serving oil minister of more than two decades, Ali-Al-Naimi, as part of a major government overhaul, ...
Tuesday, 10 May 16
VOLATILITY? VARIATION NO ENIGMA TO SHIPPING..... - CLARKSONS
Along with cyclicality, the other characteristic of the shipping markets which receives frequent mention is volatility. This is so evident that the ...
Monday, 09 May 16
INDONESIAN CS COAL INDICES UP CONTINUES; POSITIVE DIRECTION
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.10 percent week over week to averaging $38.82 per ton on this past Wednesday, a ...
Monday, 09 May 16
DRY BULK SHIPPING TO WITNESS STEADY PROGRESS MOVING FORWARD ON THE BACK OF GROWING TRADE VOLUMES - BIMCO
In its latest short-term analysis of the shipping markets, BIMCO reiterated its optimism on the prospects of the dry bulk market moving forward. Ac ...
Monday, 09 May 16
BALTIC DRY INDEX ENDS WEEK ON A NEGATIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Australian Coal Association
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
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