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