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