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Tuesday, 01 September 09
GLOBAL COAL PRICES UNDER PRESSURE AS CHINESE PROVINCE RETURNS TO THE PRODUCTION FRAY - REUTERS
 China is set to return to role of coal exporter as the deadline for thousands of small coal mines in its Shanxi province to reopen after being shut in an attempt to consolidate the sector expired.
A major prop for global coal prices this year quietly expired at midnight on Monday, the deadline for small, dangerous mines in China's top producing province to merge into larger operators.
But analysts warn not to expect a quick supply filip after the Aug. 31 deadline for mines in Shanxi to join forces to be allowed to reopen, as the process of consolidation and continued pressure on the sector's appalling safety record constrains output.
Shutdowns in Shanxi earlier this year were a lucky break for coal suppliers in Australia, Indonesia and Vietnam, helping turn China into a net importer just as the global financial crisis demolished demand from other countries.
Now the province, source of 25% of China's coal, is poised to let many small mines reopen.
But a recent fatal explosion at a mine in Shanxi underlines that progress on safety is far from assured, while mines may be slow to return to normal production after the enforced mergers.
"Signing a framework agreement for a merger is much easier than actually finalising the price of the deal," said Wang Ye, an analyst at CITIC Securities. "It's easy to get engaged, but marriage is a totally different matter."
Small mines contribute roughly a third of Shanxi's coal output. For coking coal, the more valuable grade used by steelmakers, small mines contribute even more, as most coking coal resources are controlled by small mines, analysts said.
As the consolidation drive got underway after a major mine blast in late February, production from Shanxi failed to show the typical sharp recovery from the Lunar New Year holiday trough.
Output for Shanxi in the first seven months of 2009 fell by 12%, or 42 million tonnes, to 318 million tonnes -- a decline almost equal to the huge rise in imports that flipped China from a net exporter to a major net buyer of coal.
The world's top producer and consumer shipped in a net nearly 50 million tonnes of coal in the seven months to July, compared with 4.7 million tonnes of net exports in all of 2008.
"The major bullish case for thermal coal from a China perspective has been the supply constraints in Shanxi," said Scotia Capital China strategist Na Liu in a note to clients.
But with the mergers now having taken place, this bullish factor for global markets could be removed.
The shutdowns hit Shanxi hard, making it the only province to see its economy shrink in the first half of this year. That could prompt local officials to take a more lenient view of restarts at small mines, which make up 80%of the province's total.
One of China's top power producers, Huadian, expects Shanxi to produce 400 million tonnes of coal in the second half of the year, about 60% more than in the first half of the year and about 17 percent up from the same months of 2008.
If that proves accurate, Shanxi would pump enough coal into the Chinese market to deflate the appetite for imports. Liu said a third of Shanxi's output would be coking coal, so the impact would not be confined to the thermal coal market.
While the pace of output in Shanxi has been picking up since its low in January, it's not clear that this can be maintained.
"The fast growth we've seen in the past few months is not going to be sustainable," said Pierre Lau, a Citigroup analyst.
In the short term, the central government may keep a lid on further expansion before the Oct. 1 anniversary of the founding of the People's Republic of China, Lau added.
"Safety will be the focus before Oct. 1. I won't be surprised to see growth in Shanxi's coal output slow down a bit," he said.
CONSOLIDATION TO TAKE TIME
The hilly province in China's north, occupying less than 2 % of the country's territory, produced a quarter of China's coal in 2008. As well as a soot-blackened landscape and mine blasts that kill dozens or more every year, the booming coal industry has created a class of newly rich Chinese, conspicuous in their Hummers and Mercedes.
But standards have yet to show much improvement. Last week, an explosion at a mine being built in Shanxi killed 14 miners just as China launched a month of nationwide safety inspections.
"The accident will definitely affect small mines and those mines currently under construction," said an industry official in Shanxi, who expects production restrictions for the next month.
And the crackdown on small mines is not over. Shanxi still wants to cut the number from 2,600 now to 1,000 by end of 2010.
To sift out the smaller, less efficient operators, it will raise the minimum mine shaft capacity to 900,000 tonnes of coal a year, up from 360,000 tonnes today, a government document showed.
In addition, many small mines are expected to go through expansion and upgrading work, which will take as long as a year or two, Lu Ping, an analyst at China Merchants Securities, said.
"At the current stage, big companies are just carving up the province's coal resources."
Big state-owned companies including coal miners and power producers are rushing to buy the small mines. Shanxi Coal Import & Export Group and Shanxi Coal Transportation and Sales Group , which do not yet produce a tonne of coal, both have the ambition of hitting 50 million tonnes a year, local media reported.
Source:MineWeb
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Monday, 31 August 09
INDONESIA ADARO'S NET PROFIT SOARS 1,506 PERCENT ON HIGH PRICES
The Jakarta Post reported that, the country's second largest coal producer, PT Adaro Energy said Sunday that its first-half net profit soared 1,506 ...
Sunday, 30 August 09
THE FUTURES FOR THREE YEARS FOR 2010-2012 IS AROUND PANAMAX / US$ 15,500 & SUPRAMAX / US$ 13,500 PER DAY
COALspot.com (Singapore): The dry bulk market continued to be soft this week and the BDI was almost stable and closed at 2,421 points this week.
...
Friday, 28 August 09
INDONESIA SEEKS TO INCREASE COAL PRODUCTION TO BOLSTER REVENUE
The Jakarta Post, the leading english news paper in Indonesia reported that, Indonesia expects to increase coal production by up to 20 million tons ...
Friday, 28 August 09
MERCURIA ENERGY OPENS INDONESIA TRADING OFFICE
COALspot.com ( Indonesia): Mercuria Energy Group has opened a new office in Jakarta, Indonesia, focussed on trading coal.
Jakarta-based Emanuele ...
Friday, 28 August 09
COAL MINE BUYERS DUST OFF THEIR CASH ( ANALYZED BY REUTERS)
* Coal asset buyers give up waiting for bargains
* Mining majors expected to buy not sell
* South Africa a target, Indonesia less so
By Jackie ...
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- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- The University of Queensland
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- GMR Energy Limited - India
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Interocean Group of Companies - India
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