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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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Friday, 28 August 09
JSW MAY BUY AFRICAN MINE FOR US$ 350
The Economic Times Reported that, The Sajjan Jindal-owned JSW Group is in advanced talks to acquire a coal mine in Swaziland, Africa, at an estimate ...
Friday, 28 August 09
COAL INDIA ALLOWED TO IMPORT COKING COAL
The government Thursday allowed the state-owned Coal India to import coking coal and high grade ash thermal coal by acquiring coal properties abroad ...
Thursday, 27 August 09
CIL TO SPEND US$ 1 - 1.5 BN TO ACQUIRE ASSETS IN 4 COUNTRIES
Business Standard reported that, "Coal India is looking to spend $1-1.5 billion in acquiring mining assets in Australia, Indonesia, South Afric ...
Wednesday, 26 August 09
INDIA'S JSW TO DOUBLE JAIGARH PORT CAPACITY TO 20 MT
Sea Trade Asia reported that, JSW Jaigarh Port, a wholly owned subsidiary of JSW Infrastructure & Logistics, plans to double cargo handling capa ...
Wednesday, 26 August 09
JSW ENERGY NEARS COAL-SUPPLY LINKAGE DEAL IN INDONESIA
Sajjan Jindal-owned JSW Energy is close to finalising a coal-supply linkage pact in Indonesia and is also exploring options of acquiring ...
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- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
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