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Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
 COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze power producers' margins in 2017, says Fitch Ratings. Margins are also expected to suffer as more electricity is sold under direct power sales (DPS) programmes at a discount to the benchmark on-grid tariff as well as from falling plant utilisation levels.
China's National Development and Reform Commission (NDRC) said on 4 January 2017 that the benchmark on-grid tariff for coal-fired power will remain unchanged in 2017, despite a strong coal price rally starting from 3Q16.
Fitch further noted that, China introduced a coal price pass-through mechanism in early 2016, which specifies that coal-fired power generators' on-grid tariff will be reviewed at the start of each year to reflect coal price changes in the previous year. In this week's announcement, the NDRC further specified that the average NDRC national coal price index from November 2015 to October 2016 was used as reference to decide the tariff pass-through amount. According to the price formula, on-grid tariff should increase by CNY0.18 cents per kilowatt hour (KWh) to reflect the coal price change in that period. However, changes less than CNY0.2 cent/KWh will not be made, but will accumulate into the next review period.
Although the current Qinghuangdao seaborne coal price is already 15% lower than its peak in 2016 due to NDRC measures to increase coal supply and contain coal prices, it remains more than 30% higher than the average 2016 price as coal prices were much lower in 1H16. We expect coal prices to fall further with policy intervention; however, the average 2017 coal price, especially in 1H17, is likely to be higher than for the same period last year. As such, dark spread - the difference between power tariffs and unit coal costs - for coal-fired power generators will be lower than in 2015 and early-2016.
At the same time, Fitch said, power volumes sold under DPS are increasing. The NDRC reports that power sold under DPS increased to 700 billion KWh in 2016, up from 430 billion KWh in the previous year. This represents around 12% of China's total power demand or 17% of power demand from the energy-intensive secondary industry, which accounted for around 71% of the country's total power consumption in 2016. According to NDRC, the average discount on DPS is around CNY6.4 cent/KWh, which is around 18% of China's national average on-grid tariff.
However, Fitch estimates the discount for power sold under DPS is around 20% in regions with higher power demand and less competition, and 30% or higher in regions that suffer more from power overcapacity. Coal-fired power generators' dark spread is likely to be further squeezed as China aims to expand the scale of DPS in 2017.
We also expect coal-fired power utilisation hours to decline with slowing power demand growth and still-high capacity additions. We expect some smaller players are likely to be loss-making and forced out of the market, while large-scale and highly-efficient power generators or power-heat co-generation generators in regions with stable power demand or access to lower-cost coal will be final winners under these changes taking place in China electricity market, Fitch concluded.
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Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
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- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Australian Coal Association
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- MS Steel International - UAE
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
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