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