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