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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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Monday, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
Tuesday, 22 November 16
THE COMMODITIES MARKETS HAD SHOWED GREATER PROMISE SINCE THE SUMMER PERIOD - GEORGE LAZARIDIS
We have all borne witness to the sluggish pace of trade growth witnessed during the course of the past 4 years as well as the even slower pace note ...
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- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
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