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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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Thursday, 17 November 16
FROTHY THERMAL COAL PRICES POINT TO DOWNSIDE PRESSURES IN 2017 - FITCH
Fitch Ratings says in an Outlook Report that the Asian thermal coal industry will remain under pressure in 2017 due to more-than-adequate capacity ...
Thursday, 17 November 16
CHINA STEEL EXPORTS TO REMAIN HIGH IN 2017, FITCH SAYS
Fitch Ratings expects Chinese steel exports to remain at around 100 million metric tons (Mt) in 2017, due to flat 'apparent' consumption an ...
Wednesday, 16 November 16
SHIPPING MARKET INSIGHT
Going through a relatively interesting second half of the year so far in the ship repair sector, we are experiencing a volatile climate of differen ...
Tuesday, 15 November 16
CHINA, FOR MANY YEARS NOW HAS SERVED AS A MAJOR GROWTH ENGINE FOR ASIA - ALLIED SHIPPING RESEARCH
It’s been a turbulent couple of days after the announcement of the U.S. Presidential results in the early hours of Wednesday.
After week ...
Monday, 14 November 16
KOMIPO'S SEOCHEON POWER PLANT TO IMPORT 240,000 MT OF SEMI / ANTHRACITE COAL FOR Q1'17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 240K mt of Semi-Anthracite and Anthracite Coal f ...
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- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
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