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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, 07 November 16
HANDYSIZE: THE ASIAN INDICES RECORDED A GRADUAL DROP EVERY DAY - THE BALTIC BRIEFING
Capesize
A rumour-fuelled market this week but essentially rates a touch firmer and owners cautiously optimistic. The flotilla of vessels heading ...
Monday, 07 November 16
THE SUPRAMAX CHARTER RATES FOR INDONESIA TO INDIA WERE RATING AT AROUND $7500-8000 A DAY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose slightly and ending in a positive note this past wee ...
Friday, 04 November 16
U.S COAL PRODUCTION UP WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Friday, 04 November 16
INDONESIAN INFRASTRUCTURE DEVELOPMENT TRENDS ARE UNANIMOUSLY AFFIRMED
Press Release: October 20-21, 2016 Indonesia Infrastructure Summit (IIC) opened at the Hyatt Hotel in Jakarta The theme of the meeting was "Pr ...
Thursday, 03 November 16
THE INDEX BASED COAL SALES & PURCHASE STRATEGY MAKES MORE EFFICIENT, SAYS 55.17% END-USERS
Considering the current coal market condition, the Index based coal sales & purchase strategy make more efficient was deemed the winner by 57.0 ...
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- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- The University of Queensland
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
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