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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, 06 September 16
CAPESIZE: THE PACIFIC BASIN WAS THE MAIN REGION KEEPING UP WITH THE POSITIVE SUPPORT - ALLIED
Capesize
Despite some mixed feelings being seen early on in the week, we managed to see a positive week-on-week close on Friday with some positiv ...
Monday, 05 September 16
INDIA BECAME ADARO'S SECOND LARGEST MARKET IN 1H' 16
COALspot.com: The Wara Balangan blend product has been well received by customers in China and India - AI
In the second quarter of 2 ...
Monday, 05 September 16
POOR FREIGHT RATES DESPITE STRONG DEMAND GROWTH FROM CHINA - BIMCO
Demand
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing ...
Monday, 05 September 16
FREIGHT RATE FROM INDONESIA TO INDIA IS EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 02 September 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 19 MMST IN 2016 TO 55 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million sho ...
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- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
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- Wood Mackenzie - Singapore
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- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
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