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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, 01 September 16
SUPRAMAX GETTING LEVELS OF MID/HIGHER 7K DELIVERY SINGAPORE FOR TRIPS TO CHINA AND AROUND 9K FOR DIRECTION INDIA - FEARNLEYS
Supramax
This week started slower with London on bank holiday Monday. The south east Asian market seems to have been taking a breather with chart ...
Thursday, 01 September 16
AUSTRALIA'S NEWCASTLE PORT SHIPPED 2.33 PERCENT MORE COAL IN JULY
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.10 bill ...
Wednesday, 31 August 16
THE DRY BULK MARKET MANAGED TO FIND FURTHER SUPPORT DURING THE LAST DAYS OF THE SUMMER SEASON - INTERMODAL
The Dry Bulk market managed to find further support during the last days of the summer season, with the BDI climbing above 700 last Friday, reachin ...
Tuesday, 30 August 16
THE SUDDEN SURGE IN IRON ORE TRADE HAS CREPT UP ON THE MARKET THIS PAST WEEK - GEORGE LAZARIDIS
The sudden surge in Iron ore trade has crept up on the market this past week bringing about a change in the prospects for Capes. Continued increase ...
Monday, 29 August 16
THE 5000 GAR THERMAL COAL INDEX HAS STRENGTHENED BY 9.90% SINCE JANUARY
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing upward and it is expected to ral ...
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- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- The University of Queensland
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
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