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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, 29 August 16
THE FREIGHT MARKET WAS STEADY AND FIRM THIS PAST WEEK; BCI ROSE 18.74%
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, 26 August 16
WEEKLY US COAL OUTPUT UP 0.7% W/W TO 16 MMST: EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Thursday, 25 August 16
SUPRAMAXES ARE BEING FIXED IN REGION OF $9000
Supramax
Due to Chinese coal imports which continues to source much of the tonnage in SE Asia combined with a good flow of mineral exports ex Aus ...
Wednesday, 24 August 16
MARKET INSIGHT
Brazil and the world bid farewell on Sunday to the first Olympic Games in South America in the midst of a finale meant to be both one last bash and ...
Wednesday, 24 August 16
DRY BULK VESSELS FACE CONTINUED DISTRESS - CLEAR ASSET
Dry bulk vessels have faced extreme distress in recent years. With a combination of factors including newer vessels being ordered with up to 5-year ...
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- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- White Energy Company Limited
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Planning Commission, India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
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