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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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Friday, 12 August 16
U.S. WEEKLY COAL OUTPUT ENDING AUGUST 6 FELL SLIGHTLY
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.9 million short ton ...
Thursday, 11 August 16
CAPESIZE THE PACIFIC SIDE IS LOOKING MORE POSITIVE, DRIVEN BY AUSTRALIAN IRON ORE - FEARNLEYS
Supramax
Rates continue to be under pressure with index ending up with 639 points and average TC value at USD6,680, said Fearnleys. Fearnleys A/S ...
Thursday, 11 August 16
EIA ESTIMATES THE DELIVERED COAL PRICE TO U.S. ELECTRIC UTILITIES IN 2017 AVERAGED $2.24/MMBTU; $0.05/MMBTU HIGHER THAN 2016 ESTIMATES
Coal Supply
U.S. coal production in July was 65 million short tons (MMst), an 8 MMst (14%) increase from the previous month but 11 MMst (15%) low ...
Wednesday, 10 August 16
THE DRY BULK MARKET KEPT SOFTENING LAST WEEK; WE CAN SEE MUCH HEALTHIER NUMBERS STARTING SEPTEMBER
The Dry Bulk market kept softening last week as we have now started going through the traditionally quieter days of the summer season peak period, ...
Wednesday, 10 August 16
THE INDONESIAN DRAFT NEW MINING LAW - AMENDMENTS TO THE 2009 MINING LAW
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
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- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Minerals Council of Australia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
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