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Friday, 16 March 18
INDONESIA COAL PRICE CAP POSES LIMITED RISKS TO PRODUCERS : FITCH
 Indonesia’s cap on the benchmark price of coal sold to the domestic electricity sector is unlikely to have a significant impact on the credit profiles of Fitch-rated mining firms, which export most of their production, says Fitch Ratings. In any case, our ratings are based on average benchmark price forecasts that are broadly in line with the cap of USD70/tonne imposed until end-2019, and so will not be affected.
The price cap, announced last week and set to apply from mid-March, is part of the government’s strategy to ensure low prices for electricity consumers as it looks to support industrial competitiveness and household disposable incomes. It froze electricity prices charged to industrial consumers earlier in the year, preventing Perusahaan Listrik Negara (PLN), the state-owned monopoly distributor, from passing on rising costs as coal prices were pushed up by an unusually cold Chinese winter. The Indonesian coal price benchmark, Harga Batubara Acuan (HBA), has exceeded USD95/tonne since January 2018, which might have necessitated an increase in government subsidies to PLN if the price cap had not been imposed.
The new regulations will mean coal miners miss out on some of the short-term upside from high prevailing coal prices, to the extent that they sell production to the domestic market. The government sets domestic market obligations for miners to ensure they meet local demand, which prevents them from simply diverting output toward the overseas market.
That said, only around one-fifth of Indonesia’s 461 million tonnes of coal production was sold in the domestic market in 2017, which suggests any loss of revenue will be limited. Indika would be the most affected among our rated coal miners, as around 15% of its volumes are sold to the domestic power sector. GEO Energy, Golden Energy Resources, ABM Investama and PT Toba Bara sell less than 10% of volumes to the domestic power sector. Domestic market obligations are likely to increase over the medium term, as the government looks to contain production and conserve coal resources for local power needs, but a sharp rise next year is unlikely.
Coal firms will therefore continue to receive the market price for the majority of their production. As a result, their financial performance might still exceed our expectations at the start of the year, when we had forecast an average Newcastle benchmark (6000 kcal) price of USD72/tonne in 2018 and USD67/tonne in 2019. The HBA on which the regulations are based broadly reflect Newcastle prices.
The new price regime does not include a floor on prices, and so provides no benefit to the mining firms in the event of a downturn. Prices will continue to fluctuate as before if the market price drops below USD70/tonne.
The price ceiling is unlikely to have any meaningful impact on PLN’s standalone credit profile. We would have expected the government to compensate PLN for losses through subsidies if high coal prices and fixed electricity prices had caused under recoveries. PLN’s IDR of ‘BBB’ is equalised with the sovereign rating due to its very strong government linkages.
Source: Fitch Ratings
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Monday, 07 May 18
BENCHMARK PRICE OF INDONESIAN THERMAL COAL DROPPED BACK BELOW $90 A TON THIS MONTH
COALspot.com: According to latest ministerial decree No. 1812 K/30/MEM/2018 dated 3 May 2018, the Indonesian Coal Price Reference (HBA) decline 5.5 ...
Monday, 07 May 18
SOUTH KOREA STATE-OWNED UTILITY KOREA MIDLAND POWER ISSUED A TENDER FOR 1 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 mt of min. 5700 NAR coal of Australian origi ...
Monday, 07 May 18
GLOBAL COAL DEMAND ROSE ABOUT 1% IN 2017; ASIA ACCOUNTED FOR THE LARGEST INCREASE IN COAL DEMAND, UP 35 MTOE RELATIVE TO 2016 - IEA
Global coal demand rose about 1% in 2017, reversing the declining trend seen over the last two years. This growth was mainly due to demand in Asia, ...
Friday, 04 May 18
ELECTRICITY GENERATION FROM RENEWABLES WAS SECOND ONLY TO COAL IN 2017 - IEA
World electricity demand increased by 3.1 %, significantly higher than the overall increase in energy demand. Together, China and India accounted f ...
Thursday, 03 May 18
SUPRAMAX: INDO - CHINA COAL ROUNDS ARE PAYING IN THE LOW-MID $12000 BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
As expected a slow and uneventful start to the week with holidays in many countries, however by mid-week some fresh requirements and pos ...
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Showing 1726 to 1730 news of total 6871 |
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- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- VISA Power Limited - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Australian Coal Association
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
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