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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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Thursday, 15 March 18
BHEL COMMISSIONS 600 MW THERMAL POWER PLANT FOR APGENCO IN ANDHRA PRADESH
Bharat Heavy Electricals Limited (BHEL) has successfully commissioned a 600 MW coal-based thermal power plant in the state of Andhra Pradesh.
...
Thursday, 15 March 18
SUEK GROUP SECURES $1.055BN 5-YEAR SYNDICATED PRE-EXPORT FINANCE FACILITY
SUEK Group signed a $1.055bn syndicated pre-export loan agreement. The facility with five years duration is secured against the Group’s expor ...
Wednesday, 14 March 18
COAL PRICES UP SAYS MINERALS COUNCIL - IAN KIRKWOOD,THE HERALD
NSW thermal coal exports were at near-record levels last year but prices were up, the Minerals Council of NSW has said after appraising annual stat ...
Wednesday, 14 March 18
NEW COAL PRICE FORMULA DOESN'T APPLY RETROACTIVELY: OFFICIAL - THE JAKARTA GLOBE
The Energy and Mineral Resources Ministry has decided to change the implementation period of the new discounted price formula for coal sold to the ...
Wednesday, 14 March 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
Interest in second hand tonnage remains firm with buyers in the dry bulk sector looking to benefit from rising freight rates that are eventually ex ...
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- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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