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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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Friday, 09 March 18
U.S. EXPORTED 97 MMST OF COAL IN 2017, A 61 PER CENT INCREASE FROM 2016 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.1 million short tons ...
Thursday, 08 March 18
BUMA SIGNED OVER US$ 500 MILLION WORTH OF NEW CONTRACT WITH PT TANAH BUMBU RESOURCES
PT Delta Dunia Makmur Tbk., announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into mining services ...
Thursday, 08 March 18
THE ENERGY CONTRIBUTION FROM COAL-BASED POWER PLANTS IS LIKELY TO INCREASE TO 1072 BU BY 2021-22 : PIB
Government of India has set an ambitious target of 175 GW from Renewable energy sources (RES) by 2022, which comprises of 100 GW Solar, 60GW from W ...
Thursday, 08 March 18
SUPRAMAX: THE MARKET IS STILL GOING STRONG IN THE PACIFIC - FEARNLEYS
Supramax
The market is still going strong in the Pacific, with Ultra fixing high US$ 13000+375000 bb for South Africa to ECI while nickel ore run ...
Thursday, 08 March 18
AVERAGE U.S. COAL MINING PRODUCTIVITY INCREASES AS PRODUCTION FALLS - EIA
Coal mining productivity in the United States increased 26% over the past five years, reaching 6.8 tons per miner hour in 2017, up from 5.4 tons pe ...
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- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- The University of Queensland
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Australian Coal Association
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
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