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Wednesday, 10 April 19
CHINA'S GROWING THERMAL COAL SUPPLY TO PRESSURE EXPORTERS - FITCH RATINGS
 Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by the government, putting pressure on seaborne coal prices and adding order uncertainties for exporters, Fitch Ratings and CRU say. Miners from Australian and Indonesia are the most exposed, but the credit impact is muted thanks to sufficient rating headroom as we have already incorporated a downward pricing trend in our rating assumptions.
The Chinese coal market’s tightness has eased due to a combination of weaker demand and improved domestic supplies. Chinese coal demand has declined as residential power consumption reduced at the end of the winter heating season in mid-March and hydro supply increased in south China due to heavy rains. Chinese domestic coal supply has gradually improved in recent quarters as the pace of capacity closures has slowed and incremental capacity has been expedited to bring down fuel costs, according to CRU. Inventories at the six main power producing groups edged up to 16.0 million tonnes in late March, 13% higher than the average for 2018 of 14.1 million tonnes.
Growing domestic supply is likely to prompt the Chinese government to tighten control over thermal coal imports. This would imply higher order volatility and risks for seaborne coal suppliers targeting the Chinese market, which are mainly miners in Australia and Indonesia. The Chinese government appears to have adopted an on-and-off importing policy since 2017 by implementing stricter checks when domestic supply is sufficient and speeding up clearing when domestic supply is tight. Australian coal cargoes, for example, have been facing increasing delays clearing customs at Chinese ports since February, according to CRU.
While seaborne coal remains price competitive compared to domestic coal, risks of long clearing time and import bans may discourage Chinese consumers from using seaborne coal, especially when domestic supply is sufficient.
Australian coal producers are likely to face the risk of order cancellation, and to some degree, be forced to compete for sales in alternative countries. This may lead to weak prices in the seaborne market, especially for the mid-content-value coal of around 5,500kcal/kg that Chinese importers typically buy from Australia.
Imports from Indonesia have been less affected by the recent Chinese controls, according to press reports, although Indonesian producers are still likely to come under pressure to find new markets due to overall declining Chinese demand for seaborne coal, as well as increasing Indonesian domestic output, and weaker-than-expected domestic demand.
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- The University of Queensland
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Planning Commission, India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
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