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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Central Electricity Authority - India
- Australian Coal Association
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
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