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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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Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
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- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
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- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- PTC India Limited - India
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