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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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Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
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- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
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