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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, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
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- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Central Java Power - Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Planning Commission, India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Latin American Coal - Colombia
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