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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, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
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- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Australian Coal Association
- The University of Queensland
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
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