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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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Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
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- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- The University of Queensland
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
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