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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 February 21
MARKET INSIGHT - INTERMODAL
With yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantl ...
Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
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- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Deloitte Consulting - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
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