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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, 10 February 21
FY21 COAL DEMAND MAY BE LOWER THAN PREVIOUSLY ESTIMATED DUE TO COVID-19: PRALHAD JOSHI - PTI
Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was ...
Wednesday, 10 February 21
MARKET INSIGHT - INTERMODAL
We have just entered February, Chinese New Year holidays are about to start and the SnP market for bulkers is so hot as every seller would dream of ...
Tuesday, 09 February 21
SWITCHING COAL PLANTS TO PLN'S BIOMASS COFIRING PLAN IS NO MAGIC BULLET - IEEFA
Implementation risks for Indonesia PLN's switch from coal to biomass cofiring
PLN’s biomass cofiring plan will require not ...
Friday, 05 February 21
THE INDONESIA COAL PRICE REFERENCE FOR FEBRUARY 2021 SETTLES AT US$ 87.79 PER TON FOB VESSEL
COALspot.com: The Indonesia coal price reference for February 2021 settles at US$ 87.79 per ton FOB vessel. The February reference price is the hig ...
Thursday, 04 February 21
WHY BANGLADESH SHOULDN’T COUNT ON A FOSSIL FUEL FUTURE - IEEFA
Around US$50 billion of LNG projects in Asia at risk of cancellation
Two astonishing figures have circulated in the Asian energy sector in the ...
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- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Australian Coal Association
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
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