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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, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
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- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Planning Commission, India
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
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