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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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Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
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- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Australian Coal Association
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Central Java Power - Indonesia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
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