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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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Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
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- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Parliament of New Zealand
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- MS Steel International - UAE
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