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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, 16 December 20
CHINA TO BOOST DOMESTIC SUPPLY - FITCH
China’s benchmark Qinhuangdao 5,500kcal/kg coal price rose above the government’s upper yellow interval of CNY600/tonne in early Octobe ...
Wednesday, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
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- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Parliament of New Zealand
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- MS Steel International - UAE
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- The University of Queensland
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
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