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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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Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Planning Commission, India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
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