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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, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
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- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- The University of Queensland
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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