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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, 30 September 20
MARKET INSIGHT - INTERMODAL
Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the p ...
Tuesday, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
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- Kobexindo Tractors - Indoneisa
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- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
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- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
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- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
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- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
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- Carbofer General Trading SA - India
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- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
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- Indonesian Coal Mining Association
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- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Minerals Council of Australia
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- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
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- Merrill Lynch Commodities Europe
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- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- ASAPP Information Group - India
- London Commodity Brokers - England
- Aditya Birla Group - India
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- Parry Sugars Refinery, India
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- PTC India Limited - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
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- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
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- Planning Commission, India
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
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- TNB Fuel Sdn Bhd - Malaysia
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- Mjunction Services Limited - India
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- SN Aboitiz Power Inc, Philippines
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