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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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Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
Friday, 18 September 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 ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
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- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- CNBM International Corporation - China
- Romanian Commodities Exchange
- PTC India Limited - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
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