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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, 09 September 20
MARKET INSIGHT - INTERMODAL
The uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the g ...
Saturday, 05 September 20
INDIA WON'T KICK ITS COAL HABIT SO EASILY - HINDU BUSINESS LINE
India has traditionally considered itself lucky to have been endowed with abundant coal reserves, which it has sought to use to meet its energy nee ...
Saturday, 05 September 20
FINANCING COMPLETE FOR 900MW FIFTH PHASE OF MASSIVE DUBAI SOLAR PARK: ARABIAN BUSINESS
Saudi-based ACWA Power on Thursday announced it has completed the signing of all financing agreements for the fifth phase of the Mohammed bin Rashi ...
Saturday, 05 September 20
POLISH COAL DEMAND EXPECTED TO FALL BY 7 MLN TONNES NEXT YEAR: MINISTER - REUTERS
Poland’s demand for coal is expected to fall by around 7 million tonnes next year, or more than 10% of annual hard coal production, after a d ...
Saturday, 05 September 20
PAKISTAN'S NEW 27-YEAR POWER PLAN RISKS LOCKING IN LONG-TERM OVERCAPACITY, LEAVING IMPORTED COAL AND LNG PLANTS STRANDED - IEEFA
Wind and solar, the country’s cheapest source of new generation, also overlooked
Pakistan risks locking itself into building m ...
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- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Planning Commission, India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- VISA Power Limited - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
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