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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, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
Tuesday, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Rati ...
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- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Australian Coal Association
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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