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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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Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
Saturday, 01 August 20
ASIA HOPE FOR LONG-TERM OIL DEMAND - BALTIC BRIEFING
Oil demand in Asia Pacific might be expected to plunge 1.8m barrels per day (bpd) this year, but there are still strong prospects for growth over t ...
Friday, 31 July 20
SHORT-TERM IMPACT ON THE CHEMICAL SHIPPING MARKET IF THE INDIA-CHINA DISPUTE ESCALATES - DREWRY
Due to the India-China dispute, the threat of deteriorating trade relations between the two countries has become real. Meanwhile, we expect freight ...
Friday, 31 July 20
PANAMAX: THE PERIOD MARKET REMAINS QUIET WITH FEW FIXTURES REPORTED - FEARNLEYS
Capesize
After weeks of dropping rates, there are finally some resistance for the Capes. Pacific rounds improving to upper15,000s by the middle ...
Friday, 31 July 20
PANDEMIC SENDING SOUTH AFRICAN COAL INDUSTRY TO EARLIER GRAVE - IEEFA
Could South Africa’s coal export industry, one of the largest in the world, be about to take a severe hit from the coronavirus?
...
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- London Commodity Brokers - England
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- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
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- Latin American Coal - Colombia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
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- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
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- Bangladesh Power Developement Board
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- Planning Commission, India
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- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
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- Singapore Mercantile Exchange
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- Timah Investasi Mineral - Indoneisa
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- Energy Link Ltd, New Zealand
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- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- India Bulls Power Limited - India
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- Indogreen Group - Indonesia
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- White Energy Company Limited
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- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- The University of Queensland
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
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- TNB Fuel Sdn Bhd - Malaysia
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- Australian Coal Association
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- Ministry of Finance - Indonesia
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- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
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- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
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