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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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Monday, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
Monday, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after t ...
Monday, 20 July 20
SUPRAMAX: A 63,000 OPEN NORTH CHINA FIXING AN AUSTRALIAN ROUND IN THE LOW $10,000S - BALTIC BRIEFING
Capesize
The capesize market showed some resistance this week to recent losses as all routes saw a small uptick in value to end the week. With ...
Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochem ...
Wednesday, 15 July 20
HOW MEANINGFUL ARE SOME ESTIMATES FOR INDIA’S COAL CONSUMPTION DATA? - IEEFA
In recent years, BP's estimates for India have contained what appears to be a record of over-optimistic projections
BP’s a ...
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- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
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