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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, 29 June 20
CHINA COAL IMPORT OUTLOOK: MANY MOVING PARTS, FORECAST TO FALL 10% YOY - GHEE PEH | IEEFA
China’s coal demand declined in the first quarter of 2020. According to the China National Coal Association, the country consumed 870mt in th ...
Monday, 29 June 20
ULTRAMAX: A 58,000 FIXING DELIVERY SINGAPORE TRIP, VIA EAST COAST INDIA, REDELIVERY CHINA IN THE LOW $12,000S - BALTIC BRIEFING
Capesize
As the halfway mark of 2020 arrives, the capesize market is making new highs for the year. From persistent lows earlier caused by a ba ...
Saturday, 27 June 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 26 June 20
WHAT TODAY'S BAILOUTS CAN DO FOR TOMORROW'S ECONOMIES - WORLD ECONOMIC FORUM
The COVID-19 crisis provides an opportunity for governments to build fairer, more sustainable and more resilient economies.
Governments a ...
Thursday, 25 June 20
ALL YOU WANT TO KNOW ABOUT COAL MINE AUCTIONS - THE HINDU BUSINESS LINE
Last week, Prime Minister Narendra Modi threw open the auction of 41 coal blocks for commercial mining. The decision, which was part of the announc ...
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- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- The University of Queensland
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Australian Coal Association
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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