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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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Thursday, 11 June 20
JAN-MAY, INDONESIA SHIPPED 175.15 MILLION TONS OF COAL TO ITS OVERSEAS BUYERS
Indonesia's coal production for the first 5 months of this year have reached 228 million tons. January – May 2020, Indonesia shipped US$ ...
Thursday, 11 June 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 10 June 20
OPEC+ CUTS EXTENSION TO ACCELERATE MARKET REBALANCING - FITCH RATINGS
Fitch Ratings-London-08 June 2020: The OPEC+ agreement to extend by one month record oil production cuts should accelerate market rebalancing, Fitc ...
Wednesday, 10 June 20
MARKET INSIGHT - INTERMODAL
In contrast to the economic projections of the past two years for the first half of 2020, the oil & gas industry and those involved in it faced ...
Wednesday, 10 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.19 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.71 points Monday, down 0.19 percent week on week.
The index, released by Chi ...
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- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
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