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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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Friday, 29 May 20
KOMIPO ON BEHALF FIVE KOREAN GENCOS INVITED COAL BIDS FOR 5,700 & 4999 NCV COAL FOR AUGUST 2020 LOADING
COALspot.com: South Korea’s Korea Midland Power Co.,Ltd (KOMIPO) on behalf five (5) Korean Gencos has Issued an International Tender for tota ...
Friday, 29 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
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- Sarangani Energy Corporation, Philippines
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- Planning Commission, India
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- IEA Clean Coal Centre - UK
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- Merrill Lynch Commodities Europe
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- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
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- The Treasury - Australian Government
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- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
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- Chettinad Cement Corporation Ltd - India
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- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
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- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
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- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
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- Trasteel International SA, Italy
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- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- McConnell Dowell - Australia
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- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
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- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
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- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
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- Semirara Mining Corp, Philippines
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- Parliament of New Zealand
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- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
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- Meenaskhi Energy Private Limited - India
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- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
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- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
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- Coal and Oil Company - UAE
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- GAC Shipping (India) Pvt Ltd
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- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
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- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
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- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
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- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Price Waterhouse Coopers - Russia
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- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
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- White Energy Company Limited
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- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
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- Orica Australia Pty. Ltd.
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- Alfred C Toepfer International GmbH - Germany
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