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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, 18 May 20
TAKING ADVANTAGE OF VIRUS DISTRACTION - BALTIC EXCHANGE
As the industry grapples to deal with exceptional Covid-19-related challenges, a deeper threat is coming to the fore. At this time of crisis, more ...
Monday, 18 May 20
THERMAL COAL SPOT PRICE TUMBLES 25 PER CENT, PUTTING PRESSURE ON SOME PRODUCERS - ABC RURAL
The spot price for thermal coal has fallen 25 per cent per cent in the past month with one leading analyst saying it is because of a reduction in d ...
Monday, 18 May 20
CHINA'S COAL OUTPUT UP 1.3 PCT IN JANUARY-APRIL: XINHUA
Output of raw coal in China rose 1.3 percent year on year to 1.15 billion tonnes in the first four months this year, official data showed.
&nbs ...
Sunday, 17 May 20
A 55,000 OPEN ILIGAN FIXING AT $6,500 VIA INDONESIA REDELIVERY INDIA - BALTIC BRIEFING
Capesize
A precipitous fall in the market this week had the Capesize 5TC shedding over 50 per cent in value. A small rebound at the end of the ...
Friday, 15 May 20
CHINA'S COAL CONSUMPTION TO FALL Y/Y IN SECOND QUARTER, IMPROVEMENT EXPECTED IN SECOND HALF - INDUSTRY BODY: REUTERS
China’s coal consumption is expected to decline in the second quarter from a year earlier, but will see an improvement in the second half of ...
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- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Australian Coal Association
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- PTC India Limited - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
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