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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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Tuesday, 12 May 20
A GLOBAL ECONOMIC RESTART HAS SLOWLY BEGUN AS COUNTRIES AROUND THE WORLD GRADUALLY - ALLIED
A global economic restart has slowly begun as countries around the world gradually set their return back to “normality”. Yet by all mea ...
Tuesday, 12 May 20
CAN INDONESIA'S COAL INDUSTRY SURVIVE COVID-19? : IEEFA
Pandemic Lockdown and Slumping Prices Put Extreme Pressure on Coal Miners
Executive Summary
While attention has been focused on th ...
Tuesday, 12 May 20
INDIA'S COAL PRODUCTION TO CLOCK RECORD 700 MILLION TONNES IN FY21: COAL SECRETARY - PTI
Coal Secretary Anil Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.
&nbs ...
Monday, 11 May 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Monday, 11 May 20
CORONAVIRUS PUTS MORE THAN A THIRD OF SEABORNE COAL SUPPLY AT RISK - WOOD MACKENZIE
The full impact of the coronavirus outbreak on the global economy is yet unclear. However, the demand destruction is already becoming evident, with ...
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- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
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