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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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Saturday, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
Friday, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 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 ...
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- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
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