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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, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 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 ...
Friday, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
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- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- The University of Queensland
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- GMR Energy Limited - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- White Energy Company Limited
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