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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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Wednesday, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
Wednesday, 11 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
On the 4th of September the Baltic Dry Index marked its highest level for 2019, reaching 2,518 points, while the rest of the dry indices also recor ...
Tuesday, 10 March 20
SHIPPING MARKET ANALYSIS
It might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are.
Before the st ...
Tuesday, 10 March 20
EIA FORECASTS U.S ELECTRIC POWER SECTOR DEMAND FOR COAL WILL FALL BY 81 MMST (15%) IN 2020
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019. According to EIA's Shor ...
Tuesday, 10 March 20
CORONAVIRUS: DEMAND DOWNGRADES FOR BULK COMMODITIES - WOOD MACKENZIE
The coronavirus outbreak is a rapidly evolving news story – and a real wildcard for bulks demand. Our global experts are monitoring the impac ...
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- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- The University of Queensland
- Economic Council, Georgia
- Videocon Industries ltd - India
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Posco Energy - South Korea
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