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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, 06 March 20
COLOMBIAN COAL OUTPUT FELL 2% IN 2019 - REUTERS
Coal production in Colombia, the fifth-largest coal exporter in the world, fell 2% to 82.2 million tonnes in 2019 after output at one of the princi ...
Friday, 06 March 20
SOLID BACKING FOR LNG AS A MARINE FUEL - BALTIC EXCHANGE
When it comes to choosing the best fuel on the near horizon to help the international shipping industry shrink its carbon intensity by 2050, DNV GL ...
Friday, 06 March 20
INDONESIA COAL PRICE REFERENCE UP AGAIN THIS MONTH
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 March 20
PANAMAX: SHIP-OWNERS HAVE MOSTLY BEEN GETTING HIGHER RATES THAN THE LAST DONE - FEARNLEYS
Cape
There is still limited amount of positive news around, with the effects of Corona virus hurting world economy. However, overall average in ...
Thursday, 05 March 20
COAL IMPORTS DOWN IN MAJOR ASIAN MARKETS, AND CORONAVIRUS NOT THE DRIVING FORCE - CLYDE RUSSELL
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
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- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
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