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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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Thursday, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
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 ...
Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
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- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- GMR Energy Limited - India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- The University of Queensland
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
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