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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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Monday, 24 February 20
CHINA SAYS MAJOR COAL FIRMS RESTORE 95% OF PRODUCTION CAPACITY - REUTERS
China’s coal companies controlled by the central government have resumed operations and are back at more than 95% of their capacity, an offic ...
Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
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- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Australian Coal Association
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
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