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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, 19 February 20
MINERS WELCOME INDONESIA'S NEW JOBS BILL THAT COULD SPUR COAL GROWTH - REUTERS
Miners have welcomed proposed changes to Indonesian mining rules under a new law aimed at boosting investment, though critics are concerned that th ...
Wednesday, 19 February 20
AS OCEAN TEMPERATURES RISE, SHIPOWNERS LOOK FOR WAYS TO COPE - WARTSILA
The world is heating up, and its oceans are no exception. According to the International Panel on Climate Change (IPCC), the oceans absorb the majo ...
Wednesday, 19 February 20
MARKET INSIGHT - INTERMODAL
The coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GD ...
Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the ...
Tuesday, 18 February 20
ADARO SHIPPED 27 PERCENT OF ITS TOTAL COAL PRODUCTION IN 2019 TO INDIA AND CHINA
PT Adaro Energy Tbk (AE) produced 58.03 Mt of coal from PT Adaro Indonesia (AI), Balangan Coal Companies and Adaro Me ...
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- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- The University of Queensland
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
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