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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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Tuesday, 18 February 20
ADARO REMAINS POSITIVE ON THE LONG-TERM FUNDAMENTALS OF COAL MARKET SUPPORTED BY THE SOUTHEAST ASIA AND SOUTH ASIA REGION
The global seaborne thermal coal market in 2019 was faced with macro and industry challenges which pushed international coa ...
Tuesday, 18 February 20
CORONAVIRUS AND ITS IMPACT ON YOUR CONTRACT - CAN YOU RELY ON 'FORCE MAJEURE'? - INCE
KNOWLEDGE TO ELEVATE
On 30 January 2020, the World Health Organization (WHO) declared that the outbreak of the Novel Coronavirus (officially t ...
Monday, 17 February 20
IMO-2020 SULPHUR CAP - ISSUES TO CONSIDER PRIOR TO THE IMPLEMENTATION OF THE CARRIAGE BAN ON 1 MARCH 2020 - STANDARD CLUB
With the IMO 2020 global sulphur cap now in force, members should bear in mind another significant date in relation to the ‘carriage ban&rsqu ...
Monday, 17 February 20
COVID-19: THE EFFECT OF THIS PUBLIC HEALTH EMERGENCY ON CHARTERPARTY TERMS - GARD
KNOWLEDGE TO ELEVATE
Is it useful to compare the COVID-19 with earlier disease outbreaks?
A comparison with the Ebola outbreak ...
Saturday, 15 February 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - REUTERS
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
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