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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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- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
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