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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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Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
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- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
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