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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, 04 February 20
CAPE: THE AVERAGE EARNINGS PER DAY FELL BENEATH THE USD 4,000, A LEVEL CONSIDERABLY BELOW EVEN THE MOST CONSERVATIVE OPEX LEVELS - ALLIED
The recent slump in the dry bulk freight market may well have been expected to some degree, but despite this the shock was still overwhelming when ...
Monday, 03 February 20
KOWEPO INVITING BIDS FOR 2.46 MILLION TONS OF MIN.5700 AND MIN.5600 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,460,000 tons of (Sub) Bitum ...
Sunday, 02 February 20
NOVEL CORONAVIRUS OUTBREAK IN CHINA - STANDARD CLUB
Members will be aware of the recent novel coronavirus outbreak in China, which has now been declared a global emergency by the World Health Organis ...
Sunday, 02 February 20
SUPRAMAX: A 52,000DWT SHIP WAS FIXED BASIS DELIVERY SOUTH KALIMANTAN TRIP TO INDIA, AT $6,000 - BALTIC BRIEFING
Capesize
The week proved conspicuous for all the wrong reasons. This was the week when the Baltic Capesize Index (BCI) turned negative, closing ...
Saturday, 01 February 20
50 MILLION PEOPLE QUARANTINED IN CHINA TO CONTAIN SPREAD OF CORONAVIRUS - HOW DOES IT AFFECT SHIPPING? - BIMCO
The outbreak of the novel coronavirus, declared a global health emergency by the WHO, has caused massive uncertainty across the global markets with ...
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- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Minerals Council of Australia
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
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