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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, 21 January 20
ASIA'S APPETITE FOR COAL GROWS, WITH CHINA THE KEY DECIDER - NIKKEI
Although renewable power generation is expected to rise significantly in Asia, India’s vast electricity needs will still underpin global dema ...
Tuesday, 21 January 20
THERMAL COAL PRICES SET FOR RECOVERY THIS YEAR AS OVERSUPPLY TIGHTENS - REUTERS
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian cou ...
Monday, 20 January 20
INDIA TO STOP SUBSTITUTABLE COAL IMPORT; CAN GO FOR AUCTION OF 100 FULLY EXPLORED NEW BLOCKS: JOSHI - PTI
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act ...
Monday, 20 January 20
CHINA DECEMBER COAL OUTPUT UP 2.4 PERCENT ON YEAR - STATS BUREAU: REUTERS
China produced 331.74 million tonnes of coal in December, up 2.4 percent on the year, the National Bureau of Statistics said on Friday.
...
Monday, 20 January 20
CHINA IMPORTED 124.4 MLN TONNES OF COAL FROM INDONESIA IN 2019, UP 15.1 PERCENT YOY - BANCHERO COSTA
China's coal imports raced ahead in 2019, surprising many who had expected that in the months of 2019 to come the government would clamp down s ...
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- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
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