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