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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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Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- White Energy Company Limited
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- GMR Energy Limited - India
- Marubeni Corporation - India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
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