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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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Monday, 16 December 19
THE OUTLOOK FOR U.S. THERMAL COAL IS INCREASINGLY STRESSED - MOODY'S
- Slowing global economic growth, trade tensions will continue to exert influence
- Coal's secular decline will persist in 2020
...
Thursday, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
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- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
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