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