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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, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining c ...
Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
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- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Australian Coal Association
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
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