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