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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, 20 November 19
FOREIGN DIRECT INVESTMENTS IN COMMERCIAL COAL MINING IN INDIA? - DIPESH DIPU
In August 2019, Government of India announced its approval for Foreign Direct Investment (FDI) for coal mining, processing and sale. Not that FDI i ...
Wednesday, 20 November 19
AUSTRALIA'S NEW HOPE POSTS 66% SURGE IN Q1 SALEABLE COAL OUTPUT - REUTERS
Australian coal producer New Hope Corp Ltd reported on Tuesday a 66% jump in saleable coal production in the first quarter, as output ramped up at ...
Wednesday, 20 November 19
THE IMO AND THE PRICE OF GAS OR THE IMPACT OF THE INTERNATIONAL MARITIME ORGANISATION'S SULPHUR 2020 LIMIT FOR MARINE FUEL OIL ON THE PRICE OF GAS - KING & SPALDING
The main bunker fuel for ships is High Sulphur Fuel Oil (HSFO, with sulphur up to 3.5% m/m (mass by mass)). This will all change on 1 January 2020 ...
Wednesday, 20 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
While the market expects the next OPEC meeting, there are still no clear signs indicating that the organization will keep supporting oil prices, wh ...
Monday, 18 November 19
CHINA RECORDS STABLE COAL PRODUCTION IN JAN-OCT: XINHUA
China’s raw coal output registered stable growth in the first 10 months, while its imports remained robust, official data showed.
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- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
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