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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, 18 November 19
SUPRAMAX: IN THE INDONESIAN COAL BUSINESS, A 58KDWT VESSEL FIXED DELIVERY PHILIPPINES, REDELIVERY INDIA AT CLOSE TO $8,000 - BALTIC BRIEFING
Capesize
For most of the week the rates were nudging up under a flurry of activity in the Pacific as levels for the West Australia to China C5 ...
Saturday, 16 November 19
LIFE AFTER FOSSIL FUELS: THE DAYS OF OIL AND COAL TRANSPORTATION ARE NUMBERED - BALTIC EXCHANGE
With the world fiercely focused on a decarbonised future, fossil fuel movers and traders might rightly be reconsidering their future. But cast a wi ...
Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by ...
Friday, 15 November 19
RISING ENERGY DEMAND IN SOUTHEAST ASIA TO BE MET AND SUPPORTED BY COAL - WORLD COAL
Last week the International Energy Agency (IEA) released its semi-annual Southeast Asia Energy Outlook report which outlines the latest insights in ...
Thursday, 14 November 19
EIA EXPECTS U.S. STEAM COAL EXPORTS TO FACE INCREASING COMPETITION FROM EASTERN EUROPEAN SOURCES
EIA expects total U.S. coal production in 2019 to total 698 million short tons (MMst), an 8% decrease from the 2018 level of 756 MMst. The decline ...
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- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Australian Coal Association
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
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