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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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Saturday, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- The University of Queensland
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Planning Commission, India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
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