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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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Friday, 11 October 19
KOREA SOUTH-EAST POWER TO IMPORT LCV COAL IN NOVEMBER
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for 75,000 Metric Tons low calorific v ...
Thursday, 10 October 19
THERMAL COAL IMPORT LIKELY TO CROSS 200 MT IN 2019-20 - TIME OF INDIA
The country's overall thermal coal import is likely to cross the 200-million tonnes (MT) mark in the current financial year, according to Icra. ...
Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market ...
Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch ...
Thursday, 03 October 19
SHIPPING MARKET INSIGHT
Edible oil products across the board are showing healthy amount of export activity, however, rates in most cases are struggling to move accordingly ...
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- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- PTC India Limited - India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Economic Council, Georgia
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
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