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