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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, 23 September 19
CHINA RECORDS SLOWER GROWTH IN COAL PRODUCTION - XINHUA
The growth of China’s raw coal production slowed down in August, data from the National Bureau of Statistics (NBS) showed.
Aro ...
Friday, 20 September 19
INDIA TO INVITE BIDS FOR COMMERCIAL COAL MINING IN DECEMBER - MINISTER FOR COAL
India aims to begin the process of holding the first round of commercial coal mining auctions December end, Minister for Coal, Mines and Parliament ...
Friday, 20 September 19
INDIA: ECONOMIC SLOWDOWN IMPACTS COAL IMPORT CARGO IN H1 FY20 - PTI
Economic slowdown has impacted coal import cargo in the first half of this fiscal, as overall cargo growth at major ports registered a marginal gro ...
Wednesday, 18 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
During the first week of September, I had the privilege of attending the Donsö Shipping Meet 2019, in Donsö, a small island of around 1,& ...
Tuesday, 17 September 19
PANAMA SHIP REGISTRY MODERNIZES SHIP REGISTRATION
The Panama Ship Registry has announced it will integrate in a single platform “Electronic Ship Registration System (ESRS)” the present ...
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- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- White Energy Company Limited
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
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