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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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Wednesday, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the M ...
Monday, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
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- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- The University of Queensland
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
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