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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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Sunday, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Australian Coal Association
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- White Energy Company Limited
- Planning Commission, India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
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