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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, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Australian Coal Association
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Planning Commission, India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
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