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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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Saturday, 30 March 19
KOEN INVITES BIDS FOR 450,000 TONS OF (SUB) BITUMINOUS COAL FOR H1 AND JUNE 2019
South Korea state-owned utility KOREA SOUTH-EAST POWER CO., LTD. (KOEN) issued a tender for total 450,000 MT of min. 4300, 3500 and 5600 NCV ...
Wednesday, 27 March 19
SHIPPING MARKET INSIGHT - INTERMODAL
Contrary to the December 2018 forecasts but in line with the expectations of the dry bulk market, the first quarter of the year closed negatively. ...
Saturday, 23 March 19
IT WAS A POSITIVE WEEK FOR THE HANDY SIZE MARKET - BALTIC BRIEFING
Capesize
The big ships endured heavy losses last week extinguishing any hopes from the recent minor rally. Negative sentiment gained pace throu ...
Friday, 22 March 19
CHINA MARKET: COAL OUT IN THE COLD - BUSINESS RECORDER
Though China maintains there is no ban, China-bound Australian coal shipments are looking for a new home. For the past few months, coal cargoes are ...
Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
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- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- PTC India Limited - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
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