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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, 18 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
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