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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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Friday, 08 March 19
KOMIPO INVITES BIDS FOR 2.6 MILLION TONS OF AUSTRALIAN 5700 NAR COAL FOR FIVE YEARS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Australian origin to be burnt ...
Friday, 08 March 19
CHINA'S COAL DEMAND FORECAST TO DROP SLOWLY - YONHAP
China’s coal demand is expected to fall at a snail’s pace over the next 20 years due to the country’s preference for the cheap fo ...
Thursday, 07 March 19
INDONESIAN COAL PRICE REFERENCE PLUNGE TO LOWEST IN SEVEN MONTHS
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 March 19
KOSPO INVITES BIDS FOR 80,000 MT OF 3800 NCV COAL FOR 21 - 30 MARCH, 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 80,000 MT of min 3,800 kcal/kg NCV low calor ...
Wednesday, 06 March 19
KOREA SOUTHERN POWER CO INVITES BIDS FOR 980,000 MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
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- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
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