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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, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially w ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
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- Parry Sugars Refinery, India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
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