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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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- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
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