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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, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentimen ...
Saturday, 09 February 19
SUPRAMAX: A 63,000-TONNER WAS REPORTED FIXED DELIVERY FOR AN EAST KALIMANTAN TRIP, REDELIVERY WEST COAST INDIA, AT $9,250 - THE BALTIC BRIEFING
Cape
The Vale disaster weighed heavily on the market for big ships, with uncertainty about shipments/future exports leading to a sharp drop in ...
Friday, 08 February 19
LOWER-QUALITY INDONESIA EXPORTS ROSE 39 MT IN 2018 YOY PRIMARILY IN RESPONSE TO INCREASED DEMAND FROM CHINA AND INDIA - PEABODY
"Underlying seaborne met and thermal coal conditions remain quite positive and the pace of U.S. coal-fueled power plant retirements is expecte ...
Thursday, 07 February 19
QATAR CAN GAIN FROM DECLINING COAL - THE PENINSULA
With North America and Europe closing down their old coal and nuclear plants, major gas exporters like Qatar can and should gain market share. With ...
Wednesday, 06 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
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- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- The University of Queensland
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
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