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