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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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Tuesday, 29 January 19
CHINA HAS BEEN THE TOP DRIVER OF GLOBAL GROWTH FOR NEARLY TWO DECADES - ALLIED
China has been the top driver of global growth for nearly two decades now, pushing demand for seaborne trade and being the key influencer for deman ...
Saturday, 26 January 19
SUPRAMAX: NICKEL ORE RUNS SAW A 56K DWT VESSEL, DELIVERY PHILIPPINES, FIXED FOR A TRIP TO CHINA AT $6K - BALTIC BRIEFING
Capesize
A week of dashed hopes for owners as the optimism evident the previous week evaporated. Rates slipped on all routes and underlying thr ...
Thursday, 24 January 19
ANOTHER DISAPPOINTING WEEK FOR PANAMAX OWNERS; MARKET CONTINUES DOWN IN BOTH BASINS - FEARNLEYS
Capesize
The week has been marked by low activity and dropping rates in both basins. As usual, supply additions have increased at the beginning ...
Thursday, 24 January 19
KOREA SOUTHERN POWER INVITED BIDS FOR 960K 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 ...
Tuesday, 22 January 19
9TH GLOBAL MANUFACTURING SUPPLY CHAIN INNOVATION SUMMIT 2019
Rethinking the supply chain in manufacturing is a must at the digital era along with the industry transforming and innovating; new manufacturing is ...
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- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Minerals Council of Australia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Planning Commission, India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
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