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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, 22 January 19
AUSTRALIA'S YANCOAL PRODUCED 50 MMT SALEABLE COAL IN 2018 UP 59 PER CENT ON THE YEAR PRIOR, THE QUARTERLY REPORT SHOWS
According to the report, the miner's quarterly (Q4' 18) saleable coal production of 12.4 Mmt. Includes 10.5 Mmt (85 per cent) from the Comp ...
Monday, 21 January 19
KOSPO INVITING BIDS FOR 320K MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV low calo ...
Monday, 21 January 19
SUPRAMAX: INDONESIAN COAL RUNS, TONNAGE WAS GIVING APS DELIVERIES AND A 57,000DWT SHIP FIXED AT $7,000 FOR A TRIP TO WEST COAST INDIA - BALTIC BRIEFING
Capesize
A positive end to a week that saw rates on the West Australia/China run slip below $6.00, as charterers faced a plentiful supply ...
Monday, 21 January 19
HARD COAL WORLD TRADE IN 2018 RISES BY 3.7 PER CENT; GLOBAL HARD COAL PRODUCTION INCREASES BY 1.7 PER CENT - VDKI
Global Hard Coal Production Increases By 1.7%.
According to provisional calculations by the German Coal Importer Association (VDKi), ...
Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Foll ...
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- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Planning Commission, India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Agrawal Coal Company - India
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