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