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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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Thursday, 17 January 19
EIA ESTIMATES THAT U.S. COAL EXPORTS WERE 116 MMST IN 2018, 20% HIGHER THAN THE AMOUNT EXPORTED IN 2017
Coal Supply
EIA estimates that coal production declined by 20 million short tons (MMst) (3%) in 2018, despite a 19 MMst increase in U.S. coal e ...
Thursday, 17 January 19
U.S COAL OUTPUT IS EXPECTED TO FALL BY 3 PER CENT IN 2019 - EIA
EIA forecasts that U.S. coal production will total 729 million short tons (MMst) in 2019, down by 25 MMst (3%) from 2018.
Acco ...
Wednesday, 16 January 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we go through the first days of the year and just a few weeks before the Chinese New Year, the ship repair sector is witnessing a big difference ...
Monday, 14 January 19
KOREA SOUTHERN POWER INVITES BIDS FOR 320,000 MT OF MIN 3,800 NCV 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 coal for ...
Friday, 11 January 19
SUPRAMAX: THE ASIAN ARENA HAD A MIXED START; LIMITED ACTION IN SOUTHEAST ASIA - THE BALTIC BRIEFING
Capesize
Dashed hopes summed up the first full week of the New Year. A slow start followed by a busy 24 hours of improving rates and a firming ...
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- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Marubeni Corporation - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Mjunction Services Limited - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
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