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