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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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Monday, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
Wednesday, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
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- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
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