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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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Friday, 14 December 18
KOSPO INVITES BIDS FOR 1,177,000 METRIC TONS OF COAL FOR Q1' 19 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 701,000 MT of min 5,600 kcal/kg NCV coal and ...
Friday, 14 December 18
COAL IMPORT TO BE CHECKED BY RISING DOMESTIC PRODUCTION - FINANCIAL EXPRESS
The government’s effort to increase domestic coal production and power demand falling with the onset of the winters will check coal imports, ...
Thursday, 13 December 18
STRAITS AFFECTED BY TERRITORIAL DISPUTE BETWEEN SINGAPORE AND MALAYSIA - THE STANDARD CLUB
A recent territorial dispute has occurred between Singapore and Malaysia involving the Straits of Johor.
The Malaysian Attorney Gene ...
Wednesday, 12 December 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
China’s monthly iron ore imports dropped for the first time this year joined by declines in copper and soybeans as economic growth slows in t ...
Tuesday, 11 December 18
SHIPPING MARKET ANALYSIS - ALLIED
A lot of discussions have been made as to the effects of the IMO 2020 regulation on OPEX levels, investment feasibility of& ...
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- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- The University of Queensland
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
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