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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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Wednesday, 05 December 18
WORLD COAL PRICES FALL, WITH INDONESIA BENCHMARK FOR DECEMBER, ENDING AT LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 05 December 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
Is the rise in crude carrier rates driven only by seasonality, or is the recent positive reversal signaling the end of challenging days for the mar ...
Monday, 03 December 18
WCA'S ENGAGEMENT AT COP24 IN KATOWICE - WCA
The 24th Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) will take place from the 2-14 December 2018 in K ...
Monday, 03 December 18
SUPRAMAX: FIXED DELIVERY KALIMANTAN TO WEST COAST INDIA, AT $11000 - THE BALTIC BRIEFING
Capesize
A roller-coaster week for the big ships with hopes soaring at the start for a mini last quarter revival, only to be dashed as the week ...
Sunday, 02 December 18
TRADE WAR LEADING TO HEADWINDS FOR THE FRAGILE DRY BULK RECOVERY - PETER SAND, BIMCO
The first twelve weeks of the 2018/19 marketing year, which started on 1 September 2018, have painted a dire picture for US soya bean exports which ...
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- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Australian Coal Association
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Romanian Commodities Exchange
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
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