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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, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
Thursday, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
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- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- PTC India Limited - India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
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