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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, 12 November 18
COAL BUSINESS REMAINS PROSPECTIVE - ANTARA
Coal business happened to be sluggish in the 2012-2015 period because coal prices in the world market fell sharply, but it has begun to crawl up si ...
Monday, 12 November 18
INDONESIA'S HBA ENDS DECLINE IN NOVEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 07 November 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
This has been another active week in the second-hand market for both the dry bulk and tanker sectors. Buying interest has recently increased, which ...
Monday, 05 November 18
TIGHTER FUEL RULES COULD RAISE SHIPOWNERS' COSTS AND CAPEX - FITCH RATINGS
More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies’ operating costs and capex n ...
Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
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- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
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