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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, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
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- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Planning Commission, India
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Interocean Group of Companies - India
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