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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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Sunday, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
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