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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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Friday, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
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- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Xindia Steels Limited - India
- The University of Queensland
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- White Energy Company Limited
- Planning Commission, India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Minerals Council of Australia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
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