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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, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
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Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
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- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
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