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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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Tuesday, 29 November 22
SEABORNE COAL FLOWS IN 2022 - SIGNAL
This year is crucial for the energy mix in European countries, as the EU has imposed new sanctions on Russia. It is important to emphasize that the ...
Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
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- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- ASAPP Information Group - India
- Videocon Industries ltd - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
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