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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, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
Thursday, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
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- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
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