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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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Wednesday, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- White Energy Company Limited
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Planning Commission, India
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
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