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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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Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Parliament of New Zealand
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Australian Coal Association
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
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