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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, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
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- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
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