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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, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
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- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
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