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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, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
Tuesday, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
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- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- MS Steel International - UAE
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
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