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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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Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
Friday, 22 July 22
MARKET INSIGHT - INTERMODAL
Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, man ...
Friday, 22 July 22
YANCOAL AUSTRALIA CUTS 2022 COAL OUTPUT VIEW AS FLOODS, COVID BITE - REUTERS
Coal miner Yancoal Australia Ltd YAL.AX cut its 2022 output forecast on Wednesday, signalling a hit from higher-than-expected rainfall, COVID-19-le ...
Wednesday, 20 July 22
BOOST FOR BIOFUELS AS IMO REMOVES REGULATORY HURDLE - GARD
MARPOL Annex VI regulations were written for petroleum derived fuels but also apply to biofuels. It has been a challenge to meet the regulatory req ...
Wednesday, 20 July 22
INDONESIA’S COAL EXPORTS TO THE EU INCREASED SIGNIFICANTLY RECENTLY
European countries have increased coal imports from Indonesia due to the energy crisis that hit the region after Russia cuts gas exports to Europe. ...
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- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- The University of Queensland
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Australian Coal Association
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- MS Steel International - UAE
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
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