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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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Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
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- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- The University of Queensland
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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