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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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Thursday, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
Thursday, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
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- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
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