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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
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
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- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- White Energy Company Limited
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
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