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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, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
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- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
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