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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, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
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- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Economic Council, Georgia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
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