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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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Friday, 04 February 22
RENEWABLES ON THE RISE, COAL CONTINUOUSLY FALLING - EUROPEAN COMMISSION
Although oil (34.5%) and natural gas (23.7%) were still the most important fuel sources in the EU energy mix in 2020, renewable energy’s shar ...
Thursday, 03 February 22
COAL SHORTAGE NOW AT ALARMING LEVELS, SAY ALUMINIUM PRODUCERS - IANS
With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Alumi ...
Wednesday, 02 February 22
HIGH COKING COAL PRICES PROVIDE GLIMPSE INTO STEELMAKING'S FUTURE - MCKINSEY
Last year was a volatile one in global commodity markets. Demand for coking coal, an essential raw material in the production of steel, was extreme ...
Wednesday, 02 February 22
INDONESIA'S RESTRICTIONS ON COMMODITIES RATTLE MARKETS, MORE MOVES LIKELY - REUTERS
In just the first month of this year, Indonesian policymakers have rattled global markets with restrictions on some of its biggest commodities expo ...
Wednesday, 02 February 22
CHINA'S TOP COAL PRODUCER FORECASTS 28 PCT PROFIT GROWTH IN 2021 - XINHUA
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in ...
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- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Carbofer General Trading SA - India
- The University of Queensland
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Economic Council, Georgia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
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