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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, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
Thursday, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
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- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Planning Commission, India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- PTC India Limited - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
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