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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, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
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- Thai Mozambique Logistica
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- VISA Power Limited - India
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
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