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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, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
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- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
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