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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, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
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- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Australian Coal Association
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- White Energy Company Limited
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
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