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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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Thursday, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
Wednesday, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
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- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- The University of Queensland
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
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