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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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Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
Thursday, 28 October 21
CANADA BAN ON SHIPPING COAL WOULD EQUAL SCRAPPING AS MANY AS 3 MILLION CARS - IEEFA
Canada ban on shipping coal would equal scrapping as many as 3 million cars
Change in Canadian policy could have major implications ...
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- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Australian Coal Association
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Parliament of New Zealand
- PTC India Limited - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Planning Commission, India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
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