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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, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
Tuesday, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
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- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Planning Commission, India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Minerals Council of Australia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- White Energy Company Limited
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
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