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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, 25 October 21
A QUESTION OF POSSESSION - THE BALTIC EXCHANGE
Possession and tangibility are closely related concepts long established under English law. Yet a change to these concepts is around the corner. Th ...
Monday, 25 October 21
CHINA VOWS TO SEVERELY PUNISH MARKET VIOLATIONS AMID LOW COAL FUTURES PRICES - GLOBAL TIMES
Domestic coal futures had plunged for three consecutive trading days after the government vowed to crack down on soaring prices, and China’s ...
Monday, 25 October 21
FARMERS MAY JOIN THE COAL COMMODITY MARKET TO REDUCE RISKS - GLOBAL TIMES
A recent trip to by the Global Times to East China’s Shandong Province to get a glimpse of China’s coal supply chain revealed a surpris ...
Monday, 25 October 21
CHINA COAL PRICES MARK WORST WEEK SINCE MAY ON GOVERNMENT INTERVENTION - REUTERS
China’s thermal coal futures plunged on Friday and turned in their worst week in five months, following Beijing’s strongest interventio ...
Friday, 22 October 21
THE BIG PICTURE: ENERGY MARKETS - BREAK WAVE ADVISORS
The shipping markets have been pulled further into wild markets of coal and other energy sources. Given how nebulous this sector is, it’s alw ...
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- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- The University of Queensland
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Planning Commission, India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- White Energy Company Limited
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
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