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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, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
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- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Australian Coal Association
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
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