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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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Wednesday, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- White Energy Company Limited
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- The University of Queensland
- PNOC Exploration Corporation - Philippines
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