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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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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
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