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Monday, 16 December 19
THE OUTLOOK FOR U.S. THERMAL COAL IS INCREASINGLY STRESSED - MOODY'S
 - Slowing global economic growth, trade tensions will continue to exert influence
- Coal's secular decline will persist in 2020
Moody's Investors Service maintains negative 2020 outlooks for the US coal and US steel industries and a stable outlook for the global base metals sector, amid slowing economic growth and trade frictions, the rating agency says in its annual report.
The stable outlook for global base metals is driven by supply/demand fundamentals despite weaker GDP rates and lower Purchasing Managers Indexes (PMIs). However, a challenging macro operating environment warrants some caution for the sector.
"Geopolitical and economic concerns as well as trade tensions will once again overshadow the global base metals markets in 2020, continuing the pressures experienced as 2019 as deceleration in global economies took hold," says Carol Cowan, Moody's Senior Vice President. "ESG considerations will also continue to increase in visibility, demanding more transparency and improvement from the industry."
Moody's negative outlook for the US steel industry reflects its expectation that weaker fundamentals will hold in 2020, prices will not rebound significantly and planned new capacity will weigh on market sentiment.
"It's a tale of 2 steels – EAF producers will continue to benefit from lower scrap costs, helping mitigate lower realized steel prices, while blast furnace producers will continue to face higher iron ore costs and likely-increasing costs related to environmental compliance," says Cowan.
Meanwhile, Moody's expects US coal producers' cumulative EBITDA to decline by more than 3% over the next 12 months, due to a substantive decrease in export prices in 2019 among other factors.
"The outlook for thermal coal is increasingly stressed, with ESG factors weighing heavily on demand from utilities," says Benjamin Nelson, Moody's VP-Senior Credit Officer. "Our long-term outlook for North American thermal coal calls for a substantial volume reduction over the next decade, driven by utilities switching to natural gas, where we expect prices will remain low, and renewable energy, which still benefit from government subsidies."
Moody's outlooks for 2020 consider fundamental credit conditions that will affect sectors for the next 12-18 months.
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Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- The University of Queensland
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- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
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- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
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- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
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- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
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- Ministry of Finance - Indonesia
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- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- White Energy Company Limited
- PTC India Limited - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- MS Steel International - UAE
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Australian Coal Association
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
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- Tata Chemicals Ltd - India
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- Bangladesh Power Developement Board
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- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
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- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Deloitte Consulting - India
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- Sindya Power Generating Company Private Ltd
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- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
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