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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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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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- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
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