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Friday, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
 China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain tight in cities such as Beijing and Shanghai – China’s busiest points of entry – economic activity is resuming in lower-risk regions.
Market sentiment for steel is optimistic, with production picking up and inventory finally running down. However, the coal market remains gloomy with weak market fundamentals, bringing both thermal and metallurgical coal prices down.
In this article, analysts Nuomin Han, Zhai Yu, Simon Wu, Zhilu Wang and Ti Guo bring you an update from across China’s bulks sector.
Coal supply: import disruptions continue
Domestic coal supply has already returned to normal, but disruptions remain on the import side. Mongolian coal supply took another twist when border crossings didn’t reopen as scheduled on 16 March – precautionary measures were not well prepared amid confirmation of further coronavirus cases in Mongolia. The reopening of border crossings is now rescheduled for 1 April.
Thermal coal: weak demand adds to an unfavourable outlook
The Qinhuangdao 5,500 price has slid further in the past week, due to weak demand. Daily coal consumption by the six largest gencos in the coastal region remains at 80% of last year’s level. In addition, heating supply in many provinces has ended. The National Bureau of Statistics issued its macroeconomic indicators for the first two months of the year: the slump in figures and the global spread of coronavirus suggest an unfavourable outlook for the coal market.
With no change in the fundamentals, we expect the Qinhuangdao price to keep falling this week.
Metallurgical coal: price pressure won’t ease quickly
While finished steel stockpiles have started to fall, they remain at high levels. As such, coke prices were cut for a fourth time by RMB50/t, despite resistance from coke makers. Some coking plants in northwest China have reported losses after prices have quickly declined by RMB200/t in recent weeks.
Stagnant coke demand has enhanced the fall in coking coal prices in Shanxi, with Liulin #4 dropping RMB70/t in the week and Anze low-sulphur premium HCC falling by RMB110/t.
The price arbitrage between domestic and imported coking coal has narrowed under the weak demand picture, further eroding the price advantage of imported coking coal and ramping up pressure on prices.
We expect downstream industries to continue to recover in the coming weeks, helping steel demand to pick up. However, the pressure on coking coal prices is unlikely to be relieved quickly, as the destocking of steel will take some time. As such, prices will remain weak for a short while.
Steel and iron ore: as downstream operations resumed, inventory started to fall
Just as the market expected, finished steel inventory started to fall as more stable downstream operations resumed. Steel production is also picking up, as more electric arc furnace steelmakers resume operations on improved margin conditions. Rebar spot and futures are particularly firm among other commodities that have been freefalling amid the global financial shock.
Market sentiment shows strong confidence in China’s property sector and the government’s efforts to leverage the economy through infrastructure. Most Chinese-made rebar is consumed domestically. However, oversupply remains a risk – apart from the high finished steel inventory, we shouldn’t forget semi-finished, which isn’t included in the inventory statistics. Official data shows production of crude steel grew 3.1% year-on-year in January and February, but finished steel production dropped 3.4%.
Source: Wood Mackenzie
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Thursday, 19 March 20
BIMCO REVISES 2020 FORECAST FOR MAIN SHIPPING MARKETS
The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the fu ...
Thursday, 19 March 20
U.S. COAL EXPORTS DECLINED IN 2019 - EIA
In 2019, U.S. coal exports declined to 93 million short tons (MMst), a 20% decrease from the previous year, according to the U.S. Energy Informatio ...
Thursday, 19 March 20
SOUTH KOREA'S KOSPO INVITED BIDS FOR MIN 3,700 OR MIN 4,200 NCV LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO), has issued an international tender for total 160,000 MT (±10%) (80,000 x 2 Panamax) of ...
Wednesday, 18 March 20
DRY BULK: INDONESIAN COAL CARGOES PROVIDING A BIG BOOST IN THE EAST WHERE SENTIMENT FOR HANDIES ALSO STARTED IMPROVING - INTERMODAL
The BDI ended last week with small gains on the back of an encouraging number of cargoes out of key trading regions that helped sustain the reserve ...
Wednesday, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
Despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy ...
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- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
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