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Thursday, 18 June 20
INDIA: GOVT'S PLAN TO CUT COAL IMPORT GOES FOR A TOSS AS FY20 BREAKS LOGISTICS CHAIN; LOCAL OUTPUT STAGNANT - FINANCIAL EXPRESS
Weak logistics support and disrupted supply chain towards the end of the last financial year 2019-20 hit the government’s plan to cut coal imports and boost domestic production. Despite having the world’s fourth-largest coal reserves in the country, India imported about one-fourth of its domestic coal requirements in the last fiscal, mainly due to shortfall in coal production and logistical constraints in evacuation infrastructure, said a report by Care Ratings. While coal production in India remained flat – rising marginally by 0.1 per cent in FY20, imports surged 3.3 per cent. Although Coal India has been mandated by the government to replace at least 100 million tonnes of substitutable imports with domestically-produced coal in the ongoing fiscal, the effect of the nationwide lockdown may keep India relying on imports in the current fiscal too.
Coal production remains gloomy in FY21 so far
Mining was classified as an essential industry and was allowed to operate through the lockdown
period; but despite being operational, the domestic coal output shrank 14.8 per cent in two months of April and May 2020 as steel and power demand fell up to 65 per cent, and labour force left for their hometown in the wake of the pandemic. Even after the lockdown measures were gradually eased in May, the demand for coal did not see any significant pickup. Many manufacturing companies were unable to restart operations due to shortage of labour and liquidity, and power plants were not very keen to lift coal due to muted demand and high inventories, causing the coal production to shrink, the report added.
High inventories, low demand put brakes on coal offtake
Inventories of coal at thermal power plants have sharply risen in the last three months and power utilities are now refraining from purchasing more coal. To avoid the risk of coal catching fire and pilferage due to high inventories at pit-heads, coal miners are likely to cut their production till the record stockpiles are brought down to mandated levels, Care Ratings said.
Meanwhile, the Narendra Modi-led government has recently allowed commercial mining of coal, putting an end to decades-long government’s monopoly on coal production. Commercial mining is aimed to introduce competition, transparency, and private sector participation through a revenue-sharing mechanism in the coal sector. Opening up of coal mining for the private sector is expected to boost domestic production in the medium-term although it will take some time for the country to reduce over-dependence on CIL for its coal requirements, the report added.
Source: Financial Express
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Wednesday, 24 June 20
MARKET INSIGHT - INTERMODAL
The World Bank estimates that the global economy will fall by 5.2% this year, underlining that the Covid-19 pandemic has had rapid and massive cons ...
Tuesday, 23 June 20
COVID-19 COULD CAUSE A BOOM IN COAL POWER - RYSTAD ENERGY | OILPRICE
COVID-19 has not only impacted the energy industry’s revenues but also its infrastructure development.
The delay of new natural gas ...
Tuesday, 23 June 20
CHINA'S COAL OUTPUT UP 0.9 PCT IN JANUARY-MAY: XINHUA
Output of raw coal in China rose 0.9 percent year on year to 1.47 billion tonnes in the first five months of this year, official data showed.
& ...
Monday, 22 June 20
KAMSARMAX TYPES REGULARLY HIT THE $9,000 PER DAY LEVEL FOR INDONESIAN COAL RUN TO CHINA, BALTIC BRIEFING SAYS
Capesize
The Capesize market trajectory this week has been one of the steepest rallies the sector has experienced. Opening at $12,410, the sect ...
Saturday, 20 June 20
WORLD OIL DEMAND IS PROJECTED TO DECREASE BY 9.1 MB/D IN 2020 - OPEC
Crude Oil Price Movements
Spot crude oil prices rebounded in May from low levels registered a month earlier, as physical market fundamentals im ...
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