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Friday, 31 July 20
SHORT-TERM IMPACT ON THE CHEMICAL SHIPPING MARKET IF THE INDIA-CHINA DISPUTE ESCALATES - DREWRY
 Due to the India-China dispute, the threat of deteriorating trade relations between the two countries has become real. Meanwhile, we expect freight rates to decline in 3Q20 on routes from the Middle East/India to China
The India and China border dispute emerged after the military clash between the two countries on 15 June in Ladakh. The scuffle sparked a ‘boycott of Chinese products’ in India, raising concerns about the deterioration of trade between the two countries, with chemicals not being spared. However, if the disputes escalate, the impact on chemical trade is expected to be limited as only a few chemical products such as paraxylene, sulphuric acid, benzene, and ethylene glycol are traded between the two countries, with paraxylene being the largest chemical product exported from India to China.
Paraxylene is used as feedstock to produce purified terephthalic acid (PTA) and dimethyl terephthalate (DMT), which are used in the production of polyethylene terephthalate (PET) polymer for the production of polyester fibres. Meanwhile, demand for polyester will surge with the increasing development of PTA units in China, being one of the biggest importers of paraxylene. China sources its paraxylene requirements from South Korea, India, and Japan. India exported 414,000 tonnes of paraxylene to China in 2Q20, accounting for nearly 50% of Indian exports. Going forward, we expect a 40% fall in Indian paraxylene exports to China in 3Q20 due to the stressed environment. This will translate into a decline in paraxylene trade of about 124,000 tonnes on the Middle East/India to China route, thereby putting pressure on freight rates.
Apart from China, India also exports paraxylene to Indonesia, Malaysia, and to the US in a limited quantity. In 1Q20, before the pandemic, India traded 53% of its total paraxylene exports to China, 16.3% to Indonesia, 12.5% to Malaysia and a mere 6.3% to the US. It will be difficult for India to increase export volumes to these countries as demand is limited. Hence, the Indian export market for paraxylene will be affected in the remainder of 2020.
Indeed, it is clear that as a result of the dispute between the dragon and the elephant, there will be an oversupply of paraxylene in India in 3Q20. With high inventories of paraxylene in India, plants will be forced to cut operating rates. China, on the other hand, will have to source paraxylene from other countries as its demand is likely to pick up in 3Q20. Therefore, we expect freight rates to weaken on routes from the Middle East/India to China in 3Q20.
Source: Drewry
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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 ...
Saturday, 20 June 20
NO ESCAPING GLOBAL TRADE SLUMP - BALTIC EXCHANGE
Those hoping for a decent recovery in trade in the second half of the year should prepare for disappointment.
New data from the Unit ...
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- Vijayanagar Sugar Pvt Ltd - India
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- Coal and Oil Company - UAE
- The Treasury - Australian Government
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- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
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- Chamber of Mines of South Africa
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- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
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- Ceylon Electricity Board - Sri Lanka
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- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
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- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
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- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
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- TeaM Sual Corporation - Philippines
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- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
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- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
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- Tamil Nadu electricity Board
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- New Zealand Coal & Carbon
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- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
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