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Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
 Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
According to BHP, the gCNewc 6000 kcal/kg FOB Newcastle index (hereafter 6000kcal) averaged around $61/t over the half, down from around $68/t in the first half of financial 2020. Prices ranged from a high of around $74/t to a low of around $50/t. That is below the 2015/16 trough in real terms. Based on the Wood Mackenzie operating cost curve, more than half of seaborne supply (comprising all grades of energy coal) was likely experiencing negative margins with 6000kcal prices in the low $50s.
The 5500kcal index averaged around $49/t over the same period, with a high of around $58/t and a low of around $38/t, which was where it closed out the half year.
BHP’s Economic and Commodity Outlook further noted that, the spread between the spot indexes for gCNewc 6000kcal and 5500kcal reverted to historical average of close to 20 per cent in the second half of financial year 2020, down from around 30 per cent in the 2019 calendar year.
“While not directly relevant to our business, there was a compression of spreads between the lower grades of energy coal (the 5000, 4200 and 3400 gross–as–received29 kcal brackets) as prices traded deep into the cost curve. Supply has been “sticky” in most export jurisdictions, with the exception of Indonesia, where output has been materially lower. Indonesian supply is prominent in these lower quality brackets” says BHP. Developed Asian markets, who are the largest buyers of >5500kcal product, have been weak under the shadow of COVID–19. Japanese imports contracted by –3 per cent YoY in the first half of the 2020 calendar year, while power demand was down -4 per cent YoY, South Korean imports contracted by –11% per cent.
Chinese demand for seaborne energy coal according to BHP’s Economic and Commodity Outlook FY20, rebounded as lockdowns were lifted, with consumption of coal at coastal power plants back in the normal seasonal range by April 2020. Hydro generation has been inconsistent, along with the weather, with dry conditions early in the year then giving way to floods. The market consensus has been that the 271–281 Mt import inflow registered in calendar years 2017 and 2018 would serve as an informal objective for total coal imports (including metallurgical and lignite) in calendar 2020, rather than assuming that the jump to around 300Mt in 2019 was the new norm. Enforcement of quotas by month and by port, including clamping down on the practice of trading firms clearing customs at one port but discharging at another, have been somewhat effective. Even so, with so much product being forced to clear to China under the Great Lockdown, some provinces and individual ports had already exhausted full year quotas by May.
India saw a sharp decline in energy coal imports in January – June 2020 (–27 per cent YoY). Power demand declined by –7 per cent YoY in the same period, while domestic coal output was quite resilient, at –3 per cent YoY.
Demand from the Atlantic and Mediterranean regions was weak in advance of COVID–19 and lockdowns have deepened the malaise. In calendar 2019, the weakness reflected commercially driven coal–to–gas switching in parts of Europe, where relatively cheap pipeline gas and LNG imports, plus a steep rise in the price of European Carbon Allowances (ECAs)30, have driven generator behaviour. In calendar 2020 to date, all of these factors have remained in place and in some instances they have been amplified by COVID–19: and demand for power itself has now fallen sharply. Renewables have been able to take a larger share of that shrinking pie BHP concluded in its latest Economic and Commodity Outlook FY20.
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Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
Friday, 18 September 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
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- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- London Commodity Brokers - England
- PTC India Limited - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
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