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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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Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
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- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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