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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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Wednesday, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting & ...
Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
Friday, 07 August 20
PEABODY'S $1.42 BILLION WRITE-DOWN CONCEDES COAL MINES HAVE LITTLE VALUE AND DIM FUTURE - IEEFA
Trouble at biggest mine in Powder River Basin speaks volumes about state of industry
Peabody Energy, the world’s largest priva ...
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- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- CNBM International Corporation - China
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Chamber of Mines of South Africa
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
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