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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, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
Friday, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
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- Ministry of Mines - Canada
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Planning Commission, India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- MS Steel International - UAE
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
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