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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, 15 July 20
MARKET INSIGHT - INTERMODAL
The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraint ...
Tuesday, 14 July 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.75 PCT - XINHUA
China Taiyuan coal transaction price index stood at 126.01 points Monday, up 0.75 percent week on week.
The index, released by China ...
Tuesday, 14 July 20
TURKEY - A CASE OF UNDECLARED BUNKER - GARD
KNOWLEDGE TO ELEVATE
Undeclared/excess bunkers can be considered a criminal act by Turkish customs officials with the ship's crew being ac ...
Monday, 13 July 20
PANAMAX: A TUMULTUOUS WEEK IN THE PANAMAX MARKET ENSURED ALL MARKETS GAINED VALUE ON THE WEEK - BALTIC BRIEFING
Capesize
This week witnessed the dreaded correction in the Capesize market, with the time charter average shedding almost 18 per cent to close ...
Friday, 10 July 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 ...
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- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
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