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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, 20 May 20
ADARO ENERGY BOOKED A 5% INCREASE IN COAL PRODUCTION VOLUME Y-O-Y IN 1Q2020
PT. Adaro Energy Tbk, Indonesia’s one of the largest coal miner, booked a 5% increase in coal production volume year-over-year in 1Q2020. The ...
Wednesday, 20 May 20
BRAZIL SOYBEAN EXPORTS HAVE BEEN SURGING THIS YEAR - BANCHERO COSTA
Brazil soybean exports have been surging this year, thanks to a combination of strong demand from China, a bumper crop, and favourable exchange rat ...
Wednesday, 20 May 20
MARKET INSIGHT
Seafarers keep maritime trade going so that the food, raw materials, energy and manufactured goods on which so many depend can continue moving arou ...
Tuesday, 19 May 20
AMENDMENT OF THE INDONESIAN MINING LAW: TYING UP LOOSE ENDS - UMBRA
KNOWLEDGE TO ELEVATE
The finalized draft of Law on the amendment of the Mining Law (Bill) was publicly released on 11 May 2020 and was then ap ...
Monday, 18 May 20
TAKING ADVANTAGE OF VIRUS DISTRACTION - BALTIC EXCHANGE
As the industry grapples to deal with exceptional Covid-19-related challenges, a deeper threat is coming to the fore. At this time of crisis, more ...
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- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- CNBM International Corporation - China
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
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