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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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Monday, 18 May 20
THERMAL COAL SPOT PRICE TUMBLES 25 PER CENT, PUTTING PRESSURE ON SOME PRODUCERS - ABC RURAL
The spot price for thermal coal has fallen 25 per cent per cent in the past month with one leading analyst saying it is because of a reduction in d ...
Monday, 18 May 20
CHINA'S COAL OUTPUT UP 1.3 PCT IN JANUARY-APRIL: XINHUA
Output of raw coal in China rose 1.3 percent year on year to 1.15 billion tonnes in the first four months this year, official data showed.
&nbs ...
Sunday, 17 May 20
A 55,000 OPEN ILIGAN FIXING AT $6,500 VIA INDONESIA REDELIVERY INDIA - BALTIC BRIEFING
Capesize
A precipitous fall in the market this week had the Capesize 5TC shedding over 50 per cent in value. A small rebound at the end of the ...
Friday, 15 May 20
CHINA'S COAL CONSUMPTION TO FALL Y/Y IN SECOND QUARTER, IMPROVEMENT EXPECTED IN SECOND HALF - INDUSTRY BODY: REUTERS
China’s coal consumption is expected to decline in the second quarter from a year earlier, but will see an improvement in the second half of ...
Thursday, 14 May 20
OPEC REVISES DOWN GLOBAL OIL DEMAND FORECAST AGAIN
Crude Oil Price Movements
Crude oil prices recorded a second sharp monthly drop in April, amid an increasing oil surplus in the spot market. Th ...
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- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- The University of Queensland
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- PTC India Limited - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
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