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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, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
Tuesday, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
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- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- The University of Queensland
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
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