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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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Friday, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Wednesday, 25 March 20
CORONAVIRUS CRISIS IS CRUSHING GLOBAL GDP GROWTH - FITCH RATINGS
The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly “Global Economic Outlook” (GEO) ...
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- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- The University of Queensland
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- White Energy Company Limited
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Planning Commission, India
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
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