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Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
 China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at domestic suppliers and exceptionally high local prices, says Fitch Ratings. Indonesian coal miners are benefitting as the country is the biggest exporter of thermal coal to China. This also comes amid China's political tensions with its second-largest supplier Australia.
China's coal imports surged to 39.08 million tonnes in December 2020 from 2.77 million tonnes a year earlier, as Beijing relaxed a soft cap on import restrictions to ease supply constraints domestically amid an unusually cold winter, an uptick in economic activity, permit inspections in Inner Mongolia, and a soft cap on Australian coal imports. China's 2020 coal imports rose 1.4% to 304 million tonnes, the highest since 2014. Total thermal power generation rose by 6.6% and 9.2% yoy in November and December 2020, respectively.
China's coal production dropped by 0.1% yoy in 2020. Production in Inner Mongolia, the country's largest coal-producing province in 2019, fell by 3% yoy in 2020 despite the government's policy reversal in October to boost output ahead of the winter. Inner Mongolia's output subsequently rose by 9% yoy to a record high of 97.8 million tonnes in December 2020. The government in January 2021 also urged all coal producers to operate at maximum capacity as long as they can ensure mine safety.
We expect China's coal demand and imports to weaken after the Chinese New Year as temperatures rise and coal production normalises. CRU's analysis of vessel data shows that China's thermal coal imports in the first two weeks of January were already close to 70% of the volume in December 2020. CRU said the seaborne Newcastle 5,500kcal/kg free on board (FOB) coal price rose to a two-year high of USD62 by 26 January 2021 and the Chinese import price for thermal coal, 5,500kcal/kg CFR China, was USD85/tonne, a deep discount to the domestic Qinhuangdao 5,500 kcal/kg FOB price of USD131. Fitch remains bearish on the long-term coal price outlook amid the global push towards carbon neutrality.
More stringent Covid-19 containment measures amid the resurgence of infections in northern China may raise seaborne demand by slowing the shipment of coal from central China to the Bohai Rim ports, according to CRU. Some cities have been asking truck drivers to provide negative Covid-19 test results several days before arriving. That said, we do not expect a repeat of the logistical disruption in early 2020 as local governments have become more sophisticated in implementing control measures to minimise the impact on economic activity.
There may also be a regional supply-demand imbalance, keeping coal prices elevated in the short term. The Chongqing municipal government recently ordered a permanent shutdown of local coal mines, including 11.5 million tonnes of capacity owned by Chongqing Energy Investment Group Co., Ltd. (BBB/Stable), by mid-2021. This is likely to tighten coal supply in the southwest region.
Indonesian coal miners are the major beneficiaries of strong Chinese imports. The Indonesian 4,200kcal/kg coal index rose to USD45/tonne in January 2021 from an average of USD26/tonne in the seven months to November 2020. The surge is likely to be short-lived, although Fitch expects a 2021 average price that is higher than 2020 at USD32.5/tonne.
Fitch also expects most Indonesian coal producers to ramp up 1Q21 production in response to the better demand and pricing as they had curtailed production or ceased operations in costlier mines in 2H20. However, the heavy rains and floods in some parts of Kalimantan - Indonesia's key-coal producing region - may hamper the efforts of some coal miners.
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Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
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- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Planning Commission, India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
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