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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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- White Energy Company Limited
- Parliament of New Zealand
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- The University of Queensland
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
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