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Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
 Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions due to thermal coal supply constraints in China.
Chinese regulations further tightening the mine safety requirements implemented earlier this year have reduced thermal coal production in the country despite strong demand driven by the economic recovery. Thermal power generation increased in China in January to July by 13.2% yoy, while non-power coal consumption increased by 7.7% yoy, causing rapid increases in coal prices. Coal inventories have been declining, even though import volumes increased in June and July.
The government has launched some mitigating actions, including re-opening open-pit mines capable of producing 67 million tonnes of coal per year, approving new production capacities and requesting mines increase production volumes. These measures, and seasonally weaker demand in September and October, should help moderate prices from the current high levels; however, we expect average domestic prices for 2021 to be higher than in our previous price deck.
Our increased price assumptions for the Chinese benchmark in 2022 and thereafter reflect structurally tighter supply, lower incentives to invest in new coal mines and an emerging trend of local governments and mining companies closing older coal mines in order to meet carbon-reduction targets. Furthermore, the central government has demonstrated its tolerance of high coal prices, while local governments in coal-producing regions are motivated to keep supply relatively tight.
The stronger domestic prices in China have also affected seaborne prices, despite China’s ban on coal imports from Australia. Trade flows have adjusted as a result, with China now importing more coal from Russia, Indonesia and other countries, with Australia now exporting more to India and Korea. We therefore have increased our 2021–2023 Newcastle 6,000kcal/kg assumptions. We have kept longer-term price assumptions for the Australian benchmark unchanged. We anticipate that pressures to reduce coal power generation in many key markets consuming Australian coal will eventually lessen coal demand and help normalise the seaborne prices.
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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
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