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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, fertiliser producers and consumer goods companies, Fitch Ratings says. Smaller companies in these industries are under the most pressure, while larger and more diversified issuers rated by Fitch are better positioned to mitigate the impact. Gas prices could remain high until the end of the winter heating season, given low levels of natural gas in European storage facilities. However, we expect prices to moderate once seasonal demand reduces.
High gas prices and working capital fluctuations have already caused several non-integrated UK gas suppliers (not rated by Fitch) to ask for state support in fulfilling their supply obligations to customers.
The Spanish government has introduced a levy on low-carbon power producers to support smaller suppliers.
Supply is typically a small part of larger Fitch-rated integrated utilities in Europe, which are able to pass costs on to most customer groups, or hedge. Although we expect higher gas prices to increase regulatory risks, the rated utilities’ diversification by jurisdiction and business line, including electricity production and distribution networks, cushions the impact. The unfolding situation in the European gas market may further accelerate the energy transition in the utility sector towards renewables.
Fertiliser producers have been severely affected by rising gas prices. Gas is a key input in ammonia production, which is further used in urea and DAP production. Several ammonia plants in Europe have cut their output or have temporarily shut down operations. Larger Fitch-rated fertiliser producers with a global presence are able to continue production in other regions or source ammonia from third parties, limiting the impact. Producers may also seek to increase fertiliser prices to pass costs onto consumers.
Agriculture and food producers are affected by challenges in the fertiliser sector. Agribusinesses may face shortages in fertiliser supplies and increased prices, most likely increasing their costs in the next season’s harvest. However, meat processors and carbonated drinks manufacturers, particularly in the UK, already face disruptions due to CO2 shortages, which is a by-product of ammonia manufacturing and is used in meat and fizzy drinks production. Geographically diversified food and beverages producers are better positioned to mitigate such shortages.
The record-high prices in Europe are driven by increased demand (due to the wider economic recovery and weather-related factors), competition with Asia for LNG, and a limited supply response from Gazprom, Europe’s largest supplier, providing about a third of Europe’s gas. Prices have also risen due to market fears of a gas deficit during the winter heating season due to low European storage utilisation compared to previous years.
Utilisation at Gazprom-linked storage facilities (around 10% of European capacity) is particularly low, affecting average utilisation rates in Austria, Germany and the Netherlands. Furthermore, unlike September in recent years, Gazprom has not offered any meaningful volumes for delivery this or next year via its electronic sales platform (a sales channel for short-term gas deliveries, used in addition to sales under long-term contracts). Gazprom’s total exports should increase in 2021 but this is unlikely to be sufficient to re-balance the market. Starting the new Nord Stream 2 pipeline, which is facing difficulties in obtaining necessary approvals from regulators in Europe, may affect the availability of additional gas volumes.
We have recently increased our short-term gas price assumptions. However, we expect a normalisation of demand and potential additional supplies to result in a return to mid-cycle pricing from 2023.
Source: Fitch Ratings
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Sunday, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
Wednesday, 14 April 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 1.10 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.05 points Monday, down 1.10 percent week on week.
The index, released by Chi ...
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- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
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