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Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices more than doubling since the end of last year.
Traders are now torn between prospects for a continued rally and a pullback on the heels of global efforts toward net-zero emissions.
Based on the most-active contracts traded on ICE, futures for Newcastle coal NCFF23, -1.61%, the Asian-Pacific region benchmark for thermal coal that’s exported from the Newcastle coal terminal in Australia, was at $408.80 on Dec. 6, up 141% from Dec. 31, 2021, according to FactSet data. Coal’s gain this year leads the overall rise among major commodities.
Tight supply due to wet weather in Australia hampering production; strong demand from India, China, and others; and the European energy crisis” all contributed to strength in coal prices, says Will Rhind, founder and CEO of GraniteShares, which runs the GraniteShares Bloomberg Commodity Broad Strategy No K-1COMB +0.38% exchange-traded fund COMB, +0.52%.
Following Russia’s invasion of Ukraine, European countries scrambled to replace Russian energy with alternatives, as Russian natural-gas supplies to Europe were mostly cut off. China has been “extracting record amounts of coal from its own mines as it seeks to insulate itself from the volatility seen in global energy markets,” says Rhind. “Outages from other European energy sources, such as hydro and nuclear plants…exacerbated the situation.”
Overall, “coal remains the largest source of electricity in the world,” he says. It’s the “cheapest to mine, easy to transport, and efficient to burn.”
Coal accounted for about 36.5% of the global power mix in 2021, followed by natural gas with a 22% share, according to Statista. In the U.S., coal accounted for 21.9% of the total 2021 amount of electricity generated at domestic power facilities, while 38.4% was sourced from natural gas, according to the Energy Information Administration.
Global supply of high quality thermal coal has been tight since before the invasion of Ukraine, says Wendy Schallom, coal analyst, analytics, at S&P Global Commodity Insights. The resulting ban on imports of Russian material by the European Union, Japan, and others, and the search for replacement coal, exacerbated the spot coal price rise, she adds.
There has also been a “diversion of coal supply,” originally destined for Asia, moving to Europe to replace the high-quality Russian supplies, says Schallom.
“Fuel switch price signals” had been firmly in favor of hard coal generation since the fourth quarter of 2021, she says, but the recent sharp fall in European gas hub prices means that those price signals reversed in October, with coal-to-gas switching settling in for the first time in more than a year.
If European gas prices recover as expected, fuel switch price signals will reverse again, with gas-to-coal switching likely to soon return, Schallom says. “This will put renewed pressure on German gas and support German hard coal generation.”
Meanwhile, it isn’t surprising that strong use of coal represents a setback in the world’s efforts to meet net-zero emissions by 2050. Developed nations need to entirely eliminate coal plants by 2030, and the rest of the world by 2040, to meet that goal, says GraniteShares’ Rhind. The two largest coal consumers, however —India and China — are investing even more in coal, expanding their power-plant network through the end of the next decade, he says.
Rhind expects global coal demand to remain high, but prices may “moderate” in 2023, especially if there’s a resolution to the Russia-Ukraine war. Supply will remain constrained, but ironically, higher coal prices will almost certainly contribute to increased demand for renewable energy “in order to find cheaper, more environmentally friendly, and independent sources of energy.”
Source: MarketWatch
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Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
Friday, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
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- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Australian Coal Association
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
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