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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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Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
Thursday, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
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- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- The University of Queensland
- White Energy Company Limited
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
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