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Thursday, 04 March 10
GLOBAL COAL PRICES GETS SUPPORT FROM EM DEMAND
 Commodity Online reported that, AP12 coal prices look well supported in 2010 thanks to positive outlook for Chinese coal demand whereas coal demand in Europe, rest of the world is shockingly low and stocks have hardly drawn despite the coldest winter in decades, according to an analysis by Bank of America- Merrill Lynch (BofAML).
Japan, by far the biggest importer of thermal coal, cut back on its appetite for coal by almost 20 million mt last year, to 117million mt. Europe took in 22 million metric tons less last year, driven particularly by Spain, Italy, the UK and France as low natural gas prices supported switching out of coal in the power sector
Last year China imported 70.4 mn mt of thermal coal, relative to outflows of 7.8 mn in 2008. China's imports will witness slowdown due to ramping up of internal proudction, according to BofAML.
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“Last year China imported 70.4 mln mt of thermal coal, relative to outflows of 7.8 mln in 2008. China's imports will witness slowdown due to ramping up of internal production” - BofAML
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Coal prices are protected to the downside by the high marginal cost of production, particularly in Russia. However, the oversupply in Europe will likely keep a lid on API2 prices near-term.
API2 front month coal increased from a low of $75/mt in mid December to $97/mt in early January, sharply outpacing other energy markets. Heavy snowstorms led to local power shortages, particularly in the South of the country.
Perhaps more importantly, a much stronger-than-expected cyclical rebound in China drove power generation growth to new highs, up 33% YoY over the past three months, helping to fuel coal demand. Other Asian countries also experienced a turn-around in electricity generation. In turn, due to the heavy snowfall and rail constraints, China resorted to seaborne coal as opposed to domestically produced material. Elsewhere, a glaringly cold winter in Europe provided some support to sentiment. Producer infrastructure constraints, particularly in Australia, South Africa and Indonesia, temporarily tightened the international coal market.
Ultimately, the 3-week rally in coal did not last and prices reversed sharply in mid January as the snowfalls in China receded and the USD strengthened. In recent weeks, front-month API2 coal traded down to $72.75/mt and has been in the $72/mt to $79/mt range. Chinese imports in January, though still at a very high level, cooled off month-on-month basis. Moreover, big European coal users, like Germany, France and the UK, recorded steep demand losses in January, at a time that they experienced the sharpest winter in decade, BofAML analysis said.
In the UK for instance, coal demand in December equalled 4.6 million mt, down from 6.3 million mt in the prior year. Preliminary data indicates that the trend continued over the past weeks.
Traditional European coal suppliers are doing what they can to manage supply to Europe. Russia has reportedly closed some mines to keep exports to Europe low. South Africa is actively diversifying away from Europe towards demand outlets in Asia Pacific. During 2009, 31% of South African exports went to India, from virtually nothing in previous years. That trend was particularly pronounced over the past months. Although in small volumes, South Africa has also been pushing material into China. More absurdly, Colombia-- who typically exports 50-60% of their coal to Europe with the balance going to the Americas--
has now detected interest in Asia.
Colombia exported small volumes to China in December to the tune of 1.5-1.7 million mt, for the first time ever. Of course, sharply lower freight rates are helping these trade flows. As we see continued supply of new Capesize vessels in 2010, freight will likely remain cheap by historical standards in the near-term. Once freight recovers, possibly at the end of this year with the cyclical demand recovery soaking up the supply in ships, these trade-flows are unlikely to be sustainable.
Europe's coal inventories remain at excessive levels at key import ports in Rotterdam and Amsterdam as supply exceeds demand. BofAML sses strong relationship between spreads in AP12 and coal inventories. Hence it is no surprise that the contango in API2 has steepened even more, with front month to front calendar year spreads at the widest since July last year , reflecting the oversupply in the European market and bulging inventories.
Coal markets in the Pacific are a lot tighter, with inventories relatively low in key coal consumers like China, India and South Korea. Meanwhile, the Newcastle coal market is trading in backwardation. Several coal mines in Australia had to declare force majeure in response to severe rainfalls on the east coast which flooded mines, while major rail lines had to close, clogging up the coal chain infrastructure. 47 vessels are currently again lining up outside Newcastle , underscoring that infrastructure problems will not go away easily, BofAML analysis said.
Overall, the outlook for emerging market coal demand remains very positive though. China is expected buy more seaborne coal as as the Chinese Renminbi is likely to be revalued by mid year. In BofAMl analysis, a CNY revaluation is undoubtedly positive for global thermal coal prices. Other EMs likeMexico and Turkey are sharply ramping up coal imports. India continues to suffer from a negative coal balance and will have to rely on the seaborne market for supplies. On a medium-term horizon, we believe that global seaborne coal prices have immense upside from the current level given the growth in coal-fired generation capacity.
Source:Commodity Online - By Madhurima R S
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Wednesday, 21 April 10
INDONESIA SHIPPED 13.24 PERCENT MORE COAL IN MARCH THAN A MONTH EARLIER
COALspot.com: Indonesia, the world largest coal exporter, shipped 27,615,191 MT of coal in March 2010, compare to 24.38 million tons in January and ...
Tuesday, 20 April 10
INDO HARUM ENERGY WINS US$200MN LOAN PLEDGE FROM BANK SYNDICATE
Indonesian coal producer PT Harum Energy has secured a loan commitment of US$200 million from a syndicate of six banks.
Bank of Tokyo Mitsubishi ...
Tuesday, 20 April 10
PACIFIC SUPRA MARKET WAS STILL SOFTENING - BRS
A modest increase in dry bulk rates this week with activity picking up in the middle of the week. Panamax rates remain above the Capes, and there wa ...
Monday, 19 April 10
IS CHINA TO SUFFER NEW COAL SUPPLY SHORTAGE IN 2010? - XINHUA
Is China likely to suffer a new coal supply shortage in 2010? It's a question haunting many Chinese market analysts now. After a string of several ...
Monday, 19 April 10
WHITE ENERGY BUYS SA COAL - ABC NET
ABC Net reported that, South Australian Coal Limited is being bought by the New South Wales company White Energy.
Shareholders will get a combine ...
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Showing 5871 to 5875 news of total 6871 |
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- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- The University of Queensland
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Planning Commission, India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
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