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Monday, 26 January 15
OVERSUPPLY, AMPLE STOCKPILES, AND LACKLUSTER UNDERLYING STEEL DEMAND KEPT COKING COAL PRICES LOW IN 2014
 COALspot.com: Coking coal prices (FOB & CFR) fell 15% and 18% respectively during the year, amidst persistent oversupply, ample inventory and slower steel demand growth, says SGX Commodities 2014 Review.
According to SGX, spot prices remained depressed through 2014 as ‘take or pay’ continued to wreck havoc. Looking forward, deflationary pressures may hamper hopes of a near-term recovery, while policy changes have created further lingering uncertainties. Coking coal FOB & CFR prices declined 15.0% and 18.3% respectively during the first three months of the year, and remained relatively stable within a $10 per tonne range thereafter.
SGX’s commodities 2014 review further noted that, a combination of persistent oversupply, ample stockpiles within China, and lackluster underlying steel demand kept prices low through the year. In August 2014, SGX launched coking coal derivatives (FOB Australia & CFR China) in response to the increasing trend towards index-linked pricing across the industry.
A variety of factors have kept coking coal prices depressed for longer than many had previously forecast. Such factors include:
(i) a drive by major producers to lower unit costs by improving production efficiencies and increasing production (thereby also increasing market share);
(ii) ‘take or pay ’ rail commitments in Australia, often making it more economical to continue producing at a loss than to cease production (NB. Australia accounts for more than half of seaborne supply); and
(iii) cost deflation in the domestic Chinese coal industry.
Looking forward, SGX’s Commodities 2014 Review report says that, while many analysts have been calling a bottom in the coking coal price, the timing of any meaningful recovery remains far from clear. Supply cuts are indeed emerging. However, deflationary pressures such as falling resource currencies and a slump in oil prices may hinder the prospect of any significant recovery in the near-term. With a relatively flat cost curve, FX may also be an important variable.
Furthermore, there is uncertainty over the likely medium-term impact of the reduction in China’ s export tax on coking coal from 10% to 3% (effective 1 Jan 2015); Japanese and Korean mills used to procure coking coal from China and, while relative costs will be a factor, there may be a strategic argument to diversifying supply, SGX concluded.
SGX also launched coking coal derivatives in August 2014 in response to the increasing trend towards spot and index-linked pricing.
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Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
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- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
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