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Sunday, 28 March 10
DEMAND FROM INDIA RESHAPING THE GLOBAL COAL MARKET - DAVE FOREST
 Attention international coal industry. There's a new kid on the block.
The nation of India.
India is emerging as a major re-shaping force for the global coal market. With in-country coal supplies flagging, Indian buyers are increasingly turning to imports to meet demand.
The situation at many of the nation's power plants is dire. The federal Central Electricity Authority monitors coal stockpiles at 79 plants throughout India. As of yesterday, 19 of those plants (25%) were running at "critical" levels, with less than 7 days worth of coal on hand.
In fact, 9 of those plants are operating with less than 4 days of coal supply. Meaning that 11% of national generating capacity is teetering on the edge of shutdown. These plants are completely reliant on new coal deliveries. If coal shipping is disrupted for any reason, there's no back-up.
There are a few factors at play here. Firstly, India's coal production is lagging demand. Due to fixed government pricing that makes it difficult for coal miners to turn a profit. There's simply not much economic incentive to build new mines (although the government is trying to horse-whip producers into increasing output, even at low prices.)
The other problem is that India's coal-producing regions are distant from many of the electricity demand centers, especially along the coast. Bottlenecks in rail transport make it difficult to get coal to many of the power plants that need supply most.
A clear solution seems to be emerging amongst many of India's biggest coal buyers. Go international.
Yesterday, Maharashtra State Power Generation Co. (the firm that supplies power to Mumbai, among other places) announced it will seek to import 3.35 million tons of thermal coal in the year beginning April 1.
This is a big jump in Maharashtra's foreign coal use. Up 40% from the 2.4 million tons imported in the year ended March 31.
The company's managing director Subrat Ratho made it clear this is a decision coming from the highest levels in India. As he noted, "We would like to import as little as we can because overseas coal is six-times more expensive than Indian coal. But it appears the Ministry of Power has made an assessment of how much coal the domestic companies will be able to supply to various states and have given us this target."
The decision is changing the face of coal imports across the country. India's thermal coal imports surged 100% in 2009, to 60 million tons. Up from just 30 million tons in 2008.
With India's focus now shifting to coal imports, a question is arising. Where will this international supply come from?
Nations like China and Japan have been competing hard for years to secure coal supplies in many of the world's richest regions like Indonesia and Australia. Being late to the party, India is now making its own push to capture supplies. By going forth and buying mines.
Last year, the Indian government gave explicit instructions to many of the nation's largest coal companies to buy overseas coal mines in the interest of nailing down import supply.
One such acquisition materialized this week, with major coal miner and power plant operator Essar Group announcing its purchase of the Aries coal mine in East Kalimantan, Indonesia. The project is reported to hold 100 million tons of thermal coal.
This follows on the heels of Essar's recently-announced $600 million purchase of West Virginia's Trinity Coal Corp. Signaling that Essar (and other groups like it) are moving fast to secure coal assets globally.
The coal industry is already a crowded space, with several nations competing for imports and to buy mines. The sudden addition of an aggressive and deep-pocketed buyer like India could end up being like trying to drive a bulldozer through a mousehole. Putting upward pressure on both coal trade prices and the price tag for purchasing deposits.
We saw this movie once before in 2005 when China turned from a net exporter of coal to a net importer. Prices soared and coal producers had a great run in the stock market.
India may be the only other nation on the planet with the ability to do same.
Source: OilPrice
Dave Forest, dforest@piercepoints.com, www.piercepoints.com
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Friday, 23 April 10
KPCL EYES MINE IN INDONESIA - BUSINESS STANDARD
Business-Standard reported that, Karnataka Power Corporation Ltd (KPCL), the state-owned power generator, is exploring the possibility of acquiring ...
Thursday, 22 April 10
INDONESIAN COAL PRICE REFERENCE FOR MARCH 2010 - US$ 86.64/T
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has begun publishing a monthly coal price reference (HBA) to be use ...
Thursday, 22 April 10
NEED TO IMPORT 82 MT COAL IN FISCAL - INDIA COAL MIN
Indian Express reported that, anxious to bridge the ever-widening gap between the rising demand for coal and its inadequate supply, the Coal Ministr ...
Thursday, 22 April 10
DRY CARGO DEMAND EXPECTED TO INCREASE, FAVORING HIGHER FREIGHT RATES
Increased dry bulk cargo demand is expected to become the norm in the coming weeks and months, according to analysts, which in turn should sustain f ...
Thursday, 22 April 10
INDIA'S BORL SEEKS TO BUY INDONESIAS LOW - SULFUR COAL
COALspot.com: Bharat Oman Refineries Ltd, a joint venture company (promoted by Bharat Petroleum Corporation Ltd, India and Oman Oil Company Lt ...
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- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- White Energy Company Limited
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
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