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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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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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- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- The University of Queensland
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
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