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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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Thursday, 15 April 10
DRY BULK MARKET SLOWLY GAINING GROUND
The troubled and underperforming capesize sector of the dry bulk market has been experiencing an improved sentiment since Tuesday, a trend verified ...
Tuesday, 13 April 10
CHINA COAL SEEING 'STRONG DEMAND,' PUDA COAL CFO SAYS - BUSINESS WEEK
Business Week reported that, China coal prices will increase this year as the nation’s industry expands and a drought in the southwest region ...
Tuesday, 13 April 10
PEABODY, COAL INDIA CONFIRM 'EARLY STAGE' TALKS - MINING WEEKLY
Mining Weekly reported that, US coal-miner Peabody Energy is holding discussions with Coal India, the company said on Monday, after an Australian ne ...
Tuesday, 13 April 10
ANGLO PREDICTS HIGH COAL PRICES, STEADY SUPPLY
Busrep / Reuters reported that, Coal prices were expected to remain strong this year, while exports would match last year's despite rail cons ...
Tuesday, 13 April 10
THE PANAMAX MARKET CONTINUED TO STRENGTHEN - BRS DRY BULK
Panamax rates continue to beat the market, and the Panamax 4TC is now trading at a 25% premium to the Cape 4TC — the biggest margin since the ...
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- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Planning Commission, India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
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