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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, 31 March 10
COAL INDIA MULLS JOINT VENTURE WITH RIO TINTO AND PEABODY - DNA
DNA reported that, Coal India Ltd. (CIL) has finalised two key contenders for its international joint venture (JV) in Australian and US each. The co ...
Wednesday, 31 March 10
DRY BULK MARKET STILL MODERATELY FALLING, BUT POSITIVE SIGNS APPEAR ON THE HORIZON - HELLENIC SHIPPING
The irregularities of the current dry bulk market have been more than evident in the fact that panamax vessels today earn more than their larger cap ...
Wednesday, 31 March 10
INDIKA ENERGYS PROFIT HIT BY FOREX LOSS AND CABOTAGE - THE JAKARTA GLOBE
The Jakarta Globe reportd that, PT Indika Energy posted a 30 percent drop in 2009 net profit due to a foreign exchange loss and impairment of intang ...
Wednesday, 31 March 10
ITMG TO UP COAL OUTPUT DESPITE PERMIT PROBLEMS - THE JAKARTA POST
The Jakarta Post reported that, the country’s third largest coal producer PT Indo Tambang Raya Megah (ITMG) said it can raise output although ...
Tuesday, 30 March 10
ANALYST SEES BDI LIFT, SUGGESTS DRY BULK SHORT SQUEEZE
Analysts at Credit Suisse are bullish on Diana and see a potential short squeeze elsewhere in the sector. The Baltic Dry Index (BDI) -- an industry ...
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- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- White Energy Company Limited
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Australian Coal Association
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
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