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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 $600 million purchase of West Virginia's Trinity Coal Corp. Signaling that Essar (and other groups like it) are moving fast to secure coal assets globally.
The coal industry is already a crowded space, with several nations competing for imports and to buy mines. The sudden addition of an aggressive and deep-pocketed buyer like India could end up being like trying to drive a bulldozer through a mousehole. Putting upward pressure on both coal trade prices and the price tag for purchasing deposits.
We saw this movie once before in 2005 when China turned from a net exporter of coal to a net importer. Prices soared and coal producers had a great run in the stock market.
India may be the only other nation on the planet with the ability to do same.
Source: OilPrice
Dave Forest, dforest@piercepoints.com, www.piercepoints.com
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Tuesday, 30 March 10
CHINA'S DROUGHT RAISES COAL PRICES, LOWERS HYDROPOWER
Bloomberg reported that, Benchmark coal prices at Qinhuangdao, China’s largest port handling the fuel, rose for the first time in 10 weeks aft ...
Tuesday, 30 March 10
PRICES FOR COKING COAL, IRON ORE TO SOAR AMID BURGEONING STEEL DEMAND: SCOTIABANK
Winnipeg Free Press reported that, Strong steel demand from China and a recovery in the developed world will push coking coal prices 56 per ce ...
Sunday, 28 March 10
SHIPS FROM WC INDIA TO CHINA CONTINUED TO BE FIXED AT HEALTHY LEVELS AT AROUND US$ 50/52,000 PER DAY - VISTAAR
COALspot.com: The dry bulk freight market seemed to be heading for a correction with all the indices dropping by 8-10 pct except for handy size whic ...
Saturday, 27 March 10
CHINA DROUGHT MAY RAISE COAL DEMAND, BOOST PRICES, CLSA SAYS - BLOOMBERG
Bloomberg reported that, Droughts in southwest China may increase demand for coal used in power plants, and ‘support” prices in the &ldq ...
Saturday, 27 March 10
CHINA TO REMAIN NET COAL IMPORTER IN NEAR FUTURE - STEEL GURU
Xinhua News cited Mr Wu Chenghou a councilor with the China Coal Transportation and Marketing Association as saying that China will remain a net coa ...
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- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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