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Friday, 13 December 13
HARD COAL : VOLUMES POSSIBLY AT RECORD-BREAKING HIGH; PRICES POSSIBLY AT A RECORD-BREAKING LOW - VDKI
 Press Release : World Hard Coal Market 2013: volumes possibly at record-breaking high, prices possibly at a record-breaking low. German and UK imports are up. The VDKi welcomes the coalition agreement on the energy turnaround as a step in the right direction.
Verein der Kohlenimporteure e.V. (VDKi) has submitted its initial estimates for the world hard coal market and the German and European hard coal import market for the whole of 2013, based on a data analysis up to the end of October 2013.
World economic growth has slowed in 2013, but trading in coal has continued to increase.
Year-on-year world economic growth has slowed down again. According to the latest announcements by the International Monetary Fund (IMF), the economy has grown year-on-year by 2.9% in real terms. This is 0.3% less than in the previous year. In the euro zone, growth in gross domestic product (GDP) fell in the same period from 2.8% to 1.6%. The industrialised countries of Germany and France accounting positively for 0.5% and the latter for 0.2% of increase, whilst Italian, Dutch and Spanish GDP growth fell by 1.8% and 1.3% respectively.
The growth in hard coal output (coking coal and steam coal) has lost impetus and will not increase by more than 2–3% worldwide by the end of the year. China in particular has reduced hard coal output, whilst coking coal production in Australia and steam coal production in Indonesia and Russia have expanded, sometimes considerably.
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The seaborne hard coal trade (steam coal only) will peak at around 850 million tonnes, according to VDKi calculations, thus increasing by just 3% and reaching a new high overall. China is primarily responsible for the rise, as it increased its imports from Australia and Indonesia in the first half of the year, due to the favourable prices on the world market. Its imports during the first six months were thus up 10% year-on-year. However, economic growth slowed in the second half of the year and an import tax was imposed on low-calorific brown coal. The effect of this cannot yet be estimated, but the VDKi is assuming that China’s steam coal imports will exceed the previous year’s level in 2013.
However, there were major shifts among exporting nations. In all likelihood, the following countries will be able to increase their exports as follows:
- Indonesia by +30 million tonnes or about 12%, to a total of 330–340 million tonnes;
- Australia by about +20 million tonnes or 11% to 180–190 million tonnes, and:
- Russia by 5 million tonnes or about 5% to 114 million tonnes.
In contrast, exports of steam coal from Columbia will fall by 5 million tonnes, due to strikes at various mines and logistical restrictions at the beginning of the year, from South Africa by 3 million tonnes and from the USA by 4 million tonnes.
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Europe and Germany
A slight increase in coal imports in the EU has been perceptible in the last two years, particularly in the UK, Italy, Spain and Germany. Falling hard coal production in Germany, Spain and England has been compensated by an increase in imports. Spain will import about 6 million tonnes less steam coal in 2013, due to increased electricity generation from renewables and the weak economy. Italy will return to the 2012 level.
The long winter in Europe and the lower clean dark spread (costs of coal, freight and CO2 certificates), which has long worked in favour of power generation from coal to a greater or lesser extent, in comparison with the clean spark spread (costs for gas, transport and CO2 certificates) encourages power generation from coal in Europe. Electricity is then frequently exported to highly gas-dependent countries such as the UK or the Netherlands. The Bundesverband der Energie- und Wasserwirtschaft (BDEW) correspondingly estimates gross electricity generation in Germany at 635 TWh in 2013 (2012: 628 TWh), with 61.8% coming from conventional sources (previous year 61.5%).
Germany’s electricity exports to its immediate neighbours rose significantly in the first three quarters of 2013. On balance (exports minus imports), 43% more electricity (19.9 million kWh) was exported than in the same period in 2012 (13.9 TWh).
All this took place against a background of a growing proportion of power from renewable sources, which grew from 22.7% to 25.9% during the first three quarters of 2013.
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The VDKi estimates hard coal imports into Germany as follows in 2013:
Hard coal imports into Germany rose by 16% or 5.5 million tonnes to 38.4 million tonnes in the first nine months. Extrapolating this figure for 2013 means that Germany will import more than 50 million tonnes of hard coal this year, with 38 million tonnes destined for power stations, 10 million tonnes for the iron and steel industry and 3 million tonnes for coke. This would be a new record and would confirm the VDKi’s mid-year forecast. Germany imported about 8 million tonnes of steam coal in the third quarter.
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The Energy Balance Working Party (AGEB) estimates hard coal consumption in 2013 as follows:
- A rise of 8.2% in hard coal consumption for electricity generation to 30.5 million TCE;
- A reduction of 5.6% in hard coal consumption by the steel industry, due to the modest economic situation.
Managing Director Dr Erich Schmitz commented:
"The figures prove that modern, highly-efficient hard coal-fired power stations are indispensable for the security of supply within the scope of the energy turnaround and must have a firm place in the future too. However, their cost-effectiveness is under serious threat from the unrelenting expansion of renewables and the resultant distortions on the German wholesale electricity market. The new federal government must find a remedy, if a serious number of power station closures are to be avoided."
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The USA, Russia, Poland and South Africa have increased their exports to Germany. The USA will probably displace Columbia as the second-largest coal exporter after Russia in 2013.
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World market prices generally continued to fall. They reached their current record low of just over US$73/t cif ARA in the middle of the year. A slight price recovery has been evident since September. At the end of November 2013, hard coal price reached about US$84/t cif ARA, but was still 6% below the previous year’s price (US$89.53). The strengthening of the euro against the US dollar produced further pricing advantages in the euro zone. The average price free German frontier (BAFA price) was thus €75.64 TCE or €64.83/t in the third quarter of 2013.
The VDKi regards the power station section of the coalition agreement as a step in the right direction.
Part of the section dealing with energy makes extensive reference to the “new role for conventional power stations”. Hard coal-fired power stations are regarded as an “indispensable part of the energy mix for the foreseeable future”. The VDKi strongly supports the basic heads of agreement under which the market is to retain the necessary capacity in the long term. This includes the development of a capacity mechanism, alongside the further development of a generation reserve using tendering strategies or the short-notice availability of reserve generation capacity under the Reserve Power Station Order. The explicit inclusion of the capacity market in the coalition agreement, to be developed in the medium term, repeatedly demanded by the VDKi, to be configured in accordance with European law, open to technology and not discriminate against any primary energy resource, is a matter of energy industry necessity and places the necessary emphasis on security in the target constellation of a secure, affordable, environmentally- and climate-friendly energy supply.
However, from the point of view of the VDKi, these fundamental positions must now be translated into specific legislative proposals very quickly. The VDKi has done essential research work with its Prognos report and will make a constructive contribution to further discussions about the configuration of capacity markets.
- Verein Der Kohlenimporteure E.V. (Vdki) - Germany Coal Importers Association -
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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
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Friday, 23 February 24
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Friday, 23 February 24
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Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
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Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
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Showing 31 to 35 news of total 6871 |
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- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- White Energy Company Limited
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Australian Coal Association
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
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