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Wednesday, 19 November 14
INDONESIA FUEL-PRICE RISE A CLEAR, POSITIVE REFORM SIGNAL - FITCH
 COALspot.com: Indonesia's hike of more than 30% in administered fuel prices, announced on 17 November, provides a clear, positive signal of the new government's intentions to quickly implement its reform agenda, says Fitch Ratings. Furthermore, the reduction in subsidies creates space for increasing growth-enhancing capex, and should also improve Indonesia's external balances, especially as this supports foreign investment inflows.
Raising the price of subsidised fuel, while broadly positive for credit, does not change our Outlook on Indonesia's sovereign rating. Fitch had factored in a subsidy cut of similar proportions to what was recently announced when we affirmed the 'BBB-' rating and Stable Outlook on 13 November. Fitch retains its forecasts for deficits of 2.5% of GDP in 2014 and 2.7% in 2015. Furthermore, though the subsidy bill is high compared with peers, it was not a key factor affecting sovereign debt sustainability - given the country's relatively low public debt burden of 26% of GDP.
The deficit forecasts remain unchanged, although the decision will enable the government to re-allocate the expenditures to productivity-enhancing capital investments, which will be beneficial to growth. Indonesia is particularly constrained in the availability of productive capital spending - owing to relatively low government revenues compared with peers, and as total expenditures are restricted by a fiscal deficit limit of 3% of GDP. Adherence to this prudent fiscal rule is a distinctive feature of Indonesia's sovereign profile compared with many peers, and is a positive factor for the credit.
The decision should only have a moderate direct impact on Indonesia's net oil deficit in the short and medium term, due to the relatively inelastic demand for oil. Should the government follow through on plans to boost productivity through increased investment in infrastructure, however, there should be a net positive effect on the country's current account over the long term. Infrastructure improvement would be a prerequisite for the development of the manufacturing sector to such an extent that it would lead to diversification of exports away from commodities.
The long-mooted idea to raise administered fuel prices was closely followed by the investment community. Now that the decision has been implemented, it should more generally raise confidence in the government's commitment to fiscal and supply-side economic reforms. Potential for improvement in the investment climate is substantial, through cutting bureaucratic impediments for businesses and ensuring the minimum wage is in line with productivity growth. Indonesia's ranking in the World Bank's Ease of Doing Business indicators at the 36th percentile is low compared with the 'BBB' category median at the 65th percentile.
It is important to note, though, that the fuel price hike alone should not be taken as a signal of the ability of the Indonesian government to push through other reforms in future. The fuel-price hike did not require parliamentary approval, unlike other more far-reaching reforms to improve the business climate. Furthermore, a fuel price-setting mechanism that would allow for a fixed-fuel subsidy which would make the budget - and capex in particular - more robust to future oil price rises, has not been introduced thus far.
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Monday, 17 November 14
INDONESIAN COAL PRICE REFERENCE CONTINUES FREE FALL; SLUMPS TO 69-MONTH LOW
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in November. HBA for t ...
Monday, 17 November 14
API 5 FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED AT $ 52.75
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery has decreased US$ 1.77 (-3.25%) month over month and US$ 0.02 (-0.04%) day ...
Monday, 17 November 14
SOUTH CHINA COAL SWAP SLIGHTLY INCREASED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.73 (-2.67%) month over month and US$ 0.10 (-0.16%) da ...
Sunday, 16 November 14
THE BDI LOST 12.59% WEEK ON WEEK; THE BCI LOST 19.95%
COALspot.com: The BDI fell 12.59 percent to 1256 point week on week on Friday 14 November. All the segments were also most down this week. The cape ...
Friday, 14 November 14
U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY WEEK ENDING NOVEMBER 08
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- The University of Queensland
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
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