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Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
 COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent government measures that have helped to arrest the downward trend. These measures, however, are not enough to meaningfully improve prices over the short term. Cost control and leverage reduction will be important strategies for companies to maintain stable credit quality.
Fitch Ratings further said, 2014 has been a difficult year for coal mining companies in China, with coal prices sliding by about 20% in the first 10 months of the year. Prices have been hurt by overcapacity in the industry, which has persisted since 2012. There was also lower demand for thermal coal stemming from one-off factors such as higher-than-average rainfall that boosted hydropower generation.
The government introduced measures to support the industry, including imposing import duties ranging from 3% to 6% for thermal and coking coal from mid-October 2014. This led to a 27% fall in coal import volume in November 2014 compared with a year ago. In addition, the government banned the domestic production as well as import of low-quality coal.
Together with a seasonal upswing in coal consumption, coal prices in China have stabilised recently. The Qinhuangdao 5500 kcal/kg free on board (FOB) coal price has risen by about 6% since the beginning of November 2014. Nonetheless, Fitch believes a meaningful upswing in coal prices is unlikely in the next 12 months. Substantial capacity investments in previous boom years are still being digested, while demand has been weakened due to industrial deceleration. In addition, the government aims to increase the production of renewable energy at the expense of the share of coal-fired power over the longer term, which means that the thermal coal consumption growth rate is set to decline.
While 2014 coal prices are comparable with 2009 levels, production costs are in general about 25%-30% higher than in 2009, driven by increases in staff expenses as well as governmental fees, such as land conversion fees and environmental protection fees. To combat lower prices, many Chinese coal producers have cut costs significantly. Yanzhou Coal Mining Company Limited has reduced its domestic mining cost per ton by 30% during the first three quarters of 2014 from a year earlier, thereby maintaining steady gross profits on a per ton basis. Fitch believes a continuation of similar efforts will be needed for coal companies to preserve cash flow.
When coal prices increased between 2009 and 2012, many coal producers undertook debt-funded capex and investments. With the reversal in coal prices, their leverage has climbed higher than they expected because the expected cash flow for debt reduction failed to materialise. Efforts to improve debt leverage amid continuing low prices will be crucial for companies to maintain stable credit profiles.
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Tuesday, 30 December 14
INDIA INC TO BENEFIT AS IMPORTED COAL PRICES SET TO FALL - RAHUL PRITHIANI
The Hindu: India‘s coal import volumes are set to rise by over 30 per cent over the next two years to 214 million tonnes in 2015-16, as domes ...
Tuesday, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
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- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
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