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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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Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
Monday, 15 December 14
CFR SOUTH CHINA COAL SWAP LOST $3.37 M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3,37 (-5.33%) month over month and US$ 1.58 (-2.57%) ...
Monday, 15 December 14
Q1' 15 FOB NEWCASTLE COAL SWAP CLOSED AT $ 51.45 ON 12 DEC
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.45 per MT (-2.74%) closed at US$ 51.45 on 12 December month over ...
Sunday, 14 December 14
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The Baltic Dry Index (BDI), a measure of commodity-shipping costs, fell 12.12 pct to 863 points week ending 12 December 2014.
Th ...
Friday, 12 December 14
LIMITED TRADING AND AN OVERSUPPLY OF TONNAGE PUSHED HANDY SIZE SHIPS TO DOWN IN USG
Handy
We have seen the TA spot market come down this week lead by limited trading and an oversupply of tonnage in the USG, Fearnleys said in its ...
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- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Planning Commission, India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Minerals Council of Australia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
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