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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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Friday, 12 December 14
U.S WEEKLY COAL PRODUCTION UP 3.4% W/E DECEMBER 6
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.6 million short tons (mmst) of coal ...
Wednesday, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly sof ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 0.2 ...
Tuesday, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
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- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- White Energy Company Limited
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- PTC India Limited - India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
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