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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, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
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- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
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