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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, 24 November 14
CHOPPY WATERS IN DRY BULK - SGX
COALspot.com: Dry bulk freight rates have experienced a sharp rise in volatility in recent weeks as bulk commodity supply has ramped up, said SGX i ...
Monday, 24 November 14
Q1 2015 FOB NEWCASTLE COAL SWAP CLOSED AT $ 52.73
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.73 on 21 November after losing US$ 0.40 (-0.75%) month ove ...
Monday, 24 November 14
CFR SOUTH CHINA COAL: Q2' 15 COAL SWAPS CLOSED LOWER COMPARED TO Q1' 15 SWAPS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 0.63 (-0.99%) month over month and US$ 0.12 (-0.19%) da ...
Sunday, 23 November 14
SPOT FREIGHT RATES IMPROVED SLIGHTLY OVER PREVIOUS WEEK
COALspot.com: The BDI was up 5.41 pct week on week and closed at 1,324 points on Friday. All the segments were up this week except Panamax index.&n ...
Sunday, 23 November 14
ITALY'S STEAM COAL IMPORTS TO DROP BY 11% IN 2014 - ASSOCARBONI
COALspot.com: Italy’s steam coal imports expected to drop to 16 million tons in 2014 (-11% compared to 2013); coking coal imports to plunge t ...
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- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Chamber of Mines of South Africa
- White Energy Company Limited
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
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