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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, 17 November 14
INDONESIAN COAL PRICE REFERENCE CONTINUES FREE FALL; SLUMPS TO 69-MONTH LOW
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in November. HBA for t ...
Monday, 17 November 14
API 5 FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED AT $ 52.75
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery has decreased US$ 1.77 (-3.25%) month over month and US$ 0.02 (-0.04%) day ...
Monday, 17 November 14
SOUTH CHINA COAL SWAP SLIGHTLY INCREASED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.73 (-2.67%) month over month and US$ 0.10 (-0.16%) da ...
Sunday, 16 November 14
THE BDI LOST 12.59% WEEK ON WEEK; THE BCI LOST 19.95%
COALspot.com: The BDI fell 12.59 percent to 1256 point week on week on Friday 14 November. All the segments were also most down this week. The cape ...
Friday, 14 November 14
U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY WEEK ENDING NOVEMBER 08
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Australian Coal Association
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
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