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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, 10 November 14
Q4' 15 FOB INDONESIA COAL SWAP CLOSED LOWER THAN Q1' 15 CLOSING PRICE OF US$ 49.58 ON LAST FRIDAY
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week on week and day on day.
The Q1 swap has lost just US$ ...
Monday, 10 November 14
SGX'S API 4 FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 65.44 ON 7 NOV, LOST 4.08% M-O-M
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has decreased US$ 2.78 (-4.08%) month over month and US$ 1.41 (-2.11%) w ...
Monday, 10 November 14
MOZAMBIQUE SIGNED CONTRACT WITH ETA STAR OF UAE FOR OPEN CAST COAL MINE IN TETE - AIM
- ETA Star to build slurry pipeline over the 600 kilometers to Beira in Mozambique to transport coal.
- The viability studies show the presence o ...
Monday, 10 November 14
YEAR 2015 CFR SOUTH CHINA COAL SWAP SHOWS A WEAK TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 3.74 (-5.63%) month over month and US$ 2.19 (+3.37%) we ...
Sunday, 09 November 14
CAPE INDEX UP 3.06%; PANAMAX INDEX FELL 4.05%
COALspot.com: The BDI was almost at same levels compared to last week closing or just increased 0.77 pct from last week. The BDI was closed at 1437 ...
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- Price Waterhouse Coopers - Russia
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- The University of Queensland
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- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
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- Therma Luzon, Inc, Philippines
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- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
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- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
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- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
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- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
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- Petron Corporation, Philippines
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- Energy Development Corp, Philippines
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- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
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- Oldendorff Carriers - Singapore
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- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
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- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
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- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
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- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
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- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
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- Wood Mackenzie - Singapore
- London Commodity Brokers - England
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- Cement Manufacturers Association - India
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- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- PTC India Limited - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
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- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
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- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
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- IEA Clean Coal Centre - UK
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- Pendopo Energi Batubara - Indonesia
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