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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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Tuesday, 04 November 14
FOB NEWCASTLE COAL SWAPS GAINED WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.09 (-1.99%) month over month and increased US$ 0.31 (+0.58% ...
Monday, 03 November 14
ADARO PRODUCED 41.90MT OF COAL FOR FIRST 9 MONTHS OF 2014
COALspot.com: Adaro’s coal production in the third quarter reached 14.03 Mt, a 2% increase compared to the same period of last year. Accordin ...
Monday, 03 November 14
CFR SOUTH CHINA COAL SWAP FOR Q4' 2014 DELIVERY LOST 2.80% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery has decreased US$ 1.86 (-2.80%) month over month and increased US$ 0.37 ( ...
Monday, 03 November 14
INDONESIAN'S COAL EXPORTS JUMP IN SEPTEMBER
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Sunday, 02 November 14
CAPE INDEX WAS UP 46.65% WEEK ON WEEK
COALspot.com: The BDI and Cape index continued the strong upward trend this week. The BDI was up 19.80 pct and Cape index was up by 46.65 per ...
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- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
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