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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, 21 October 14
INDIA'S DIESEL DEREGULATION POSITIVE FOR OIL COMPANIES - FITCH
The Indian government's 18 October decision to deregulate diesel prices will have a positive effect on the national oil marketing companies tha ...
Tuesday, 21 October 14
LOW DEMAND PUTTING COAL SWAPS UNDER PRESSURE
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost on day, week and month.
The swap has lost US$ 1.57 (-3.04%) month on month ...
Monday, 20 October 14
CHINA'S ENVIRONMENTAL POLICIES DO NOT SPELL THE END FOR COAL - WOOD MACKENZIE
China's environmental policies do not spell the end for coal Analysis across energy commodities show coal still accounting for 64% of power mix ...
Monday, 20 October 14
CFR SOUTH CHINA COAL SWAPS FAILED TO PERFORM POSITIVE
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 3.04 (-4.57%) month over month and US$ 1.75 (-2.68%) week o ...
Sunday, 19 October 14
LOW DEMAND PUSHES DOWN COAL FREIGHT RATES; VOLATILITY CONTINUES
COALspot.com: This week all the segments softened including BDI except for Panamax index.
The BDI was down by1.70 pct and clsoed at 944 points ...
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Showing 3416 to 3420 news of total 6871 |
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- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- VISA Power Limited - India
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