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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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Friday, 17 October 14
INTERNATIONAL COAL PRICES ARE AT LOWEST LEVEL; COAL STOCKS AT INDIAN POWER PLANTS ARE ALSO AT LOWEST LEVEL
International coal prices as well as coal freights are falling and reaching to its lowest levels. According to PTI, fuel stockpiles at the thermal ...
Friday, 17 October 14
U.S. COAL PRODUCTION UP BY 3.6% WEEK - ON - WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 17 October 14
DRY BULK SHIPPING'S OUTLOOK NOW SHIFTING TO A LESS PROMISING ONE, SHIP PRICES EXPECTED TO FOLLOW SOON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
China’s and other Asian countries’ return to the dry bulk market last week, didn’t trigger the hoped support towards the dry bulk ...
Thursday, 16 October 14
KOREA MIDLAND POWER TO BUY 490K MT OF LCV COAL FOR 1Q 2015
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 490,000 Metric Tons (MT) of LCV (Sub) Bitumino ...
Thursday, 16 October 14
PANAMAX OWNERS RECEIVE A PREMIUM FOR GOING TO INDIA VIA INDONESIA - FEARNLEYS AS
Handy
The Handy/Supra market continues to slide in both hemispheres, said Fearnleys AS in its latest week report. In the Atlantic we see rates co ...
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- Bhatia International Limited - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- The University of Queensland
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Minerals Council of Australia
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