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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, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
Friday, 10 October 14
INDONESIA TO DEVELOP DOWNSTREAM COAL INDUSTRY - JP
The government is planning to launch a program to develop the downstream coal industry to increase the commodity’s added value, an official h ...
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- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Posco Energy - South Korea
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
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