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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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Wednesday, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
Tuesday, 07 October 14
API 8 CFR SOUTH CHINA COAL SWAP HEADED SOUTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 1.10 (-1.64%) month over month and US$ 0.25 (-0.38%) ...
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- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- PTC India Limited - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
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