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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, 01 October 14
ASIAN THERMAL COAL PRICES TO REMAIN WEAK ON OVERSUPPLY - FITCH
COALspot.com: The thermal coal market in Asia will remain oversupplied in the next 12 months, in spite of on-going rationalisation of production, a ...
Wednesday, 01 October 14
PANAMAXES: DEFENSIVE, STRUGGLING TO KEEP ANY FURTHER DECREASES - INTERMODAL
COALspot.com: The Dry Bulk market seemed unable to shake off the trend of the week prior and the BDI remained on a downward slope for the bigger pa ...
Wednesday, 01 October 14
FITCH: GLOBAL ECONOMY FACES MULTI-SPEED RECOVERY, MULTIPLE RISKS
Fitch Ratings says in its latest Global Economic Outlook (GEO) that global growth will pick up in 2015 and 2016, but risks are weighted to the down ...
Tuesday, 30 September 14
COALVIEW TO PARTICIPATE AT MET COKE WORLD SUMMIT 2014 IN CHICAGO
COALspot.com: Coalview Ltd., LLC(“Coalview”) America's leading fully integrated coal technology and fine coal recovery company prov ...
Monday, 29 September 14
INDONESIAN COAL EXPORT VOLUME FALL IN AUGUST
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
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- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Interocean Group of Companies - India
- The University of Queensland
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
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