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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, 16 September 14
INDONESIAN GOVERNMENT DECLARED HBA SUFFERED ANOTHER SETBACK IN SEPTEMBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in September. HBA for ...
Tuesday, 16 September 14
INDONESIAN COAL OUTPUT WON'T EXCEED 421M TONS: GOVT - JP
The government is optimistic that it will meet its coal production target for this year, which caps nationwide production at a flat number compared ...
Monday, 15 September 14
CHINA'S COAL PROPOSALS LEAVE SOME HOPE FOR EXPORTERS - DAILY NEWS
When the best thing you can say about new policies is that they aren’t as bad as they could have been, then you know your industry is in deep ...
Monday, 15 September 14
SUB-BIT FOB INDONESIA COAL SWAP, JANUARY 2015 DELIVERY GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.40 (+0.78%) day on day and US$ 0.55 (+1.08%) per mt week on week. The ...
Monday, 15 September 14
CFR SOUTH CHINA COAL SWAP GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 2.30 (-3.36%) month over month, but increased day on day a ...
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- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Planning Commission, India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
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