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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, 09 September 14
PORT OF NEWCASTLE SHIPPED 13.207 MTN OF COAL IN AUGUST; TRADE VALUE AROUND $1.17 BILLION
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.17 billio ...
Monday, 08 September 14
SUB-BIT FOB INDONESIA COAL SWAP UNDERPERFORMED LAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.20 (-0.39%) day on day and US$ 1.60 (-3.04%) per mt week on week. The ...
Monday, 08 September 14
API 8 CFR SOUTH CHINA COAL SWAP FOR DELIVERY JAN'15 CLOSED AT US$ 66.30 PMT W/E 5 SEPTEMBER 2014; LOST 5.15% M-O-M
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.15 (-0.23%) day on day and US$ 2.05 (-3.04%) week on wee ...
Monday, 08 September 14
CHINESE IRON ORE IMPORT DEMAND VERY STRONG - COMMODORE
COALspot.com: 30 dry bulk vessels were chartered in the spot iron ore market last week to haul iron ore import cargoes to Chinese buyers.
Acco ...
Sunday, 07 September 14
FREIGHT MARKET CONTINUED TO BE FIRM IN SPITE OF CAPE'S THIS WEEK'S WEAK PERFORMANCE
COALspot.com: BDI up by 0.7 pct week on week and closed at 1155 points this week. The Baltic Dry Index is a composite of three sub-indexes that mea ...
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- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Planning Commission, India
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
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