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Monday, 26 January 15
OVERSUPPLY, AMPLE STOCKPILES, AND LACKLUSTER UNDERLYING STEEL DEMAND KEPT COKING COAL PRICES LOW IN 2014
 COALspot.com: Coking coal prices (FOB & CFR) fell 15% and 18% respectively during the year, amidst persistent oversupply, ample inventory and slower steel demand growth, says SGX Commodities 2014 Review.
According to SGX, spot prices remained depressed through 2014 as ‘take or pay’ continued to wreck havoc. Looking forward, deflationary pressures may hamper hopes of a near-term recovery, while policy changes have created further lingering uncertainties. Coking coal FOB & CFR prices declined 15.0% and 18.3% respectively during the first three months of the year, and remained relatively stable within a $10 per tonne range thereafter.
SGX’s commodities 2014 review further noted that, a combination of persistent oversupply, ample stockpiles within China, and lackluster underlying steel demand kept prices low through the year. In August 2014, SGX launched coking coal derivatives (FOB Australia & CFR China) in response to the increasing trend towards index-linked pricing across the industry.
A variety of factors have kept coking coal prices depressed for longer than many had previously forecast. Such factors include:
(i) a drive by major producers to lower unit costs by improving production efficiencies and increasing production (thereby also increasing market share);
(ii) ‘take or pay ’ rail commitments in Australia, often making it more economical to continue producing at a loss than to cease production (NB. Australia accounts for more than half of seaborne supply); and
(iii) cost deflation in the domestic Chinese coal industry.
Looking forward, SGX’s Commodities 2014 Review report says that, while many analysts have been calling a bottom in the coking coal price, the timing of any meaningful recovery remains far from clear. Supply cuts are indeed emerging. However, deflationary pressures such as falling resource currencies and a slump in oil prices may hinder the prospect of any significant recovery in the near-term. With a relatively flat cost curve, FX may also be an important variable.
Furthermore, there is uncertainty over the likely medium-term impact of the reduction in China’ s export tax on coking coal from 10% to 3% (effective 1 Jan 2015); Japanese and Korean mills used to procure coking coal from China and, while relative costs will be a factor, there may be a strategic argument to diversifying supply, SGX concluded.
SGX also launched coking coal derivatives in August 2014 in response to the increasing trend towards spot and index-linked pricing.
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Wednesday, 11 March 15
RICHARDS BAY COAL SWAPS DROP $ 3.65 - 4.0/T W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has fell US$ ...
Wednesday, 11 March 15
DRY BULK MARKET CLOSED OFF ON THE GREEN FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The Dry Bulk market closed off on the green for a second week in a row, while the performance of Capesizes hindered a more substantia ...
Wednesday, 11 March 15
MARKET INSIGHT : NEWBUILDINGS - PANOS TSILINGIRIS
From a cost-based, buy-low perspective, there is currently a buying opportunity in the second-hand dry bulk market. I am an anti-cyclical (buy-low) ...
Wednesday, 11 March 15
DRY BULK MARKET: ALL IS NOT LOST FOR A RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The low cost of commodities across the board could trigger an increase of trade among many countries, which in turn could lead to a recovery of the ...
Wednesday, 11 March 15
U.S. ELECTRIC GENERATING COMPANIES TO ADD MORE THAN 20 GW OF GENERATING CAPACITY IN 2015; 16 GW OF GENERATING CAPACITY IS EXPECTED TO RETIRE IN 2015
COALspot.com: In 2015, electric generating companies in U.S. expect to add more than 20 gigawatts (GW) of utility-scale generating capacity to the ...
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- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Planning Commission, India
- Mercator Lines Limited - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Parliament of New Zealand
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Australian Coal Association
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
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