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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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Thursday, 26 February 15
DRY BULK MARKET LOOKING FOR POSITIVE MOMENTUM, BUT PROSPECTS REMAIN DIM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the Baltic Dry Index (BDI) inched a bit higher over the past couple of sessions and the Chinese are returning to the market after a week long hi ...
Wednesday, 25 February 15
PORT OF NEWCASTLE SHIPPED 13.16MT OF COAL IN JANUARY; DECLINED 16.70% FROM A MONTH AGO
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.15 billio ...
Wednesday, 25 February 15
BDI SLIPPING ONCE MORE TO FRESH HISTORICAL LOWS
COALspot.com: With the BDI slipping once more to fresh historical lows and the Chinese holidays underway, signs for a positive reversal in the Dry ...
Tuesday, 24 February 15
FOB INDONESIA COAL SWAP SET TO RALLY
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap increased US$ 3.30 (+7.30%) ...
Tuesday, 24 February 15
Q3' FOB RICHARDS BAY COAL SWAP CLOSED $59.80 W/E 20 FEB
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and decline week on week.
The Q2 swap has soar ...
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- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
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