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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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Friday, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
Wednesday, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing t ...
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- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Economic Council, Georgia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Australian Coal Association
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- White Energy Company Limited
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
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