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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, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly sof ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
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 ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 0.2 ...
Tuesday, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
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- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
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