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Thursday, 07 April 16
CHINA STEEL CAPACITY CUTS FACE SOCIAL, FINANCIAL HURDLES - FITCH RATINGS
 Fitch Ratings says today that the Chinese government's supply-side reform of the steel sector faces immense social and financial challenges. The government earlier this year said it aimed to eliminate 100 million to 150 million tonnes of capacity by 2020. The complete elimination of these capacities will likely result in significant job losses in the labour-intensive sector and huge financial losses, given the highly levered nature of most companies in the industry.
We believe that unless specific actions are taken to address these challenges, rapid capacity elimination in the Chinese steel sector is unlikely. This would in turn mean prices are likely to remain low, resulting in higher liquidity and default risks for steelmakers, many of which expanded rapidly since 2012 funded by short-term debt.
Based on industry productivity norms of 300 tonnes of steel per year per employee in China, elimination of 150 million tonnes of capacity would mean the loss of around 500,000 jobs in the industry, and potentially more in ancillary industries. This number may not appear large relative to China's working population, but the steel industry tends to by highly geographically concentrated. Layoffs in regions where steelmakers are large employers could result in prolonged dampening of related industries such transportation, power generation, and even retail.
Furthermore, the sector is highly financially levered, with the average debt-to-asset ratio at more than 70%. We estimate the industry has total debt of CNY3trn-4trn, excluding upstream funding through payables and unpaid staff costs. Out of this debt, one third is in the form of bank loans. Even the shutdown of 100 million tonnes of capacity, a reduction of less than10% of existing capacity, could significantly hurt lenders.
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Wednesday, 09 March 16
U.S. COAL EXPORTS DECLINED 24% (74 MMST) IN 2015; COAL PRODUCTION IS EXPECTED TO DECREASE BY 111 MMST IN 2016 - EIA
U.S. Coal Supply
EIA estimates that U.S. coal production for February 2016 was 54 million short tons (MMst), a 4 MMst (7%) decrease from the prev ...
Wednesday, 09 March 16
RI MAY HAVE TO IMPORT COAL FOR FUTURE POWER PLANTS: STUDY - THE JAKARTA POST
With coal prices continuing to decline, Indonesia will struggle to provide the coal needed to fire up its power stations in the near future, a stud ...
Tuesday, 08 March 16
INDONESIA HIKES COAL BENCHMARK PRICE FOR THE FIRST TIME IN 12 MONTHS
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016, but up slightly in Mar ...
Tuesday, 08 March 16
THE DRY CARGO MARKET ENDURED ONE OF ITS MOST DIFFICULT YEARS IN 2015, EXPERIENCING LOWS NOT SEEN SINCE THE MID 1980S - CLARKSONS
Whilst shipping and offshore markets have seen some good opportunities during 2015, overall there have been unprecedented challenges, so we are ver ...
Monday, 07 March 16
INDONESIAN 5700 GAR COAL INDEX DECLINE $0.05 A TON WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.28 percent week over week to averaging $38.66 per ton on this past Friday, ...
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- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- The University of Queensland
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
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