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Tuesday, 01 September 09
GLOBAL COAL PRICES UNDER PRESSURE AS CHINESE PROVINCE RETURNS TO THE PRODUCTION FRAY - REUTERS
 China is set to return to role of coal exporter as the deadline for thousands of small coal mines in its Shanxi province to reopen after being shut in an attempt to consolidate the sector expired.
A major prop for global coal prices this year quietly expired at midnight on Monday, the deadline for small, dangerous mines in China's top producing province to merge into larger operators.
But analysts warn not to expect a quick supply filip after the Aug. 31 deadline for mines in Shanxi to join forces to be allowed to reopen, as the process of consolidation and continued pressure on the sector's appalling safety record constrains output.
Shutdowns in Shanxi earlier this year were a lucky break for coal suppliers in Australia, Indonesia and Vietnam, helping turn China into a net importer just as the global financial crisis demolished demand from other countries.
Now the province, source of 25% of China's coal, is poised to let many small mines reopen.
But a recent fatal explosion at a mine in Shanxi underlines that progress on safety is far from assured, while mines may be slow to return to normal production after the enforced mergers.
"Signing a framework agreement for a merger is much easier than actually finalising the price of the deal," said Wang Ye, an analyst at CITIC Securities. "It's easy to get engaged, but marriage is a totally different matter."
Small mines contribute roughly a third of Shanxi's coal output. For coking coal, the more valuable grade used by steelmakers, small mines contribute even more, as most coking coal resources are controlled by small mines, analysts said.
As the consolidation drive got underway after a major mine blast in late February, production from Shanxi failed to show the typical sharp recovery from the Lunar New Year holiday trough.
Output for Shanxi in the first seven months of 2009 fell by 12%, or 42 million tonnes, to 318 million tonnes -- a decline almost equal to the huge rise in imports that flipped China from a net exporter to a major net buyer of coal.
The world's top producer and consumer shipped in a net nearly 50 million tonnes of coal in the seven months to July, compared with 4.7 million tonnes of net exports in all of 2008.
"The major bullish case for thermal coal from a China perspective has been the supply constraints in Shanxi," said Scotia Capital China strategist Na Liu in a note to clients.
But with the mergers now having taken place, this bullish factor for global markets could be removed.
The shutdowns hit Shanxi hard, making it the only province to see its economy shrink in the first half of this year. That could prompt local officials to take a more lenient view of restarts at small mines, which make up 80%of the province's total.
One of China's top power producers, Huadian, expects Shanxi to produce 400 million tonnes of coal in the second half of the year, about 60% more than in the first half of the year and about 17 percent up from the same months of 2008.
If that proves accurate, Shanxi would pump enough coal into the Chinese market to deflate the appetite for imports. Liu said a third of Shanxi's output would be coking coal, so the impact would not be confined to the thermal coal market.
While the pace of output in Shanxi has been picking up since its low in January, it's not clear that this can be maintained.
"The fast growth we've seen in the past few months is not going to be sustainable," said Pierre Lau, a Citigroup analyst.
In the short term, the central government may keep a lid on further expansion before the Oct. 1 anniversary of the founding of the People's Republic of China, Lau added.
"Safety will be the focus before Oct. 1. I won't be surprised to see growth in Shanxi's coal output slow down a bit," he said.
CONSOLIDATION TO TAKE TIME
The hilly province in China's north, occupying less than 2 % of the country's territory, produced a quarter of China's coal in 2008. As well as a soot-blackened landscape and mine blasts that kill dozens or more every year, the booming coal industry has created a class of newly rich Chinese, conspicuous in their Hummers and Mercedes.
But standards have yet to show much improvement. Last week, an explosion at a mine being built in Shanxi killed 14 miners just as China launched a month of nationwide safety inspections.
"The accident will definitely affect small mines and those mines currently under construction," said an industry official in Shanxi, who expects production restrictions for the next month.
And the crackdown on small mines is not over. Shanxi still wants to cut the number from 2,600 now to 1,000 by end of 2010.
To sift out the smaller, less efficient operators, it will raise the minimum mine shaft capacity to 900,000 tonnes of coal a year, up from 360,000 tonnes today, a government document showed.
In addition, many small mines are expected to go through expansion and upgrading work, which will take as long as a year or two, Lu Ping, an analyst at China Merchants Securities, said.
"At the current stage, big companies are just carving up the province's coal resources."
Big state-owned companies including coal miners and power producers are rushing to buy the small mines. Shanxi Coal Import & Export Group and Shanxi Coal Transportation and Sales Group , which do not yet produce a tonne of coal, both have the ambition of hitting 50 million tonnes a year, local media reported.
Source:MineWeb
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Monday, 14 September 09
INDONESIAN GOVT UPBEAT ABOUT $1.5B, 185-KM COAL RAILWAY PROJECT
In addition to a 30-year concession right, the government will also award a competitive pricing scheme as an incentive to lure investors in a US$1.5 ...
Monday, 14 September 09
BOOM FORECAST FOR COAL OUTPUT
SMH.com reported that, A COAL investment boom is driving Australian production to new peaks even as our biggest export markets shift towards cleaner ...
Sunday, 13 September 09
COAL INDIA MAY ACQUIRE ASSETS OF RIO TINTO
Coal India’s plan to acquire overseas mining assets is gathering steam. After a breakthrough in Mozambique, the coal behemoth has received&nbs ...
Saturday, 12 September 09
THE INDIA / FAR EAST SEEMS WILL CONTINUE TO BE SOFT UNTIL THE IRON ORE MOVEMENTS PICKS UP - CAPT. REDDY
COALspot.com (Singapore): The dry bulk market continued to be stable at almost as same levels as last week and the BDI was at 2,468 points.
...
Saturday, 12 September 09
GOVT REQUESTS MORE TIME TO ACQUIRE 21% SHARES IN NNT
The Jakarta Post reported that, the government plans to request a postponement for the acquisition of 21 percent shares in PT Newmont Nusa Tenggara ...
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- India Bulls Power Limited - India
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- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
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- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
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- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
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- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
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- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
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- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
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