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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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Tuesday, 08 September 09
INDIA MAY HAVE A JOINT WORKING GROUP FOR COAL WITH INDONESIA: SRIPRAKASH JAISWAL - PRESS RELEASE
Press Information Bureau of India reported in its web site that, The Coal Ministry has, in principle, agreed to set up a Joint Working Group for coa ...
Tuesday, 08 September 09
INDONESIA OFFERS AN OPPORTUNITY TO INDIANS
Meri News reported that, Indonesia is all set to launch the country's second 10,000 MW accelerated power expansion programme. The new power develop ...
Tuesday, 08 September 09
BUKIT ASAM AIMS 14 MLN TONS COAL PRODUCTION
VIVA News reported that, The rise in coal production is mainly triggered by the step-up in domestic demand.
Coal mining company PT Tambang Batuba ...
Tuesday, 08 September 09
MERCHANT BANKERS ADVISE CIL ON INDONESIAN MINE BUYS
Business Standard reported that, State-owned Coal India Ltd (CIL) is being advised by four to five merchant bankers on acquisition of coal assets in ...
Tuesday, 08 September 09
THE 3RD ASIA PACIFIC COAL TRADING & INVESTMENT OUTLOOK 2009 - PRESS RELEASE
The 3rd Asia Pacific Coal Trading & Investment Outlook 2009
Analysis of Asia Coal Market amid Global Financial Crisis
COALspot.com(Chin ...
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- Bulk Trading Sa - Switzerland
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- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
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- Australian Coal Association
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- Economic Council, Georgia
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- Asmin Koalindo Tuhup - Indonesia
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- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
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- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
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- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
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- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
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- PTC India Limited - India
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- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
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- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
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- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
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- Miang Besar Coal Terminal - Indonesia
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- Pendopo Energi Batubara - Indonesia
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- Siam City Cement - Thailand
- Indian Energy Exchange, India
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- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
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- White Energy Company Limited
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- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
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- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
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- Commonwealth Bank - Australia
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- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
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- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
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- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
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- Planning Commission, India
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- Gujarat Electricity Regulatory Commission - India
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- Chamber of Mines of South Africa
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- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
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