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Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
 COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze power producers' margins in 2017, says Fitch Ratings. Margins are also expected to suffer as more electricity is sold under direct power sales (DPS) programmes at a discount to the benchmark on-grid tariff as well as from falling plant utilisation levels.
China's National Development and Reform Commission (NDRC) said on 4 January 2017 that the benchmark on-grid tariff for coal-fired power will remain unchanged in 2017, despite a strong coal price rally starting from 3Q16.
Fitch further noted that, China introduced a coal price pass-through mechanism in early 2016, which specifies that coal-fired power generators' on-grid tariff will be reviewed at the start of each year to reflect coal price changes in the previous year. In this week's announcement, the NDRC further specified that the average NDRC national coal price index from November 2015 to October 2016 was used as reference to decide the tariff pass-through amount. According to the price formula, on-grid tariff should increase by CNY0.18 cents per kilowatt hour (KWh) to reflect the coal price change in that period. However, changes less than CNY0.2 cent/KWh will not be made, but will accumulate into the next review period.
Although the current Qinghuangdao seaborne coal price is already 15% lower than its peak in 2016 due to NDRC measures to increase coal supply and contain coal prices, it remains more than 30% higher than the average 2016 price as coal prices were much lower in 1H16. We expect coal prices to fall further with policy intervention; however, the average 2017 coal price, especially in 1H17, is likely to be higher than for the same period last year. As such, dark spread - the difference between power tariffs and unit coal costs - for coal-fired power generators will be lower than in 2015 and early-2016.
At the same time, Fitch said, power volumes sold under DPS are increasing. The NDRC reports that power sold under DPS increased to 700 billion KWh in 2016, up from 430 billion KWh in the previous year. This represents around 12% of China's total power demand or 17% of power demand from the energy-intensive secondary industry, which accounted for around 71% of the country's total power consumption in 2016. According to NDRC, the average discount on DPS is around CNY6.4 cent/KWh, which is around 18% of China's national average on-grid tariff.
However, Fitch estimates the discount for power sold under DPS is around 20% in regions with higher power demand and less competition, and 30% or higher in regions that suffer more from power overcapacity. Coal-fired power generators' dark spread is likely to be further squeezed as China aims to expand the scale of DPS in 2017.
We also expect coal-fired power utilisation hours to decline with slowing power demand growth and still-high capacity additions. We expect some smaller players are likely to be loss-making and forced out of the market, while large-scale and highly-efficient power generators or power-heat co-generation generators in regions with stable power demand or access to lower-cost coal will be final winners under these changes taking place in China electricity market, Fitch concluded.
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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- PTC India Limited - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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