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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, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
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