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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, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
Monday, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
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- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- CNBM International Corporation - China
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
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