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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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Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
Tuesday, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
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- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Parliament of New Zealand
- PTC India Limited - India
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Australian Coal Association
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
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