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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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Friday, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
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- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
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