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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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Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
Friday, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
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- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Parliament of New Zealand
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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