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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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Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
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- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- White Energy Company Limited
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
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