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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, 08 December 16
STABLE OUTLOOK FOR GLOBAL MINING IN 2017 : FITCH
Fitch Ratings' sector and rating outlooks for the global mining industry in 2017 are both stable, reflecting Fitch's view that prices have ...
Thursday, 08 December 16
CHINESE COAL DEMAND WOULD BE THE KEY FACTOR THAT INFLUENCE WORLD COAL PRICES IN 2017, POLL
“WHAT ARE THE KEY FACTORS THAT MAY INFLUENCE WORLD'S COAL PRICES IN 2017?”
The on-line opinion poll conducted by COALspot.com ...
Thursday, 08 December 16
PANAMAX: THE FIRM TENDENCY CONTINUES IN BOTH HEMISPHERES - FEARNLEY
Supramax
Market remained firm - true mostly within Atlantic.
Star performer USG remained its title, where Supras reached around USD 21k ...
Wednesday, 07 December 16
SHIPPING MARKET INSIGHT - THEODOROS NTALAKOS
Looking back at my previous end-of-year insights, for the last seven years, in each and every one of them, I begin with something like “there ...
Wednesday, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
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- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- The University of Queensland
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- White Energy Company Limited
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
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