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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, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
Tuesday, 22 November 16
THE COMMODITIES MARKETS HAD SHOWED GREATER PROMISE SINCE THE SUMMER PERIOD - GEORGE LAZARIDIS
We have all borne witness to the sluggish pace of trade growth witnessed during the course of the past 4 years as well as the even slower pace note ...
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- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- The University of Queensland
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Planning Commission, India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
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