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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, 17 November 16
FROTHY THERMAL COAL PRICES POINT TO DOWNSIDE PRESSURES IN 2017 - FITCH
Fitch Ratings says in an Outlook Report that the Asian thermal coal industry will remain under pressure in 2017 due to more-than-adequate capacity ...
Thursday, 17 November 16
CHINA STEEL EXPORTS TO REMAIN HIGH IN 2017, FITCH SAYS
Fitch Ratings expects Chinese steel exports to remain at around 100 million metric tons (Mt) in 2017, due to flat 'apparent' consumption an ...
Wednesday, 16 November 16
SHIPPING MARKET INSIGHT
Going through a relatively interesting second half of the year so far in the ship repair sector, we are experiencing a volatile climate of differen ...
Tuesday, 15 November 16
CHINA, FOR MANY YEARS NOW HAS SERVED AS A MAJOR GROWTH ENGINE FOR ASIA - ALLIED SHIPPING RESEARCH
It’s been a turbulent couple of days after the announcement of the U.S. Presidential results in the early hours of Wednesday.
After week ...
Monday, 14 November 16
KOMIPO'S SEOCHEON POWER PLANT TO IMPORT 240,000 MT OF SEMI / ANTHRACITE COAL FOR Q1'17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 240K mt of Semi-Anthracite and Anthracite Coal f ...
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- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- The University of Queensland
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Australian Coal Association
- Wilmar Investment Holdings
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
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