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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, 31 October 16
INDONESIAN 5000 GAR COAL ROSE 5.56% WEEK OVER WEEK - CS COAL INDEX
COALspot.com: The price for thermal coal has recovered substantially since April 2016. The China’s new policy on its domestic coal miners, th ...
Friday, 28 October 16
STEAM COAL IMPORTS: CHINA AND INDIA'S ROLE REVERSALS - BEN TRIMMEL
While a sharp decline in European imports is a key driver of the expected fall in steam coal trade this year, China and India remain leading actors ...
Friday, 28 October 16
U.S. WEEKLY COAL OUTPUT ROSE DURING THE WEEK ENDING OCTOBER 22 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million short ton ...
Thursday, 27 October 16
73.08 PERCENT OF COAL PRODUCERS PREDICTED INDIA WILL NOT STOP COAL IMPORTS IN 2 TO 3 YEARS - POLL
COALspot released its weekly opinion poll "How likely do you think India will STOP thermal coal imports in 2-3 years?" this Monday.
...
Thursday, 27 October 16
PANAMAX: FIRM ATLANTIC; TOPPISH PACIFIC - FEARNLEYS
Supramax
The trend from last week is passed on. ECSA still strong with Supras from N Brazil to Med fixed at $9,000 to $9,500 daily.
Accordin ...
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- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
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