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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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Wednesday, 12 October 16
INDIAN STEELMAKERS' DELEVERAGING AT RISK ON COKING COAL PRICE JUMP - FITCH
The sharp increase in coking coal prices since August 2016 could squeeze Indian steelmakers' profitability and threaten their deleveraging, Fit ...
Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volum ...
Monday, 10 October 16
INDONESIAN COAL PRICE REFERENCE HITS HIGHEST LEVELS SINCE SEPTEMBER 2014
COALspot.com: The Indonesia coal benchmark price hits to its highest level since September 2014. The government declared benchmark prices for Indon ...
Monday, 10 October 16
THE FREIGHT MARKET FIRMS UP ON STRONG CAPE PERFORMANCE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose again and ending in a positive note this past week. ...
Friday, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
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- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Australian Coal Association
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- The University of Queensland
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
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