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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, 29 August 16
THE FREIGHT MARKET WAS STEADY AND FIRM THIS PAST WEEK; BCI ROSE 18.74%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 26 August 16
WEEKLY US COAL OUTPUT UP 0.7% W/W TO 16 MMST: EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Thursday, 25 August 16
SUPRAMAXES ARE BEING FIXED IN REGION OF $9000
Supramax
Due to Chinese coal imports which continues to source much of the tonnage in SE Asia combined with a good flow of mineral exports ex Aus ...
Wednesday, 24 August 16
MARKET INSIGHT
Brazil and the world bid farewell on Sunday to the first Olympic Games in South America in the midst of a finale meant to be both one last bash and ...
Wednesday, 24 August 16
DRY BULK VESSELS FACE CONTINUED DISTRESS - CLEAR ASSET
Dry bulk vessels have faced extreme distress in recent years. With a combination of factors including newer vessels being ordered with up to 5-year ...
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- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Ministry of Finance - Indonesia
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