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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, 13 July 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 15 MMST IN 2016 AND BY 4 MMST IN 2017
COALspot.com: U.S. coal production in June was 57 million short tons (MMst), a 6 MMst (13%) increase from May and 9 MMst (14%) lower than in June 2 ...
Wednesday, 13 July 16
2015 VS. 2016; THE DRY BULK DEMOLITION DERBY - JOHN N. COTZIAS
In the first half of the year 373 Bulkers and General Cargo ships were scrapped representing 23.8mil tons of dwt carrying capacity.
Comparing ...
Tuesday, 12 July 16
DUE TO LONG HOLIDAYS, CS COAL INDICES HELD AT THE SAME LEVEL OF THE PREVIOUS WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was flat week over week to averaging $39.98 per ton this past week.
Due to the ...
Monday, 11 July 16
COAL MARKETS SAW IMPROVED PRICES IN H1 2016 - SGX'S COMMODITIES MID-YEAR REFLECTION
COALspot.com: Coal
Coal markets saw improved prices in H1 2016 with the benchmark coking coal and thermal coal spot prices rising 18% and 25%, re ...
Monday, 11 July 16
THE MAIN SEA FREIGHT INDEX, BDI ROSE FURTHER ON 8 JULY DUE TO STRONG DEMAND FOR PANAMAX SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.84 percent from las ...
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- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- The University of Queensland
- PTC India Limited - India
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Australian Coal Association
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
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