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Thursday, 24 September 09
MACQUARIE DOWNGRADES U.S. COAL SECTOR TO NEUTRAL
 Reuters reported that, Macquarie Research downgraded the U.S. coal sector to "neutral" from "overweight" as it believes that demand for seaborne metallurgical, or steel-making, coal in China is slowing.
Analyst Curt Woodworth said demand is slowing because Chinese domestic metallurgical coal production is increasing and China has built excess inventory of steel.
He also said Chinese steel production appears unsustainably high.
The analyst believes that steel production will likely decline moderately in China over the next several months following substantial increases in production levels experienced since April.
Woodworth noted that the fundamentals for thermal coal, used mainly by electric utilities to generate electricity, continue to worsen and said he expects producers to lower 2010 volume expectations this quarter.
Woodworth believes that the substitution of natural gas, instead of coal by electric utilities, has negatively impacted U.S. thermal coal demand by about 50 million tons.
This is significantly above the forecast displacement rates of about 20 million tons articulated by most producers earlier in 2010, the analyst said.
Woodworth expects thermal coal demand to remain depressed unless natural gas prices were to increase significantly in the short run. The analyst downgraded Massey Energy Co and Alpha Natural Resources Inc to "neutral" from "outperform" as he expects earnings to remain very weak over the next two quarters.
He also believes the market has become overly bullish on their ability to export met coal at higher prices in the second half of 2009.
Woodworth also cut Peabody Energy Corp and Patriot Coal Corp to "underperform" from "outperform," saying that these stocks are now trading near the high end of historical valuation levels.
Source:Reuters
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Thursday, 24 September 09
ANGLO EYES DOUBLED METALLURGICAL COAL OUTPUT BY 2018
Mining group Anglo American could double its production of coal used for steel making by 2018 if all of its unapproved projects went ahead, the comp ...
Thursday, 24 September 09
S.KOREA HYUNDAI STEEL TO BUY COAL FROM SIBERIA
Reuters reported that, South Korea's Hyundai Steel said on Wednesday it will buy a maximum of 300,000 tonnes of coal per year from Siberian Anthrac ...
Thursday, 24 September 09
NO IMPORTED COAL-BASED UMPPS: TATA POWER
Will wait until policy environment becomes more favourable.
Business Standard reported that, Tata Power Company (TPC), India’s largest priv ...
Thursday, 24 September 09
BUMI RAISES $1.9 BILLION SELLING DEBT TO CHINA'S CIC
Bloomberg reported that, PT Bumi Resources, Indonesia’s biggest coal producer, said it raised $1.9 billion selling debt to China’s sover ...
Thursday, 24 September 09
CHINA WILL BE IMPORTER OF COKING COAL NEXT YEAR, MCCLOSKEY SAYS
Bloomberg reported that, China, the world’s largest coal user and producer, will remain an importer of the fuel through next year, according t ...
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- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
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- Indian Energy Exchange, India
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- Indogreen Group - Indonesia
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- MS Steel International - UAE
- Videocon Industries ltd - India
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- CNBM International Corporation - China
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- Renaissance Capital - South Africa
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- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
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- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
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- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
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- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
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- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
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- Salva Resources Pvt Ltd - India
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- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Bangladesh Power Developement Board
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
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- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
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- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
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- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
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- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- McConnell Dowell - Australia
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- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
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- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
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- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
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