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Friday, 16 March 18
INDONESIA COAL PRICE CAP POSES LIMITED RISKS TO PRODUCERS : FITCH
 Indonesia’s cap on the benchmark price of coal sold to the domestic electricity sector is unlikely to have a significant impact on the credit profiles of Fitch-rated mining firms, which export most of their production, says Fitch Ratings. In any case, our ratings are based on average benchmark price forecasts that are broadly in line with the cap of USD70/tonne imposed until end-2019, and so will not be affected.
The price cap, announced last week and set to apply from mid-March, is part of the government’s strategy to ensure low prices for electricity consumers as it looks to support industrial competitiveness and household disposable incomes. It froze electricity prices charged to industrial consumers earlier in the year, preventing Perusahaan Listrik Negara (PLN), the state-owned monopoly distributor, from passing on rising costs as coal prices were pushed up by an unusually cold Chinese winter. The Indonesian coal price benchmark, Harga Batubara Acuan (HBA), has exceeded USD95/tonne since January 2018, which might have necessitated an increase in government subsidies to PLN if the price cap had not been imposed.
The new regulations will mean coal miners miss out on some of the short-term upside from high prevailing coal prices, to the extent that they sell production to the domestic market. The government sets domestic market obligations for miners to ensure they meet local demand, which prevents them from simply diverting output toward the overseas market.
That said, only around one-fifth of Indonesia’s 461 million tonnes of coal production was sold in the domestic market in 2017, which suggests any loss of revenue will be limited. Indika would be the most affected among our rated coal miners, as around 15% of its volumes are sold to the domestic power sector. GEO Energy, Golden Energy Resources, ABM Investama and PT Toba Bara sell less than 10% of volumes to the domestic power sector. Domestic market obligations are likely to increase over the medium term, as the government looks to contain production and conserve coal resources for local power needs, but a sharp rise next year is unlikely.
Coal firms will therefore continue to receive the market price for the majority of their production. As a result, their financial performance might still exceed our expectations at the start of the year, when we had forecast an average Newcastle benchmark (6000 kcal) price of USD72/tonne in 2018 and USD67/tonne in 2019. The HBA on which the regulations are based broadly reflect Newcastle prices.
The new price regime does not include a floor on prices, and so provides no benefit to the mining firms in the event of a downturn. Prices will continue to fluctuate as before if the market price drops below USD70/tonne.
The price ceiling is unlikely to have any meaningful impact on PLN’s standalone credit profile. We would have expected the government to compensate PLN for losses through subsidies if high coal prices and fixed electricity prices had caused under recoveries. PLN’s IDR of ‘BBB’ is equalised with the sovereign rating due to its very strong government linkages.
Source: Fitch Ratings
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Monday, 07 May 18
BENCHMARK PRICE OF INDONESIAN THERMAL COAL DROPPED BACK BELOW $90 A TON THIS MONTH
COALspot.com: According to latest ministerial decree No. 1812 K/30/MEM/2018 dated 3 May 2018, the Indonesian Coal Price Reference (HBA) decline 5.5 ...
Monday, 07 May 18
SOUTH KOREA STATE-OWNED UTILITY KOREA MIDLAND POWER ISSUED A TENDER FOR 1 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 mt of min. 5700 NAR coal of Australian origi ...
Monday, 07 May 18
GLOBAL COAL DEMAND ROSE ABOUT 1% IN 2017; ASIA ACCOUNTED FOR THE LARGEST INCREASE IN COAL DEMAND, UP 35 MTOE RELATIVE TO 2016 - IEA
Global coal demand rose about 1% in 2017, reversing the declining trend seen over the last two years. This growth was mainly due to demand in Asia, ...
Friday, 04 May 18
ELECTRICITY GENERATION FROM RENEWABLES WAS SECOND ONLY TO COAL IN 2017 - IEA
World electricity demand increased by 3.1 %, significantly higher than the overall increase in energy demand. Together, China and India accounted f ...
Thursday, 03 May 18
SUPRAMAX: INDO - CHINA COAL ROUNDS ARE PAYING IN THE LOW-MID $12000 BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
As expected a slow and uneventful start to the week with holidays in many countries, however by mid-week some fresh requirements and pos ...
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Showing 1726 to 1730 news of total 6871 |
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Australian Coal Association
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- PTC India Limited - India
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
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