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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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Wednesday, 28 March 18
RIO TINTO TO SELL KESTREL MINE FOR $2.25 BILLION - REUTERS
Rio Tinto sold its remaining coal asset Kestrel in Australia to private equity manager EMR Capital and Indonesia’s Adaro Energy Tbk for $2.25 ...
Tuesday, 27 March 18
SHIPPING MARKET ANALYSIS - GERRY LATHROP
With the almost complete phase out of Tier II new-building slots on our door step, along with the plethora of emissions related articles seemingly ...
Friday, 23 March 18
RIO TINTO AGREES SALE OF HAIL CREEK AND VALERIA TO GLENCORE FOR $1.7 BILLION
Press Release: Rio Tinto has entered into a binding agreement with Glencore for the sale of its entire interests in the Hail Creek coal mine and th ...
Wednesday, 21 March 18
CHINA'S RAW COAL OUTPUT UP IN 2017, FIRST GROWTH SINCE 2014 - XINHUA
China’s raw coal output rose in 2017 due to rebounding demand and high-quality capacity, according to the National Bureau of Statistics (NBS) ...
Wednesday, 21 March 18
MARKET INSIGHT - CHRISTOPHER T. WHITTY
President’s Trump administration proposed tariffs on steel and aluminum imports in an attempt to target China and Europe among others. Earlie ...
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- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- VISA Power Limited - India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- The University of Queensland
- GMR Energy Limited - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
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