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Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
 The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly diverged from prices and indices for lower-grade coal, such as the Indonesian Coal Index4 (ICI4), since mid-2018. Fitch Ratings has observed the effect of this in the wider discounts in the coal price realisations of rated Indonesian coal miners compared with the Newcastle 6,000kcal index.
The coal that meets the Newcastle 6,000kcal specifications is generally supplied by a few large Australian miners and consumed mainly in Japan and South Korea. In our opinion, the consolidation of producers of Australian thermal coal has allowed tighter control over supply, resulting in its price movement pulling away from the Chinese Qinghuangdao (QHD) 5,500kcal coal price index and ICI4 benchmark. In contrast, the QHD coal price index to a large extent reflects the domestic production, supply and government policies for coal in China and the exchange rate between the yuan and the US dollar. The Newcastle index's decline in the past few months has been slower than that of the QHD index.
Indonesia exports the majority of its coal to China and we expect the QHD index to be a bigger driver of Indonesian low calorific value (CV) coal prices than the more popular Newcastle 6,000kcal index. This is already apparent in the ICI4 index trading at a relatively stable discount of between 50% and 59% since 2015 to the QHD 5,500kcal index, compared to discounts of between 40% and 66% versus the Newcastle 6,000kcal index. The ICI4 index drives the earnings profiles of most Indonesian miners, including the five that are rated by Fitch. The recent weakness in Indonesian coal prices is due to a rise in supply driven by the government's effort to boost its forex reserves and lacklustre domestic demand growth.
Fitch Ratings has factored in the wider spread in its analysis of Indonesian coal companies by using larger discounts to the Newcastle 6000kcal benchmark. Further, Fitch uses mid-cycle commodity price assumptions, given its policy of rating through-the-cycle, which limits the impact of the bigger gap. Our coal price assumptions (Newcastle 600kcal/kg benchmark) used for forecasts are USD79/tonne in 2019, USD77/tonne in 2020 and USD74/tonne thereafter, compared with the current market price of over USD100/tonne. Fitch believes that the bigger discounts of prices for low-to-mid CV coal relative to the Newcastle 6000 kcal price are themselves not likely to affect the credit profiles of Fitch-rated Indonesian coal companies.
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Wednesday, 10 April 19
KOSPO INVITED BIDS FOR 160K MT OF MIN. 3700 NCV COAL FOR JUNE LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 160,000 MT of min. 3,800 Kcal/kg ~max.4,100 ...
Wednesday, 10 April 19
CHINA'S GROWING THERMAL COAL SUPPLY TO PRESSURE EXPORTERS - FITCH RATINGS
Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by the government, putting pressure on seaborne coal ...
Wednesday, 10 April 19
SHIPPING MARKET INSIGHT - INTERMODAL
The tragedy in Brazil’s Vale Brumadinho where a tailings dam collapsed in January ranks among the world’s worst mining disasters. It co ...
Monday, 08 April 19
5TH INDIA NUCLEAR NEW BUILD CONGRESS 2019
5th India Nuclear New Build Congress 2019
The congress in Mumbai aims to bring together representatives from governments, regulators ...
Monday, 08 April 19
THERMAL COAL PRICES FALL, INDIAN POWER PLANTS TO SEE LIMITED GAINS - BUSINESS STANDARD
Thermal coal prices are on a downward spiral globally. Australian coal prices have fallen nearly 20 per cent in the past week, and 40 per cent from ...
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Showing 1426 to 1430 news of total 6871 |
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- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- The University of Queensland
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Australian Coal Association
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
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