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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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Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
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Showing 1436 to 1440 news of total 6871 |
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- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
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