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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, 06 March 19
KOREA SOUTHERN POWER CO INVITES BIDS FOR 980,000 MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
Wednesday, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially w ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
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Showing 1456 to 1460 news of total 6871 |
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- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- White Energy Company Limited
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
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