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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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Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
...
Tuesday, 19 February 19
FAST DEPLETING COAL RESERVES COULD PUSH UP ENERGY PRICES, CAUTIONS EXPERT - THE HINDU BUSINESS LINE
The fast depletion of coal, a strategic resource and India’s fuel of choice currently, has huge implications for energy costs, according to K ...
Monday, 18 February 19
INDIA'S COAL IMPORT FALLS TO 17.25 MT IN JANUARY - PTI
Coal imports saw a decline in January FY 2019 to 17.25 MT from 19.59 MT in the same month of the previous fiscal, according to a report by mjunctio ...
Monday, 18 February 19
THE ROLE OF COAL IN INDIA'S ENERGY AMBITIONS - WCA
India is the world’s second most populous country and figures among the world’s most rapidly growing economies.
The Sout ...
Saturday, 16 February 19
COALTRANS CHINA 2019, CHINA'S LARGEST COAL INDUSTRY GATHERING
Press Release: Coaltrans China 2019 | With the import ban likely to be lifted, it’s time for you to meet your potentia ...
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- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
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