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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, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
Friday, 14 December 18
KOSPO INVITED BIDS FOR 320,000 MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,300 kcal/kg NCV coal per ...
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Showing 1526 to 1530 news of total 6871 |
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- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Planning Commission, India
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Eastern Coal Council - USA
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
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