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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 prices and adding order uncertainties for exporters, Fitch Ratings and CRU say. Miners from Australian and Indonesia are the most exposed, but the credit impact is muted thanks to sufficient rating headroom as we have already incorporated a downward pricing trend in our rating assumptions.
The Chinese coal market’s tightness has eased due to a combination of weaker demand and improved domestic supplies. Chinese coal demand has declined as residential power consumption reduced at the end of the winter heating season in mid-March and hydro supply increased in south China due to heavy rains. Chinese domestic coal supply has gradually improved in recent quarters as the pace of capacity closures has slowed and incremental capacity has been expedited to bring down fuel costs, according to CRU. Inventories at the six main power producing groups edged up to 16.0 million tonnes in late March, 13% higher than the average for 2018 of 14.1 million tonnes.
Growing domestic supply is likely to prompt the Chinese government to tighten control over thermal coal imports. This would imply higher order volatility and risks for seaborne coal suppliers targeting the Chinese market, which are mainly miners in Australia and Indonesia. The Chinese government appears to have adopted an on-and-off importing policy since 2017 by implementing stricter checks when domestic supply is sufficient and speeding up clearing when domestic supply is tight. Australian coal cargoes, for example, have been facing increasing delays clearing customs at Chinese ports since February, according to CRU.
While seaborne coal remains price competitive compared to domestic coal, risks of long clearing time and import bans may discourage Chinese consumers from using seaborne coal, especially when domestic supply is sufficient.
Australian coal producers are likely to face the risk of order cancellation, and to some degree, be forced to compete for sales in alternative countries. This may lead to weak prices in the seaborne market, especially for the mid-content-value coal of around 5,500kcal/kg that Chinese importers typically buy from Australia.
Imports from Indonesia have been less affected by the recent Chinese controls, according to press reports, although Indonesian producers are still likely to come under pressure to find new markets due to overall declining Chinese demand for seaborne coal, as well as increasing Indonesian domestic output, and weaker-than-expected domestic demand.
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Wednesday, 19 February 20
MINERS WELCOME INDONESIA'S NEW JOBS BILL THAT COULD SPUR COAL GROWTH - REUTERS
Miners have welcomed proposed changes to Indonesian mining rules under a new law aimed at boosting investment, though critics are concerned that th ...
Wednesday, 19 February 20
AS OCEAN TEMPERATURES RISE, SHIPOWNERS LOOK FOR WAYS TO COPE - WARTSILA
The world is heating up, and its oceans are no exception. According to the International Panel on Climate Change (IPCC), the oceans absorb the majo ...
Wednesday, 19 February 20
MARKET INSIGHT - INTERMODAL
The coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GD ...
Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the ...
Tuesday, 18 February 20
ADARO SHIPPED 27 PERCENT OF ITS TOTAL COAL PRODUCTION IN 2019 TO INDIA AND CHINA
PT Adaro Energy Tbk (AE) produced 58.03 Mt of coal from PT Adaro Indonesia (AI), Balangan Coal Companies and Adaro Me ...
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- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- The University of Queensland
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- PTC India Limited - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
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