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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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Tuesday, 18 February 20
ADARO REMAINS POSITIVE ON THE LONG-TERM FUNDAMENTALS OF COAL MARKET SUPPORTED BY THE SOUTHEAST ASIA AND SOUTH ASIA REGION
The global seaborne thermal coal market in 2019 was faced with macro and industry challenges which pushed international coa ...
Tuesday, 18 February 20
CORONAVIRUS AND ITS IMPACT ON YOUR CONTRACT - CAN YOU RELY ON 'FORCE MAJEURE'? - INCE
KNOWLEDGE TO ELEVATE
On 30 January 2020, the World Health Organization (WHO) declared that the outbreak of the Novel Coronavirus (officially t ...
Monday, 17 February 20
IMO-2020 SULPHUR CAP - ISSUES TO CONSIDER PRIOR TO THE IMPLEMENTATION OF THE CARRIAGE BAN ON 1 MARCH 2020 - STANDARD CLUB
With the IMO 2020 global sulphur cap now in force, members should bear in mind another significant date in relation to the ‘carriage ban&rsqu ...
Monday, 17 February 20
COVID-19: THE EFFECT OF THIS PUBLIC HEALTH EMERGENCY ON CHARTERPARTY TERMS - GARD
KNOWLEDGE TO ELEVATE
Is it useful to compare the COVID-19 with earlier disease outbreaks?
A comparison with the Ebola outbreak ...
Saturday, 15 February 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - REUTERS
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
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