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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, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining c ...
Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
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- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Planning Commission, India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
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