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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, 20 November 19
FOREIGN DIRECT INVESTMENTS IN COMMERCIAL COAL MINING IN INDIA? - DIPESH DIPU
In August 2019, Government of India announced its approval for Foreign Direct Investment (FDI) for coal mining, processing and sale. Not that FDI i ...
Wednesday, 20 November 19
AUSTRALIA'S NEW HOPE POSTS 66% SURGE IN Q1 SALEABLE COAL OUTPUT - REUTERS
Australian coal producer New Hope Corp Ltd reported on Tuesday a 66% jump in saleable coal production in the first quarter, as output ramped up at ...
Wednesday, 20 November 19
THE IMO AND THE PRICE OF GAS OR THE IMPACT OF THE INTERNATIONAL MARITIME ORGANISATION'S SULPHUR 2020 LIMIT FOR MARINE FUEL OIL ON THE PRICE OF GAS - KING & SPALDING
The main bunker fuel for ships is High Sulphur Fuel Oil (HSFO, with sulphur up to 3.5% m/m (mass by mass)). This will all change on 1 January 2020 ...
Wednesday, 20 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
While the market expects the next OPEC meeting, there are still no clear signs indicating that the organization will keep supporting oil prices, wh ...
Monday, 18 November 19
CHINA RECORDS STABLE COAL PRODUCTION IN JAN-OCT: XINHUA
China’s raw coal output registered stable growth in the first 10 months, while its imports remained robust, official data showed.
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- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- The University of Queensland
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- White Energy Company Limited
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
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