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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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Monday, 18 November 19
SUPRAMAX: IN THE INDONESIAN COAL BUSINESS, A 58KDWT VESSEL FIXED DELIVERY PHILIPPINES, REDELIVERY INDIA AT CLOSE TO $8,000 - BALTIC BRIEFING
Capesize
For most of the week the rates were nudging up under a flurry of activity in the Pacific as levels for the West Australia to China C5 ...
Saturday, 16 November 19
LIFE AFTER FOSSIL FUELS: THE DAYS OF OIL AND COAL TRANSPORTATION ARE NUMBERED - BALTIC EXCHANGE
With the world fiercely focused on a decarbonised future, fossil fuel movers and traders might rightly be reconsidering their future. But cast a wi ...
Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by ...
Friday, 15 November 19
RISING ENERGY DEMAND IN SOUTHEAST ASIA TO BE MET AND SUPPORTED BY COAL - WORLD COAL
Last week the International Energy Agency (IEA) released its semi-annual Southeast Asia Energy Outlook report which outlines the latest insights in ...
Thursday, 14 November 19
EIA EXPECTS U.S. STEAM COAL EXPORTS TO FACE INCREASING COMPETITION FROM EASTERN EUROPEAN SOURCES
EIA expects total U.S. coal production in 2019 to total 698 million short tons (MMst), an 8% decrease from the 2018 level of 756 MMst. The decline ...
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- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- PTC India Limited - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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