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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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Thursday, 24 October 19
AUSTRALIA'S HOPES TO EXPAND COAL EXPORTS IN SOUTH-EAST ASIA 'DELUSIONAL', EXPERTS SAY - THE GUARDIAN
The number of new coal-fired power plants starting construction across south-east Asia has fallen markedly over the past two years as Australia has ...
Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipya ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
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- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
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