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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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Friday, 11 October 19
KOREA SOUTH-EAST POWER TO IMPORT LCV COAL IN NOVEMBER
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for 75,000 Metric Tons low calorific v ...
Thursday, 10 October 19
THERMAL COAL IMPORT LIKELY TO CROSS 200 MT IN 2019-20 - TIME OF INDIA
The country's overall thermal coal import is likely to cross the 200-million tonnes (MT) mark in the current financial year, according to Icra. ...
Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market ...
Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch ...
Thursday, 03 October 19
SHIPPING MARKET INSIGHT
Edible oil products across the board are showing healthy amount of export activity, however, rates in most cases are struggling to move accordingly ...
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- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- White Energy Company Limited
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Parliament of New Zealand
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
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