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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, 31 July 19
INDIA'S 2019 THERMAL COAL IMPORTS SEEN AT 180-185 MLN T - WOODMAC
India is expected to import 180-185 million tonnes of thermal coal in 2019, said Dale Hazelton, head of thermal coal at consultancy Wood Mackenzie. ...
Wednesday, 31 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
It was a fairly busy week in the dry S&P market. Despite the ease of Capesize rates which impacted Panamaxes as well, interest from potential b ...
Sunday, 28 July 19
ULTRAMAX - INDONESIAN COAL CARGOES SAW A 63,000DWT SHIP FIXING DELIVERY FOR A SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY CHINA, AT $11,700 - BALTIC BRIEFING
Capesize
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The ...
Wednesday, 24 July 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.27 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.78 points Monday, down 0.27 percent week on week.
The index, released by Chi ...
Wednesday, 24 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
Tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising perf ...
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- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
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