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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, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the M ...
Monday, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
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- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Australian Coal Association
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
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