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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, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Planning Commission, India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
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