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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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Saturday, 30 March 19
KOEN INVITES BIDS FOR 450,000 TONS OF (SUB) BITUMINOUS COAL FOR H1 AND JUNE 2019
South Korea state-owned utility KOREA SOUTH-EAST POWER CO., LTD. (KOEN) issued a tender for total 450,000 MT of min. 4300, 3500 and 5600 NCV ...
Wednesday, 27 March 19
SHIPPING MARKET INSIGHT - INTERMODAL
Contrary to the December 2018 forecasts but in line with the expectations of the dry bulk market, the first quarter of the year closed negatively. ...
Saturday, 23 March 19
IT WAS A POSITIVE WEEK FOR THE HANDY SIZE MARKET - BALTIC BRIEFING
Capesize
The big ships endured heavy losses last week extinguishing any hopes from the recent minor rally. Negative sentiment gained pace throu ...
Friday, 22 March 19
CHINA MARKET: COAL OUT IN THE COLD - BUSINESS RECORDER
Though China maintains there is no ban, China-bound Australian coal shipments are looking for a new home. For the past few months, coal cargoes are ...
Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
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- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Australian Coal Association
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
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