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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, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially w ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
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- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Minerals Council of Australia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Australian Coal Association
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- The University of Queensland
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Central Electricity Authority - India
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