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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, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentimen ...
Saturday, 09 February 19
SUPRAMAX: A 63,000-TONNER WAS REPORTED FIXED DELIVERY FOR AN EAST KALIMANTAN TRIP, REDELIVERY WEST COAST INDIA, AT $9,250 - THE BALTIC BRIEFING
Cape
The Vale disaster weighed heavily on the market for big ships, with uncertainty about shipments/future exports leading to a sharp drop in ...
Friday, 08 February 19
LOWER-QUALITY INDONESIA EXPORTS ROSE 39 MT IN 2018 YOY PRIMARILY IN RESPONSE TO INCREASED DEMAND FROM CHINA AND INDIA - PEABODY
"Underlying seaborne met and thermal coal conditions remain quite positive and the pace of U.S. coal-fueled power plant retirements is expecte ...
Thursday, 07 February 19
QATAR CAN GAIN FROM DECLINING COAL - THE PENINSULA
With North America and Europe closing down their old coal and nuclear plants, major gas exporters like Qatar can and should gain market share. With ...
Wednesday, 06 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
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- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- The University of Queensland
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Planning Commission, India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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