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Friday, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
 China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain tight in cities such as Beijing and Shanghai – China’s busiest points of entry – economic activity is resuming in lower-risk regions.
Market sentiment for steel is optimistic, with production picking up and inventory finally running down. However, the coal market remains gloomy with weak market fundamentals, bringing both thermal and metallurgical coal prices down.
In this article, analysts Nuomin Han, Zhai Yu, Simon Wu, Zhilu Wang and Ti Guo bring you an update from across China’s bulks sector.
Coal supply: import disruptions continue
Domestic coal supply has already returned to normal, but disruptions remain on the import side. Mongolian coal supply took another twist when border crossings didn’t reopen as scheduled on 16 March – precautionary measures were not well prepared amid confirmation of further coronavirus cases in Mongolia. The reopening of border crossings is now rescheduled for 1 April.
Thermal coal: weak demand adds to an unfavourable outlook
The Qinhuangdao 5,500 price has slid further in the past week, due to weak demand. Daily coal consumption by the six largest gencos in the coastal region remains at 80% of last year’s level. In addition, heating supply in many provinces has ended. The National Bureau of Statistics issued its macroeconomic indicators for the first two months of the year: the slump in figures and the global spread of coronavirus suggest an unfavourable outlook for the coal market.
With no change in the fundamentals, we expect the Qinhuangdao price to keep falling this week.
Metallurgical coal: price pressure won’t ease quickly
While finished steel stockpiles have started to fall, they remain at high levels. As such, coke prices were cut for a fourth time by RMB50/t, despite resistance from coke makers. Some coking plants in northwest China have reported losses after prices have quickly declined by RMB200/t in recent weeks.
Stagnant coke demand has enhanced the fall in coking coal prices in Shanxi, with Liulin #4 dropping RMB70/t in the week and Anze low-sulphur premium HCC falling by RMB110/t.
The price arbitrage between domestic and imported coking coal has narrowed under the weak demand picture, further eroding the price advantage of imported coking coal and ramping up pressure on prices.
We expect downstream industries to continue to recover in the coming weeks, helping steel demand to pick up. However, the pressure on coking coal prices is unlikely to be relieved quickly, as the destocking of steel will take some time. As such, prices will remain weak for a short while.
Steel and iron ore: as downstream operations resumed, inventory started to fall
Just as the market expected, finished steel inventory started to fall as more stable downstream operations resumed. Steel production is also picking up, as more electric arc furnace steelmakers resume operations on improved margin conditions. Rebar spot and futures are particularly firm among other commodities that have been freefalling amid the global financial shock.
Market sentiment shows strong confidence in China’s property sector and the government’s efforts to leverage the economy through infrastructure. Most Chinese-made rebar is consumed domestically. However, oversupply remains a risk – apart from the high finished steel inventory, we shouldn’t forget semi-finished, which isn’t included in the inventory statistics. Official data shows production of crude steel grew 3.1% year-on-year in January and February, but finished steel production dropped 3.4%.
Source: Wood Mackenzie
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Tuesday, 24 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.28 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.74 points Monday, down 0.28 percent week on week.
The index, released by Chi ...
Monday, 23 March 20
CHARTERPARTY REQUIREMENTS TO NOTIFY CLAIMS - TAKE CARE! - WFW
KNOWLEDGE TO ELEVATE
Voyage charterparties frequently require the owner to notify any claim with supporting documents within a relatively shor ...
Monday, 23 March 20
COAL INDIA LIMITED'S ONE-DAY OUTPUT PEAKS AT 3.17 MT - THE HINDU
Coal India Limited (CIL) output peaked at a new high of 3.17 million tonnes (MT) on March 20, overtaking the 3.14 MT production recorded on March 2 ...
Monday, 23 March 20
KOMIPO INVITED BIDS FOR 1.45 MILLION TONS OF COAL FOR JUNE & JULY 2020 LOADING
COALspot.com: Korea Midland Power Co.,Ltd (KOMIPO), on behalf of five Korean Gencos, has issued an international tender for total 1,450,000 MT (&pl ...
Saturday, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
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- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Independent Power Producers Association of India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Australian Coal Association
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
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