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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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Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
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- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Marubeni Corporation - India
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- The University of Queensland
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Planning Commission, India
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
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