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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, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
Wednesday, 26 February 20
SHIPPING MARKET INSIGHT - INTERMODAL
Coming from one of its busiest periods historically, with a list of scrubber and BWMS retrofits on a waiting list, the ship repair sector is witnes ...
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- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Planning Commission, India
- Minerals Council of Australia
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- The University of Queensland
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
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