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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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Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
Thursday, 09 January 20
SUPRAMAX: A NUMBER OF INDONESIAN ROUND TRIPS WERE REPORTED AT BELLOW USD 5,000 PD LEVELS - FEARNLEYS
Capesize
The Capesize market has hit new low's in the first week of the new year, with the West Australia route being fixed at USD 6.6 being ...
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- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Planning Commission, India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- The University of Queensland
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
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