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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, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
Saturday, 07 December 19
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
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