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Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
 Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
According to BHP, the gCNewc 6000 kcal/kg FOB Newcastle index (hereafter 6000kcal) averaged around $61/t over the half, down from around $68/t in the first half of financial 2020. Prices ranged from a high of around $74/t to a low of around $50/t. That is below the 2015/16 trough in real terms. Based on the Wood Mackenzie operating cost curve, more than half of seaborne supply (comprising all grades of energy coal) was likely experiencing negative margins with 6000kcal prices in the low $50s.
The 5500kcal index averaged around $49/t over the same period, with a high of around $58/t and a low of around $38/t, which was where it closed out the half year.
BHP’s Economic and Commodity Outlook further noted that, the spread between the spot indexes for gCNewc 6000kcal and 5500kcal reverted to historical average of close to 20 per cent in the second half of financial year 2020, down from around 30 per cent in the 2019 calendar year.
“While not directly relevant to our business, there was a compression of spreads between the lower grades of energy coal (the 5000, 4200 and 3400 gross–as–received29 kcal brackets) as prices traded deep into the cost curve. Supply has been “sticky” in most export jurisdictions, with the exception of Indonesia, where output has been materially lower. Indonesian supply is prominent in these lower quality brackets” says BHP. Developed Asian markets, who are the largest buyers of >5500kcal product, have been weak under the shadow of COVID–19. Japanese imports contracted by –3 per cent YoY in the first half of the 2020 calendar year, while power demand was down -4 per cent YoY, South Korean imports contracted by –11% per cent.
Chinese demand for seaborne energy coal according to BHP’s Economic and Commodity Outlook FY20, rebounded as lockdowns were lifted, with consumption of coal at coastal power plants back in the normal seasonal range by April 2020. Hydro generation has been inconsistent, along with the weather, with dry conditions early in the year then giving way to floods. The market consensus has been that the 271–281 Mt import inflow registered in calendar years 2017 and 2018 would serve as an informal objective for total coal imports (including metallurgical and lignite) in calendar 2020, rather than assuming that the jump to around 300Mt in 2019 was the new norm. Enforcement of quotas by month and by port, including clamping down on the practice of trading firms clearing customs at one port but discharging at another, have been somewhat effective. Even so, with so much product being forced to clear to China under the Great Lockdown, some provinces and individual ports had already exhausted full year quotas by May.
India saw a sharp decline in energy coal imports in January – June 2020 (–27 per cent YoY). Power demand declined by –7 per cent YoY in the same period, while domestic coal output was quite resilient, at –3 per cent YoY.
Demand from the Atlantic and Mediterranean regions was weak in advance of COVID–19 and lockdowns have deepened the malaise. In calendar 2019, the weakness reflected commercially driven coal–to–gas switching in parts of Europe, where relatively cheap pipeline gas and LNG imports, plus a steep rise in the price of European Carbon Allowances (ECAs)30, have driven generator behaviour. In calendar 2020 to date, all of these factors have remained in place and in some instances they have been amplified by COVID–19: and demand for power itself has now fallen sharply. Renewables have been able to take a larger share of that shrinking pie BHP concluded in its latest Economic and Commodity Outlook FY20.
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Wednesday, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting & ...
Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
Friday, 07 August 20
PEABODY'S $1.42 BILLION WRITE-DOWN CONCEDES COAL MINES HAVE LITTLE VALUE AND DIM FUTURE - IEEFA
Trouble at biggest mine in Powder River Basin speaks volumes about state of industry
Peabody Energy, the world’s largest priva ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- PTC India Limited - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Planning Commission, India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
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