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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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- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- The Treasury - Australian Government
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
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