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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, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
Friday, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
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- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- MS Steel International - UAE
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- PTC India Limited - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
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