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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, 15 July 20
MARKET INSIGHT - INTERMODAL
The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraint ...
Tuesday, 14 July 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.75 PCT - XINHUA
China Taiyuan coal transaction price index stood at 126.01 points Monday, up 0.75 percent week on week.
The index, released by China ...
Tuesday, 14 July 20
TURKEY - A CASE OF UNDECLARED BUNKER - GARD
KNOWLEDGE TO ELEVATE
Undeclared/excess bunkers can be considered a criminal act by Turkish customs officials with the ship's crew being ac ...
Monday, 13 July 20
PANAMAX: A TUMULTUOUS WEEK IN THE PANAMAX MARKET ENSURED ALL MARKETS GAINED VALUE ON THE WEEK - BALTIC BRIEFING
Capesize
This week witnessed the dreaded correction in the Capesize market, with the time charter average shedding almost 18 per cent to close ...
Friday, 10 July 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- White Energy Company Limited
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
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