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Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
 China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at domestic suppliers and exceptionally high local prices, says Fitch Ratings. Indonesian coal miners are benefitting as the country is the biggest exporter of thermal coal to China. This also comes amid China's political tensions with its second-largest supplier Australia.
China's coal imports surged to 39.08 million tonnes in December 2020 from 2.77 million tonnes a year earlier, as Beijing relaxed a soft cap on import restrictions to ease supply constraints domestically amid an unusually cold winter, an uptick in economic activity, permit inspections in Inner Mongolia, and a soft cap on Australian coal imports. China's 2020 coal imports rose 1.4% to 304 million tonnes, the highest since 2014. Total thermal power generation rose by 6.6% and 9.2% yoy in November and December 2020, respectively.
China's coal production dropped by 0.1% yoy in 2020. Production in Inner Mongolia, the country's largest coal-producing province in 2019, fell by 3% yoy in 2020 despite the government's policy reversal in October to boost output ahead of the winter. Inner Mongolia's output subsequently rose by 9% yoy to a record high of 97.8 million tonnes in December 2020. The government in January 2021 also urged all coal producers to operate at maximum capacity as long as they can ensure mine safety.
We expect China's coal demand and imports to weaken after the Chinese New Year as temperatures rise and coal production normalises. CRU's analysis of vessel data shows that China's thermal coal imports in the first two weeks of January were already close to 70% of the volume in December 2020. CRU said the seaborne Newcastle 5,500kcal/kg free on board (FOB) coal price rose to a two-year high of USD62 by 26 January 2021 and the Chinese import price for thermal coal, 5,500kcal/kg CFR China, was USD85/tonne, a deep discount to the domestic Qinhuangdao 5,500 kcal/kg FOB price of USD131. Fitch remains bearish on the long-term coal price outlook amid the global push towards carbon neutrality.
More stringent Covid-19 containment measures amid the resurgence of infections in northern China may raise seaborne demand by slowing the shipment of coal from central China to the Bohai Rim ports, according to CRU. Some cities have been asking truck drivers to provide negative Covid-19 test results several days before arriving. That said, we do not expect a repeat of the logistical disruption in early 2020 as local governments have become more sophisticated in implementing control measures to minimise the impact on economic activity.
There may also be a regional supply-demand imbalance, keeping coal prices elevated in the short term. The Chongqing municipal government recently ordered a permanent shutdown of local coal mines, including 11.5 million tonnes of capacity owned by Chongqing Energy Investment Group Co., Ltd. (BBB/Stable), by mid-2021. This is likely to tighten coal supply in the southwest region.
Indonesian coal miners are the major beneficiaries of strong Chinese imports. The Indonesian 4,200kcal/kg coal index rose to USD45/tonne in January 2021 from an average of USD26/tonne in the seven months to November 2020. The surge is likely to be short-lived, although Fitch expects a 2021 average price that is higher than 2020 at USD32.5/tonne.
Fitch also expects most Indonesian coal producers to ramp up 1Q21 production in response to the better demand and pricing as they had curtailed production or ceased operations in costlier mines in 2H20. However, the heavy rains and floods in some parts of Kalimantan - Indonesia's key-coal producing region - may hamper the efforts of some coal miners.
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Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
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- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Marubeni Corporation - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- The University of Queensland
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Australian Coal Association
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
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