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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, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
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 ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
Wednesday, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
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- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
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