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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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Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
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- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
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- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
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- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
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- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Australian Coal Association
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- The University of Queensland
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- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
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- PetroVietnam Power Coal Import and Supply Company
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- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
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- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Parliament of New Zealand
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
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- Samtan Co., Ltd - South Korea
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- Bayan Resources Tbk. - Indonesia
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