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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
 Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, fertiliser producers and consumer goods companies, Fitch Ratings says. Smaller companies in these industries are under the most pressure, while larger and more diversified issuers rated by Fitch are better positioned to mitigate the impact. Gas prices could remain high until the end of the winter heating season, given low levels of natural gas in European storage facilities. However, we expect prices to moderate once seasonal demand reduces.
High gas prices and working capital fluctuations have already caused several non-integrated UK gas suppliers (not rated by Fitch) to ask for state support in fulfilling their supply obligations to customers.
The Spanish government has introduced a levy on low-carbon power producers to support smaller suppliers.
Supply is typically a small part of larger Fitch-rated integrated utilities in Europe, which are able to pass costs on to most customer groups, or hedge. Although we expect higher gas prices to increase regulatory risks, the rated utilities’ diversification by jurisdiction and business line, including electricity production and distribution networks, cushions the impact. The unfolding situation in the European gas market may further accelerate the energy transition in the utility sector towards renewables.
Fertiliser producers have been severely affected by rising gas prices. Gas is a key input in ammonia production, which is further used in urea and DAP production. Several ammonia plants in Europe have cut their output or have temporarily shut down operations. Larger Fitch-rated fertiliser producers with a global presence are able to continue production in other regions or source ammonia from third parties, limiting the impact. Producers may also seek to increase fertiliser prices to pass costs onto consumers.
Agriculture and food producers are affected by challenges in the fertiliser sector. Agribusinesses may face shortages in fertiliser supplies and increased prices, most likely increasing their costs in the next season’s harvest. However, meat processors and carbonated drinks manufacturers, particularly in the UK, already face disruptions due to CO2 shortages, which is a by-product of ammonia manufacturing and is used in meat and fizzy drinks production. Geographically diversified food and beverages producers are better positioned to mitigate such shortages.
The record-high prices in Europe are driven by increased demand (due to the wider economic recovery and weather-related factors), competition with Asia for LNG, and a limited supply response from Gazprom, Europe’s largest supplier, providing about a third of Europe’s gas. Prices have also risen due to market fears of a gas deficit during the winter heating season due to low European storage utilisation compared to previous years.
Utilisation at Gazprom-linked storage facilities (around 10% of European capacity) is particularly low, affecting average utilisation rates in Austria, Germany and the Netherlands. Furthermore, unlike September in recent years, Gazprom has not offered any meaningful volumes for delivery this or next year via its electronic sales platform (a sales channel for short-term gas deliveries, used in addition to sales under long-term contracts). Gazprom’s total exports should increase in 2021 but this is unlikely to be sufficient to re-balance the market. Starting the new Nord Stream 2 pipeline, which is facing difficulties in obtaining necessary approvals from regulators in Europe, may affect the availability of additional gas volumes.
We have recently increased our short-term gas price assumptions. However, we expect a normalisation of demand and potential additional supplies to result in a return to mid-cycle pricing from 2023.
Source: Fitch Ratings
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Thursday, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
Wednesday, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
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- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- White Energy Company Limited
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- VISA Power Limited - India
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
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