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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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- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- MS Steel International - UAE
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- The University of Queensland
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
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