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Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices more than doubling since the end of last year.
Traders are now torn between prospects for a continued rally and a pullback on the heels of global efforts toward net-zero emissions.
Based on the most-active contracts traded on ICE, futures for Newcastle coal NCFF23, -1.61%, the Asian-Pacific region benchmark for thermal coal that’s exported from the Newcastle coal terminal in Australia, was at $408.80 on Dec. 6, up 141% from Dec. 31, 2021, according to FactSet data. Coal’s gain this year leads the overall rise among major commodities.
Tight supply due to wet weather in Australia hampering production; strong demand from India, China, and others; and the European energy crisis” all contributed to strength in coal prices, says Will Rhind, founder and CEO of GraniteShares, which runs the GraniteShares Bloomberg Commodity Broad Strategy No K-1COMB +0.38% exchange-traded fund COMB, +0.52%.
Following Russia’s invasion of Ukraine, European countries scrambled to replace Russian energy with alternatives, as Russian natural-gas supplies to Europe were mostly cut off. China has been “extracting record amounts of coal from its own mines as it seeks to insulate itself from the volatility seen in global energy markets,” says Rhind. “Outages from other European energy sources, such as hydro and nuclear plants…exacerbated the situation.”
Overall, “coal remains the largest source of electricity in the world,” he says. It’s the “cheapest to mine, easy to transport, and efficient to burn.”
Coal accounted for about 36.5% of the global power mix in 2021, followed by natural gas with a 22% share, according to Statista. In the U.S., coal accounted for 21.9% of the total 2021 amount of electricity generated at domestic power facilities, while 38.4% was sourced from natural gas, according to the Energy Information Administration.
Global supply of high quality thermal coal has been tight since before the invasion of Ukraine, says Wendy Schallom, coal analyst, analytics, at S&P Global Commodity Insights. The resulting ban on imports of Russian material by the European Union, Japan, and others, and the search for replacement coal, exacerbated the spot coal price rise, she adds.
There has also been a “diversion of coal supply,” originally destined for Asia, moving to Europe to replace the high-quality Russian supplies, says Schallom.
“Fuel switch price signals” had been firmly in favor of hard coal generation since the fourth quarter of 2021, she says, but the recent sharp fall in European gas hub prices means that those price signals reversed in October, with coal-to-gas switching settling in for the first time in more than a year.
If European gas prices recover as expected, fuel switch price signals will reverse again, with gas-to-coal switching likely to soon return, Schallom says. “This will put renewed pressure on German gas and support German hard coal generation.”
Meanwhile, it isn’t surprising that strong use of coal represents a setback in the world’s efforts to meet net-zero emissions by 2050. Developed nations need to entirely eliminate coal plants by 2030, and the rest of the world by 2040, to meet that goal, says GraniteShares’ Rhind. The two largest coal consumers, however —India and China — are investing even more in coal, expanding their power-plant network through the end of the next decade, he says.
Rhind expects global coal demand to remain high, but prices may “moderate” in 2023, especially if there’s a resolution to the Russia-Ukraine war. Supply will remain constrained, but ironically, higher coal prices will almost certainly contribute to increased demand for renewable energy “in order to find cheaper, more environmentally friendly, and independent sources of energy.”
Source: MarketWatch
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Sunday, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Planning Commission, India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Indogreen Group - Indonesia
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