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Monday, 27 April 09
COAL PRICES ABOVE FUNDAMENTALS - STUFF.CO.NZ
Coal prices have defied the gravity of fundamental factors, supported by stockpiling prompted by cheaper prompt prices rather than a reflextion of actual demand, analysts say.
Prices in Europe are shrugging off oversupply and dire demand, traders said, although demand in China and India remained supportive.
The contango structure of low prompt prices and dearer forwards is shown in May coal cargoes delivered into Europe at around $60-$62 per tonne DES Amsterdam-Rotterdam-Antwerp and cargoes for Q4 delivery around $72.00-$75.00, and for Calendar 2010 around $84.00, traders said.
"You could say about coal (and copper) that both could be priced up to 20 pct lower on fundamentals but it's not the case," said Francisco Blanch, analyst at Merrill Lynch.
"Coal prices are buoyed by the contango in the market and ignoring fundamentals."
Others in the market said the strength of the forward curve, as in the oil market, reflected a view of long term plays that looked to economic recovery next year, disregarding the threatening build up of actual supplies until then.
Utilities have been buying spot coal to put on stocks for consumption or re-sale later in the year. The cost of stocking coal in Europe's Amsterdam-Rotterdam-Antwerp (ARA) is minimal compared with the contango in prices, they said.
"Current coal demand outside of Asia does not warrant FOB prices above $60/T but the market is trading off the contango," said Amrita Sen, commodities analyst at Barclays Capital.
"We feel FOB prices need to fall to the low $50s/high $40s per tonne before production cuts happen to put the market into better balance," she said.
INFLEXIBLE PRODUCTION
Coal production, unlike oil, has not reacted to weak demand and oversupply. Global supply this year is likely to be little changed from 2008 levels and set to rise in several key exporting countries.
Russia, the world's highest-cost exporter may trim 5 million tonnes from total exports of around 65 million last year and some Russian producers are willing to sell at a loss to keep cash flowing.
"There are huge stocks of over 3 million tonnes in ARA and more and more cargoes are due to arrive. The market in Europe is awash with physical coal," another European utility source said.
"There are a few supply disruptions such as the Colombian rail strike but the loss of a few million tonnes won't change the supply/demand balance," he said.
Asian coal prices are several dollars a tonne higher than Europe due to stronger demand. This trend may continue and will provide some price support outside of Asia, traders said.
"Without China, in Q1 I am not sure where prices would have gone," a Singapore-based trader said. "China has certainly done a service to producers -- without China buying we would have seen much lower prices."
In the United States coal prices have dropped by around 25 percent this year, in the absence of any stock piling trend, traders said.
"The only stockable energy commodity is really coal," Francisco Blanch said. "China is using its dollars to buy into commodities such as coal and copper and that will help keep the Asian market strong."
Indian coal demand has been the most important factor supporting FOB South African coal prices. India accounted for nearly 4 million tonnes of the 15 million exported by South African in Jan-March
But Indian buying will soon halt from June-September because the monsoon season makes it all but impossible to discharge cargoes.
That could well cut $10.00 a tonne from coal prices, but if coal-power spread trading continues to dominate it could take much longer for fundamentals to return as the market's main driver, traders and producers said.
Utilities switch from coal-fired baseload generation to gas during spring and summer months when gas is cheaper. But this year utilities said their coal burn will be even lower because gas is significantly cheaper and power demand lower than last year.
"Utilities have been buying a few prompt cargoes for consumption to fill short positions but mostly we've all been buying forward coal to lock in the spread between coal and power, which has been very attractive," a source at a large European utility said.
Source: http://www.stuff.co.nz/business/market-data/2366184/Coal-prices-above-fundamentals
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Saturday, 25 April 09
KPC DEVELOPS EAST KALIMANTAN WITH GOVT - THE JAKARTA POST
Kaltim Prima Coal (KPC) focuses on several areas in its CSR projects to help the government increase the welfare of the community living around the ...
Friday, 24 April 09
NAPOCOR TO TENDER FOR 195,000 T COAL - ABS-CBNNEWS.COM
Top Philippine electricity producer National Power Corp. (Napocor) said on Friday it will hold a tender on May 20 to buy 195,000 tons of steam coal ...
Friday, 24 April 09
NTPC TO DELVE INTO CONTRACT MINING - ECONOMICTIMES
NTPC, India’s largest power producer, plans to cash in on its decades-old experience in handling coal mines by spinning off a separate u ...
Wednesday, 22 April 09
PROTECTED FORESTS FACING UNDERGROUND MINING THREAT - THE JAKARTA POST
The government is soon to issue a presidential regulation allowing mining companies to mine underground in protected forest areas, despite a recent ...
Tuesday, 21 April 09
MITRA RAJASA TO ACQUIRE TWO MINING COMPANIES - THE JAKARTA POST
PT Mitra Rajasa Tbk plans to acquire PT Realita Jaya Mandiri and PT Masindo Artha Resources in South Sumatra, which are worth around US$40 million.
...
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- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Australian Coal Association
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- PTC India Limited - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
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