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