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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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Monday, 20 April 09
PT PAMAPERSADA SEES ITS REVENUE TO CLIMB BY 20% IN 2009 - STEELGURU
PT Pamapersada Nusantara, a unit of Indonesia's PT United Tractors, said that its 2009 profit will be similar to last year, even as it forecasts re ...
Monday, 20 April 09
NIPPON STEEL SEMI-SOFT COAL PRICE SAID TO DROP 67% - BLOOMBERG
Nippon Steel Corp., Japan’s largest mill, will pay up to 67 percent less for semi-soft coking coal this fiscal year, two industry executives w ...
Monday, 20 April 09
INTERNATIONAL INVESTORS SEEK TO SELL ADARO STAKES - MONEY.CNN
Some international investors in PT Adaro Energy ( ADRO.JK) have approached other companies to sell around a combined 17% stake in the coal miner via ...
Friday, 17 April 09
BHATIA COAL INDIA, VITOL IN DISPUTE - COAL JUNCTION
Bhatia Coal India, a subsidiary of the Bhatia International Group, terminated a coal supply contract with traders Vitol and has initiated arbitratio ...
Friday, 17 April 09
JSW TO BUY THERMAL COAL MINE IN AFRICA
Sajjan Jindal-led JSW Energy is close to acquiring a sub-Saharan African thermal coal mine, which has reserves of more than 200 million tons, to min ...
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- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- White Energy Company Limited
- ICICI Bank Limited - India
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Planning Commission, India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
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