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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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Wednesday, 25 March 09
MINISTER ASKS ROYALTIES BE PAID IN COAL, NOT CURRENCY - THE JAKARTA POST
Coal companies could pay their royalties to the government in coal, rather than in rupiah, under a proposal made by Energy and Mineral Resources Min ...
Wednesday, 25 March 09
INDONESIA'S STATE ELECTRICITY COMPANY DEMAND FOR COAL TO SOAR NEXT YEAR AS POWER OUTPUT RISES - THE JAKARTA POST
State electricity company PT PLN will need more coal next year as it seeks to generate more power through new plants operated by its subsidiary PT I ...
Tuesday, 24 March 09
INDONESIA'S KPC AGREES FIRST MAJOR CHINA COAL DEAL - REUTERS
Indonesian miner PT Kaltim Prima Coal last week agreed its first major long-term deal to sell thermal coal to China, with 1 million tonnes to be shi ...
Tuesday, 24 March 09
INDONESIA ANTAM'S SETS ASIDE $37 MLN FOR COAL MINES - REUTERS
Indonesian state-owned miner, PT Aneka Tambang Tbk, has allocated $37 million for acquiring coal mines, the company said on Monday.
Antam said la ...
Monday, 23 March 09
NIPPON STEEL, BMA AGREE TO 57 PCT CUT IN COAL PRICE - REUTERS
Nippon Steel Corp has agreed with Australia's BHP Billiton Mitsubishi Alliance (BMA) to pay $128 to $129 per tonne for coking coal in the year from ...
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Showing 6826 to 6830 news of total 6871 |
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- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- The University of Queensland
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
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