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Thursday, 15 April 10
MAJOR THERMAL COAL CONTRACT AT 40% HIGHER PRICE THAN LAST YEAR - BUSINESS STANDARD


Business-Standard  reported that, India is expected to import nearly 60 million tonnes of thermal coal this year.

After coking coal and iron ore, thermal coal supply contracts have now been signed at a much higher price than last year. Recently, term contracts for Newcastle coal were signed at $97-98/mt between producer Xstrata and Japan’s Chubu Electric for 2010-2011, about 40 per cent higher than last year. These were initial contracts. Thermal coal is used by power plants.

Initial expectations were that contracts for thermal coal would be signed at $85-90 a tonne. Last year, thermal coal contracts were settled at $70 a tonne.

James O’Connell, managing editor, Platts, the premier agency that tracks the energy sector, said: “This initial contract is assumed by many to be a benchmark, especially when it is between two such big players.”

Some Japanese utilities link prices of their contracts to the global COAL index. Hence, they do not negotiate an annual price, just an annual tonnage contract. However, according to James: “Bumi Resources, Indonesia’s largest coal producer, told Platts that one of its two coal producing units, Kaltim Prima Corp, settled an FY10 contract with a major Japanese thermal coal buyer at $104/tonne FoB.”

India is expected to import nearly 60 million tonnes of thermal coal this year. MMTC and Adani Enterprises are major importers.

Thermal coal spot prices, ruling around contract prices at present, are unlikely to move up further. According to industry sources, China is presently not in the market and subdued imports from the neighbouring country mean prices will remain capped.

Jigar Shah, head of research, KIM ENG Securities India, said: “This is an initial contract and most of India’s thermal coal imports are from Indonesia. The prices at which they are negotiated will be crucial for Indian power and cement plants which import coal.” Many new private sector power companies import thermal coal. Most of India’s coal imports come from Indonesia and South Africa.
Source:
Business-Standard (By: Rajesh Bhayani)



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