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Tuesday, 12 May 09
CHINA MINERS CUT COAL PRICE OFFER TO JAPAN UTILITIES - ALIBABA.COM
.jpg) * Producers cut offer to $75.50 a tonne from over $80
* Negotiations may conclude soon as price gap narrows
* New offer at discount of about 43 percent from last year
Chinese coal miners such as Shenhua Energy and China Coal Ltd have cut 2009/10 contract price offers to Japanese utilities to $75.50 per tonne, trade sources familiar with talks said on Tuesday.
Chinese producers have lowered their prices to $75.50 a tonne for coal with a heating value of 5,800 kcal/kg (NAR) as negotiations hit a snag after Japanese utilities rejected their initial offer of above $80, four trade sources said.
"The negotiation is likely to conclude soon, as the difference between prices offered by the two sides is shrinking to only $3.5 a tonne," said a Beijing-based trader, expecting the deal to be sealed as early as next week.
Traders said the latest price offer by the Chinese was a bid to meet Japanese utilities midway, which have counter offered $72 a tonne, on the same level as the deal struck by Australian miners and Japan's Chubu Electric.
Last month, Chinese miners asked for a price above $80 while Japanese end users offered to pay $68 a tonne, traders said.
China's new offer represents a discount of about 43 percent from last year's agreed price of about $131 a tonne, which excludes the 10 percent export tax.
"It seems that the coordinators representing each country are trying to sound out how much each utility can afford to buy and how much each producer can afford to supply if the price falls to US$75.50/mt," said a Singapore-based trader.
China's coal exports in the first four months dropped 36 percent from a year earlier to 9.34 million tonnes, the official customs data showed.
Faced with an international market where prices are nearly $20 a tonne lower than domestic prices, Chinese miners are only showing lukewarm interest in the export market this year. Some miners expect domestic demand to pick up in the summer when residential consumption shoots up with rising temperatures and industrial use will likely revive as the economy improves.
Japan's utilities, represented by Japan Coal Development, are looking to cut this year's contract volumes by about 20 percent, a Tokyo-based trader said.
But others said the volumes could be cut as much as 50 percent.
Japan was China's second-largest coal export destination country in 2008, receiving 13 million tonnes from China, just after South Korea's 17 million tonnes.
Source: http://news.alibaba.com/article/detail/energy/100100838-1-update-1-china-miners-cut-coal.html
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Friday, 08 May 09
INDONESIAN STATE AUDIT BOARD COULD ONLY REACHED A SMALL NUMBER OF KP AND PKP2B - MAJALAHTAMBANG
THE LACK of personnel and the very limited time period have been the reasons why the 2nd semester of the special purpose audit for coal mining ...
Friday, 08 May 09
B.C.'S MINING INDUSTRY HIGH COAL PRICES TO RECORD 2008 PROFITS - PAGUNTAKA
AGGREGATE pre-tax earnings rose to $3.2 billion, the highest amount in the 41-year history of a PricewaterhouseCoppers survey.
B.C.’s minin ...
Thursday, 07 May 09
ASIA COAL-PRICES EASE TO NEAR $63 ON DEMAND CONCERNS - REUTERS
AUSTRALIAN thermal coal prices, a benchmark for Asia, edged lower to around $63 a tonne on concerns over demand, after hitting a two-week high of $6 ...
Thursday, 07 May 09
RICHARDS BAY COAL SHIPMENTS FALL MOST IN 9 MONTHS - BLOOMBERG
RICHARDS BAY Coal Terminal Ltd., Africa’s largest coal-export facility, said shipments fell 24 percent last month, the biggest drop in nine mo ...
Tuesday, 05 May 09
NEWCASTLE PORT'S WEEKLY COAL EXPORTS INCREASE - BLOOMBERG
COAL shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, rose 18 percent last week while the numb ...
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