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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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Tuesday, 28 April 09
S'PORE COURT RULES AGAINST DEUTSCHE ON ASSET SALE - REUTERS
Singapore's highest court has ruled that Deutsche Bank (DBKGn.DE) may have to pay unspecified damages to an investment firm as it did not get the b ...
Tuesday, 28 April 09
WORLD THERMAL COAL PRICE EXPECTED TO CRASH - PURCHASING.COM
Macquarie Bank sees 50% drop to $60/ton in 2009
Macquarie Bank today forecast the 2009 average market price for world thermal coal at $60/ton, a ...
Tuesday, 28 April 09
THAI LANNA TO OPEN NEW INDONESIAN MINE BY Q3 - REUTERS
Thailand's Lanna Resources PCL LANN.BK said on Monday it planned to open a new coal mine in Indonesia by the third quarter of 2009 with an initial ...
Tuesday, 28 April 09
SOUTH AFRICAN EXPORT COAL RETREATS ON WEAKER EUROPEAN DEMAND - BLOOMBERG
Prices for coal shipped from South Africa’s Richards Bay, site of the world’s largest export terminal for the fuel, fell for a second co ...
Monday, 27 April 09
INDONESIA S.KALIMANTAN GETS COAL TRUCKS OFF PUBLIC ROADS - REUTERS
A local government in one of Indonesia's top coal-producing areas has banned coal and palm oil firms from using public roads because of the damage ...
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