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Thursday, 30 September 10
LOW CALORIFIC VALUE COAL MAY BE SOLD BELOW COAL REFERENCE PRICE IN INDONESIA
 COALspot.com: Indonesia, the world’s largest coal exporter has issued another ministerial decree to regulate the selling price of coal of Indonesian origin on 23 September 2010, which is the implementation regulation for government regulation 23/2010. “This is an important policy in order to restructure the optimal benefits in the management of coal in Indonesia” according to web site of directorate general of minerals and coal.
The regulation on coal reference price, guidelines states that coal must be sold at or above the government's declared monthly coal reference price. However, the same regulation also providing room for coal that contains a very low calorific value to sell below reference price. However , it was not clear what calorific Value or Total Moisture coal being categorized as low GCV coal.
As stated by Reuters, "The low CV coal can be sold without following the government price reference but miners must give a strong reason and it will be subject to approval by the ministry," said Witoro Soelarno, secretary at the directorate general of minerals and coal at the energy and mines ministry.
Production Operation Permit holder's of coal Mining (IUP holders) must sell their coal as per monthly reference price issued government either for export or domestic market , including to its affiliated business entities, says regulation no 17/2010, the decree, issued by the energy ministry on September 23 and copy of the same obtained by COALspot.com.
The decree 17/2010 has been in force since the day of its issue on 23 September 2010.
The main points of the decree ( related to coal)
Director General on behalf of the Minister to set a benchmark price for steam (thermal) coal and coking (Metallurgical) coal every month.
Coal miners must refer Indonesian Coal benchmark price to conclude the deal with domestic or international buyers and must give priority for Indonesian flag carriers, if they used vessel/ barges to transport coal.
Mine owners can use the surveyor named or appointed by the Director General on behalf of the Minister.
Mine owners are required to submit a monthly coal sales reports to authority. The report must include selling price, sales volume, quality, point of sale, cost adjustments, and name of port of destination or country.
Monthly report should be supported by supporting documents.
Coal sellers are required to follow Indonesian coal price reference when conclude the coal sales and purchase agreement with their respective buyers. Spot deals should refer to the reference price of the month that shipment taken place where’s term deals should refer to the reference price of an average of 3 (three) previous months from the date of agreement signed. However, before it was committed in the sales contract must be submitted to the Minister through the Director General.
Concluded spot contracts must be executed within one month from the date of contract signed and term contracts must be commenced execution within 2 months from the date of sales and purchase contract and must be completed within a maximum period of 12 months.
Miners are required to submit an annual delivery schedule to the Director-General in the beginning of the year, and if there are any changes in the delivery schedule, then must be reported revised delivery schedule periodically. Violations can lead to revocation of mining permits.
Coal for specific purposes and certain types of coal (fine coal, reject coal and coal with certain impurities) used in the domestic market can be sold at a price below the coal price reference, after obtain approval from the Director General on behalf of the Minister.
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Friday, 15 October 10
VALUE ADDED TAX FOR COAL TO RE-INTRODUCE IN INDONESIA
COALspot.com: Indonesian government is drafting a ministerial decree to re-introduce value added tax for coal and mineral. Coalindo weekly news lett ...
Thursday, 14 October 10
COAL PRICES AT QINHUANGDAO PORT UP - CAPITALVUE
Capitalvue reported that, prices of steam coal yielding 5,500 kilocalories per kilogram (kcal/kg) in Qinhuangdao Port have risen five yuan to 715-72 ...
Thursday, 14 October 10
DRY BULK MARKET MAINTAINS POSITIVE TREND ON FIRMER CHINESE IRON ORE DEMAND
The dry bulk market has kept its upward trend set since last week, with the industry’s main benchmark, the Baltic Dry Index (BDI) rising to 2, ...
Tuesday, 12 October 10
DRY BULK MARKET LOOKING FOR DIRECTION AFTER WEEK OF CAPESIZE GROWTH
The dry bulk market ended Monday unchanged from Friday’s closing, today standing at 2,695 points. In summary, the capesize and the supramax se ...
Tuesday, 12 October 10
COAL SPOT TRADING MAY SOOTH PRICING CONFLICTS - GLOBAL TIMES
Global Times reported that, Tianjin-based Bohai Commodity Exchange launched steam coal for spot trading for the first time Monday. Steam coal is mai ...
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