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Sunday, 21 June 09
CHINESE MINERS SEAL THERMAL COAL DEALS WITH JAPAN AND KOREA
 As the confrontation between China's power and coal enterprises become more and more serious, coal enterprises which had supposedly been in the short end of the stick had finally taken actions to strive for their life China's Shenhua Group, China Coal and Datong Coal Mine Group have signed power coal contracts for 2009 with Japan and Korea setting power coal price at USD 78.5 per tonne.
China's coal plants have endured for long, since power enterprises have been importing coal from abroad for long, leaving domestic coal plants behind. Since this February, China's coal imports have been surging significantly. Statistic from the customs indicate coal import volume in February stayed at 4.88 million tonnes, in March 5.76 million tonnes in April it shoot up to 9.16 million tonne and then in May it finally went up to 9.43 million tonnes which is already double of the same period in 2008.
Analysts point out that this was driven by the low price of overseas resources as well as the fact that so far no agreements had ever been made with domestic coal plants. And then on the side of exports, the volume in May turned out at 1.19 million tonnes the lowest in 10 years.
The contract price between the three coal groups and Japan, Korea came out 45% lower than the same period of last year. Korea is going to import coal of 5,800 calorie per kilogram at USD 78.5 per tonne, which equals to CNY 540 per tonne including 10% export tariff. This variety of coal stays at CNY 610 per tonne now at home.
Mr Li Chaolin an expert of China's coal industry said "Since this year power enterprises have been adding pressure to coal plants by buying overseas resources; now that coal plants have also reached out, it's inevitably underscoring that they are no longer keeping silent now, but trying ways out actively."
Although both power and coal enterprises are reaching out, industry insiders believe that it's not likely to have much impact on China's power coal negotiation, for the volume imported outside takes up only a tiny bit of all leaving domestic resources as mainstream Statistics show that China produced 2.71 billion tonnes of coal in 2008, while only 45.43 million tonnes were exported accounting for a meager 2%.
Another coal expert who requested anonymity said both the two sectors have been monopolized and are involved in resource allocation in the country and that the long overdue agreement between them will finally be made under the intervention of the country.
Source: Steel Guru (http://steelguru.com/news/index/2009/06/21/OTkyNjI%3D/Chinese_miners_seal_thermal_coal_deals_with_Japan_and_Korea.html)
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Sunday, 28 June 09
INDIA CEMENTS TO INVEST RS 1,500 CR OVER 2 YEARS
Chennai-based India Cements is planning to invest around Rs 1,500 crore over the next two years for setting up a greenfield project in Rajasthan, po ...
Saturday, 27 June 09
HEAVY CONGESTION AT AUSTRALIAN PORTS REACHING ALL TIME HIGH TO 120 SHIPS IN EAST COAST AUSTRALIA - VISTAAR SHIPPING
COALspot.com (Singapore): The market this week was a bit soft and the BDI was down by almost 10 pct and closed at 3,703 points.
The drop in BDI i ...
Friday, 26 June 09
INDONESIA INVESTORS EYE BHP BILLITON COAL PROJECT
About four Indonesian investors are interested in taking over a coal project owned by BHP Billiton Ltd, a senior government mining official said.
...
Friday, 26 June 09
SOUTH AFRICA'S CONSULTING GROUP OPENS OFFICES IN CHINA, INDONESIA
Consulting engineering company SRK Consulting has opened new offices in Asia to cope with the growing demand for its services in the region.
The ...
Friday, 26 June 09
RUSSIA MECHEL TO DELIVER 2 MLN T COKING COAL TO ASIA
Russian steel and coal producer Mechel said on Thursday it had signed contracts to deliver about 2 million tonnes of coking coal concentrate to unna ...
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- Petron Corporation, Philippines
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