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Monday, 22 June 09
SOUTH AFRICAN EXPORT COAL DECLINES ON WEAKENING EUROPEAN DEMAND
 Prices for coal shipped from South Africa’s Richards Bay, site of the world’s largest export terminal for the fuel, posted the first drop in five weeks as Europe’s recession cut demand for the fuel.
Richards Bay is the biggest single source of coal for Europe. The euro-region economy may shrink 4.5 percent this year, the World Bank said today, worse than its previous estimate of a 2.7 percent contraction. Companies from Germany’s Linde AG, the world’s second-biggest maker of industrial gases, to Charter International Plc, Europe’s biggest maker of welding gear, have cut output and jobs, reducing demand for power.
Export prices at Richards Bay declined $7.40, or 11 percent, to an average of $57.90 a metric ton in the week ended June 19, according to McCloskey Group Ltd. They have more than halved over the past 12 months.
“The main reason for that drop was European demand weakness,” Manqoba Madinane, an analyst with Standard Bank Group Ltd. in Johannesburg, said by phone today.
E.ON AG, Germany’s biggest utility, said coal stocks at its Kingsnorth power station in southeast England are at “almost full capacity,” spokesman Jonathan Smith said by phone today.
A 1.2 billion-rand ($147 million) expansion of Richards Bay Coal Terminal has been delayed until the fourth quarter after a risk assessment found the project wouldn’t be ready by July 1, Chief Operating Officer Raymond Chirwa said June 15.
Shipments vs Capacity
The terminal, located on South Africa’s eastern coast, will have an annual capacity of 91 million tons when the expansion is completed. At its current shipment rate, Richards Bay will export 54.2 million tons of coal this year, compared with its 76 million-ton capacity and actual shipments of 61.79 million tons last year.
Shipments fell to 3.76 million tons in May from 4.75 million tons a year earlier, the lowest level in 16 months. The terminal is owned by South Africa’s largest coal exporters, including Anglo American Plc, BHP Billiton Ltd. and Xstrata Plc.
Power-plant coal prices at Newcastle, Australia a benchmark for Asia, fell 7.7 percent to $70.81 in the week to June 19, according to the globalCOAL NEWC Index. While Richards Bay is the world’s biggest coal-export terminal, Newcastle ships more of the fuel from two terminals.
Benchmark European coal derivatives, used to bet on or hedge against future prices, declined. Coal for delivery to Amsterdam, Rotterdam or Antwerp with settlement next year fell $3.50, or 4 percent, to $85 a ton by 11:05 a.m. in London, according to a composite figure compiled by Bloomberg.
The data are compiled from information supplied by ICAP Plc, GFI, Spectron Group Ltd., Tullett Prebon Plc, Credit Suisse Group AG, McCloskey Group Ltd., Bloomberg and TFS.
Source: Bloomberg (http://www.bloomberg.com/apps/news?pid=newsarchive&sid=afzDslvcIZhI)
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Monday, 08 June 09
PRIVATE COAL MINERS LIKELY TO LAND COMMERCIAL LICENSE - ECONOMIC TIMES
Economic Times of India reported that, The government may allow commercial coal mining by private companies as it looks to plug the demand-supply ga ...
Monday, 08 June 09
SAN MIGUEL EYES LOCAL MINING VENTURES - PHILIPPINE DAILY INQUIRER
Philippine Daily Inquirer reported that, Diversifying conglomerate San Miguel Corp.is making big plans for Philippine mining, seen as an industry th ...
Monday, 08 June 09
NAPOCOR BUYING COAL FOR PAGBILAO PLANT - PHILIPPINE DAILY INQUIRER
Philippine Daily Inquirer reported that, State-run National Power Corp. plans to buy 390,000 metric tons of steaming coal next month, to supply the ...
Sunday, 07 June 09
SEMIRARA SELLING COAL TO THAILAND - STEELGURU
Business Mirror reported that coal producer Semirara Mining Corporation has successfully entered the Thailand market during the Q1 of the year, help ...
Saturday, 06 June 09
IS THE RECESSION OVER ? - CAPT. REDDY, VISTAAR SHIPPING
COALspot.com (Singapore): Is the recession over, that is what most analysts think and seems so from the Baltic Index rally and firm commodity ...
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