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Monday, 27 July 09
INDIA PAYING HIGHEST PRICE FOR S.AFRICA COAL - PRODUCERS
 * Spread between South African and Pacific origin coal very wide
* Lack of European buying makes India indicator of value
Reuters reported that, the Indian market is paying the highest prices at present for South African spot coal, South African coal producers and traders said.
The spread between South African and Pacific origin coal has become extremely wide. Australian coal is around $18.00 a tonne more expensive for Q4 and Indonesian several dollars higher.
Even at a premium over the published index, South African coal is the cheapest option not just for India but also Asia.
Indian traders who account for the bulk of the country's spot imports said they were paying prices ranging from flat to the API4 index to premiums of up to $1.00 for South African coal for shipment during the balance of this year.
India, like China, is a price-driven market. Buyers will switch rapidly to whatever coal origin is most economic and use creative blending to obtain the qualities they need.
Outside of India it would not be possible to sell spot South African coal at a premium given the lack of demand elsewhere, traders and producers said.
The API4 index is a weekly-set published assessment of spot physical prices for FOB Richards Bay coal cargoes. API4 coal swaps are settled against it and monthly API4 index prices are used widely as the basis of contracts.
Buying or selling coal against the indexes allows companies to manage their price risk by using swaps.
Indian buyers have become increasingly adept at buying index-linked coal and using hedging tools.
SOUND INDICATOR
Given the lack of European spot buying, during the past few months the prices paid by India have become a sound indicator of market value.
India is taking an increasing share of South Africa's coal exports to fill the gap between domestic coal supply and demand.
Between January-June this year India took nearly 9 million tonnes of South Africa's 28 million tonnes of exports, compensating for sharply falling demand from Europe, historically South Africa's key export market.
"For us it's merely a question of who's paying the best prices and without a doubt, it's India. The choice isn't difficult between selling at a discount to Europe or a premium to India," said one major South African producer and exporter.
Producers and traders have for years charged slightly higher prices to some Indian buyers to reflect increased credit risk. But even taking risk into account, Indian buyers are prepared to pay more than their European counterparts, sellers said.
"We'd obviously like to buy at a discount to the index and have managed to from time to time but the majority of our buying has been flat to index and now sellers of even lower quality coal are asking for $1.00 above API4," one Indian coal importer said.
Even Kangra coal of less than standard RB1 quality is being offered at a premium of $1.00 a tonne over the API4 index, buyers said.
Source:Reuters
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Friday, 17 July 09
THE NEW LAW OF MINERAL AND COAL MINING NO 4/2009 CREATE CONDUCIVE CLIMATE OF INVESTMENT IN INDONESIA
COALspot.com (Indonesia): The new Law of Mineral and Coal Mining No 4/2009, which replaces the old mining law No. 11/1967 has been signed by the Pre ...
Friday, 17 July 09
INDIA COAL TRADERS MUST OWN POWER, MINES - C&O BOSS
· Coal traders need to diversify to grow
· Coastal Energen to build first merchant power plant
· Tamil Nadu to see st ...
Friday, 17 July 09
CHINA SHENHUA ENERGY'S COAL OUTPUT SWELLS 17.6% IN H1
China Knowledge reported that, China Shenhua Energy Co Ltd, which is engaged in the coal mining, power generation and transportation businesses, on ...
Thursday, 16 July 09
CHINA ISSUES SECOND BATCH OF '09 EXPORT QUOTAS
China has issued 25 million tonnes of coal export quotas for the second batch this year, the National Development and Reform Commission said Wednesd ...
Thursday, 16 July 09
NTPC TO ENGAGE BANKERS TO ACQUIRE OVERSEAS COAL MINES
The Hindu reported that, State-run power generation company NTPC said it would appoint merchant bankers next month for acquiring coal mines identifi ...
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