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Thursday, 06 August 09
CHINA JULY COAL IMPORTS AT 9.5 MLN T, DEMAND FIRM


* Coal imports at key ports in July 2.8 times year-ago levels
* July coal imports down nearly 40 percent from June
* China still buying overseas coal, mostly low-grade material


Alibaba reported that, China's coal imports in July fell nearly 40 percent from June's all-time high to around 9.5 million tonnes but were still the second-highest on record.

With Chinese buyers still actively buying low-grade thermal coal from Indonesia and coking coal from Australia, analysts and trade sources say Chinese imports could well stay high at least until September.

But buoyant imports from the world's largest coal producer and consumer may offer little lift to regional prices this time around, as rising production in China is expected put downward pressure on domestic prices, which would in turn cap overseas miners' offer prices.

China's coal imports that arrived at key ports in July were 2.8 times year-earlier levels, the Ministry of Transport said on its website (
www.moc.gov.cn).

Since most of China's coal imports are seaborne, July's coal imports would be around 9.5 million tonnes, based on Reuters calculations.

"We've started to see renewed interest from the Chinese in recent weeks, especially for the low-rank coal, and many of them are keen to extend the supply contracts that have expired," said a source from a major Indonesian producer that has about 6-8 million tonnes of thermal coal into China in the first half of 2009.

"They are also scouting for bituminous coal, but the gap between their asking price and seller's offer price is too wide for any deals to get done."

In Australia, several large producers say enquiries for thermal coal have slowed to a trickle since mid-June, after a surge in freight and coal prices eroded the discount Australian supplies offered compared with domestic coal. Demand for coking coal, however, has remained strong.

"Previously the Chinese were re-stocking but now, they are buying because the steelmills have stepped up on production," said an Australian producer source.

For thermal coal, trade sources say China's ceiling price for imported coal is about $55 a tonne on a landed basis, based on coal with heating value of 4,800 kcal/kg (NAR), and buyers are willing to pay only about $75 on a C&F basis for bituminous coal, for coal with heating value of 6,322 kcal/kg (GAR).

Overall coal arrivals at the ports jumped 12.6 percent to 48 million tonnes. Domestic coal arrivals still fell from year-ago levels, albeit at a lower pace, the ministry said, without giving details.

ABSORBING INDONESIA'S EXCESS

Part of the reason why China is again able to book fresh tonnage from Indonesia at low prices stems from a recent build in coal stocks, which is prompting miners to sell coal at low margins.

An easing in freight rates over the past couple of weeks has also made imported coal from Indonesia more competitive. Freight rates from Indonesia's Kalimantan to ports in southern China are hovering between $10 and $11 a tonne.

A slowdown in demand from Japanese buyers for high quality coal, combined with strength in Chinese buying over the April-May period had prompted several key producers to adjust their production mix to focus on sub-bituminous material.

But a slowdown in Chinese orders in June after a jump in freight rates, combined with better-than-expected production levels due to a long dry season, means producers are facing rising stockpiles and a limited sales market.

"There is a lot excess capacity and producers are now willing to sell at very low margins just to keep the cash flow going," said an Indonesian producer.

Source: Alibaba



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