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Saturday, 17 October 09
US COAL MINERS LOOKING AT LOWER PROFITS
 Most US coal miners are looking at sharply lower third-quarter earnings, but those that produce coal for steelmaking and export should enjoy higher prices in the longer run than those that sell coal for power generation, analysts say.
Last year's economic downturn hit both steel and electricity demand hard and miners were forced to cut back on production as coal prices slumped. But now there are signs that coal demand, at least from steelmakers, is coming back.
"We generally favor coal producers with international leverage, especially those tied to steel production via metallurgical coal, over thermal coal producers," analyst Jeremy Sussman of Brean Murray, Carret & Co said on Thursday.
And Morgan Stanley's Mark Liinamaa and Wes Sconce said they expected premium hard metallurgical or coking coal for steelmaking to be selling at $160 per tonne in 2010, with prices trending higher through 2013. In June, the benchmark price for coking coal was $129 per tonne.
"Our commodity team sees higher seaborne thermal coal prices going forward but we do not expect demand for U.S. thermal coal exports for the next 12-18 months," the Morgan Stanley analysts said in a research note.
In afternoon trading on the New York Stock Exchange on Friday, the S&P index of coal stocks .GSPCOAL was down 1,2 percent, with Alpha Natural Resources the biggest loser, down 3 percent at $37,61. Consol Energy fell 2.4 percent to $49,76, Massey Energy fell 1,4 percent to $32,89, Peabody Energy was down 1,3 percent at $41,69 and Arch Coal was off 11 cents at $23,94.
This week, Dahlman Rose & Co downgraded Peabody, Arch and James River Coal to "hold" from "buy," saying the weak outlook for thermal coal does not support current valuations.
Peabody kicks off the earnings season for coal miners next Tuesday, followed by Arch, Consol Energy, Massey Energy and Alpha Natural Resources.
Of those producers, only Consol is seen posting a profit bigger than in the 2008 quarter, according to Thomson Reuters I/B/E/S. Analysts on average expect Consol's earnings to be 66 cents per share, compared with 49 cents a year earlier.
"Consol has one big met mine (Buchanan, in Virginia) and we expect it to do better than expected as there has been a lot of spot demand from China," said Sussman.
He said Arch had the least metallurgical coal of the major miners and analysts currently expect its profit to be 4 cents per share, way off last year's 68 cents.
Peabody produces coking coal at its Australian mines, but analysts expect a big drop in third-quarter profit from $1,38 per share to 22 cents. Earnings of Massey, which has about 25 percent metallurgical coal, are expected to drop to 18 cents per share from 86 cents a year ago and Alpha's profit is expected to drop to 39 cents from 90 cents a year earlier.
Sussman said lower electricity demand from industry since last year's economic downturn has hurt coal miners that produce thermal or steam coal, which is burned in power plants.
"Inventory levels at utilities are still way too high (70 days, or 50 percent above average) for thermal coal producers to speak positively about the thermal coal market," he said.
According to Edison Electric Institute, for the 52 weeks ended Oct. 10, U.S. power production was down 3.4 percent from the corresponding period in 2008.
"On the other hand, there have been a number of recent positive data points in the met coal space, which should help met coal producers' earnings," said Sussman.
He noted China imported about 8.7 million tonnes of met coal during the third quarter, 30 percent more than in all of 2008. Also, Australia has slowed shipments to China recently and the United States appears to be picking up some of the slack.
"U.S. met coal companies should see a meaningful pickup in activity levels in the second half of the year versus the first half," said Sussman.
Morgan Stanley's analysts said investors seeking exposure to the coking coal upside might consider Cliffs Natural Resources, an iron ore pellet producer, which also operates some coal mines.
"Cliffs' U.S. coking coal mines can grow to 4,5 million tons by 2011, ahead of the market's 3,5 million-ton outlook," Liinamaa and Sconce wrote. Analysts expect Cliffs to report a 6-cent loss in the third quarter, after a $2,13 per-share profit a year ago.
Source: Mining Weekly, Reuters
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Monday, 19 October 09
CEMENT UNLIKELY TO COST MORE DESPITE COAL PRICE HIKE
Business-Standard reported that, Cement manufacturers will not immediately hike prices of the construction material, despite a surge in their input ...
Friday, 16 October 09
INDONESIA EXPORTED 19,194,857 MT OF COAL IN SEPTEMBER 2009 - SOURCES
COALspot.com (Indonesia): Indonesia exported 19,194,857 MT of coal in September 2009. Out of total exported quantity, South Korea imported abou ...
Friday, 16 October 09
NAVIGATING THROUGH STORMY WATERS
To Theodore E Veniamis, the President of the Union of Greek Shipowners, the current turmoil in world shipping is due to the cyclical nature of marit ...
Friday, 16 October 09
COAL INDIA RAISES PRICE BY 11%
Trak reported that, State-owned Coal India Ltd (CIL) has raised the price of coal produced by its subsidiaries by an average of 11 percent effective ...
Thursday, 15 October 09
SOUTH AFRICAN MINING COMPANY ACCEPTED $92 MILLION BID FOR COAL MINE STAKE IN SIYANDA COAL
Paguntaka reported that, Sentula Mining Ltd. gained in Johannesburg trading after the South African company accepted a 686 million-rand ($92 million ...
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- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Siam City Cement - Thailand
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