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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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- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Australian Coal Association
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Planning Commission, India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
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