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Thursday, 29 October 09
CURRENCIES, ASIA DEMAND TO LIFT EUROPE COAL PRICE
 Supportive currency movements and strong Asian demand mean the price of coal delivered into Europe is poised to rise more than 30 percent to above $100 a tonne by mid-2010. Coal prices fell sharply in September last year from historical highs above $200 a tonne, delivered Amsterdam-Rotterdam-Antwerp (DES ARA), mostly on fears of a deep and protraced global depression. This year they have remained around $65-$75. Now they are seen likely to rise as they follow gains in "coal currencies" such as the Australian dollar, South African rand and Colombian peso against the U.S. dollar, according to Bank of America Merrill Lynch's latest Global Energy Weekly report.
Producers' need to protect margins will compel them to seek dollar-denominated sales prices that fully reflect their costs. This will help push coal prices higher. The coal market will rebalance firmly in 2010 primarily due to demand growth in Asia, which will outstrip demand in the West. The current oversupply will be soaked up very quickly, the Bank of America report says.
Even the most doggedly bearish European utilities, traders and coal producers have in the past two weeks stopped expecting a fall to below $60.00 for DES ARA prices. "The short answer is yes, we expect the worst to be over and prices to increase, even if progressively, going forward," said Emmanuel Fages, Carbon and Coal Analyst at Societe Generale. He said that in the very short-term, however, there was good availability of supply in the thermal coal market. SocGen has lowered its short-term forcasts for cost, insurance and freight prices in Amsterdam-Rotterdam-Antwerp (CIF ARA) to $73.00 per tonne in the fourth quarter from $82.00 and to $65.00 per tonne for South African Richards Bay coal from $72.00.
In its latest Commodities Review SocGen says coal prices will not fall now but any rise will be limited in the short term due to high stockpiles in Europe and falling Chinese imports. International Energy Agency coal analyst Brian Ricketts said there was even room for coal to ease before rising. "It's not a bottom for prices, it's a plateau which has been reached. There is further for coal to fall," Ricketts said. "If you're optimistic, then the current plateau is a starting point from which prices can rise," he added. One producer source said the direction for European prices now was up. "We really do think European prices will move back above $100 a tonne by June. Prices have hit the bottom and will start to slowly move higher from now," the source said A major European utility source said: "If you look at supply for next year, there will still be tightness and strong Asian demand. It looks very likely that Europe could be under-supplied."
SWING PRODUCERS
South Africa and Russia have acted as swing producers by diverting substantial tonnage to Asia from Europe rather than cutting output. They are likely to continue to do so next year even when European demand is expected to return to normal. At least 23 million tonnes of South African and Russian exports were diverted to India and China from Europe this year. European utilities next year will have to compete with Asian end-users and pay higher prices to secure coal, producers said. Rail capacity constraints mean South African exports for 2010 may recover only slightly from this year's drop to 60 million tonnes out of 80 million tonnes total export capacity. Exports from Russia and Colombia, the two other key suppliers to Europe, stabilised at around 63 million tonnes and are unlikely to rise next year.
If European demand returns to normal by mid-2010 -- it is picking up already in France and Germany -- and exports continue to swing towards Asia, prices must rise, analysts, producers and consumers say. Nobody is predicting a return to 2008's record prices but delivered Europe levels of $100 and free-on-board South Africa, Russia and Australia's Newcastle prices of $70.00-80.00 would allow all producers to sell above their cash costs.
Sourced from Reuters
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Friday, 23 October 09
AUSTRALIA APPROVES CHINESE TAKEOVER OF FELIX RESOURCES
* Australia give conditional approval to China's Felix deal
* Chinese owner must list the assets on Australian exchange
Reuters reported that, ...
Friday, 23 October 09
IVANHOE TARGETING 20 MILLION TONS OF COAL OUTPUT IN MONGOLIA
Bloomberg reported that, Ivanhoe Mines Ltd., developing a $4 billion copper and gold mine in Mongolia with Rio Tinto Group, is targeting long-term c ...
Friday, 23 October 09
XSTRATA PLANS $1BN AUSTRALIAN COAL PORT
Xstrata Plc, the world's biggest exporter of steam coal, plans to build a new $1 billion coal port in Australia, it said.
The proposed Balaclava ...
Friday, 23 October 09
MEXICO'S CFE SEEKS 6.24 MLN T COAL FOR 2010-12
Reuters reported that, Mexico's state-owned power monopoly plans to award a tender for 6.24 million tonnes of steam coal in December, according to ...
Friday, 23 October 09
CIL PRICE HIKE LIKELY TO PUSH POWER RATES UP
Business-Standard reported that, May squeeze cement companies’ margins, but the steel sector is unlikely to be affected much.
The upward re ...
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- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Parliament of New Zealand
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
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