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Friday, 13 November 09
API4 IGNORES LOW COAL TRADES - SWISS SINGAPORE
 * Jan, Feb S.Africa coal prices hit 12-month highs
* Indian trader says deals done dollars below index
Reuters reported that, the physical coal price benchmark for South African cargoes FOB Richards Bay has been unjustifiably high, leading to big price exposure for Indian traders buying against the index, K.K. Gupta, vice president of traders Swiss Singapore said on Thursday.
On Wednesday, a January and a February loading South African cargo traded at 12-month highs on globalCOAL, at $69.00 and $70.35 a tonne FOB Richards Bay respectively.
But trades at around those levels, reported by brokers and on trading platform globalCOAL, do not reflect the majority of business, Gupta said.
"There have been many trades done at $61-$63 a tonne FOB Richards Bay recently which have not been considered. Index prices of $66.00 cannot be justified," Gupta told Reuters.
Swiss Singapore from its Dubai office is one of the most active traders supplying South African and Indonesian coal to the Indian market, handling several million tonnes a year.
India has been the largest single buyer of South African coal this year, taking 30-35 percent of monthly exports out of a total of 60 million tonnes annually.
Indian trading companies have during the past year switched much of their South African coal buying to contracts linked to the API4 physical index from fixed-price deals but the volatility in API4 prices has squeezed their margins.
Many Indian traders have contracts with end-users at fixed CIF or CFR prices and are supplying coal bought at floating prices, leaving them exposed to huge price risk and losses if they have not hedged - and few have hedged coal or freight.
DISPUTE
In April Bhatia Coal India terminated a coal supply contract with traders Vitol and instigated arbitration in order to avoid loading South African cargoes at locked-in prices of $120 a tonne after the market fell by 50 percent
Vitol and Bhatia are still in dispute over $50 million as a result.
Vitol coal risk portfolio manager Peter Aitken said in October that 2008 saw a number of buyer defaults in coal, centred in the physical markets.
Price risk mitigation must be tackled urgently to avoid catastrophic situations, Aitken said
"The Indian subcontinent is lifting a good amount of quantity from South Africa and lately many traders have started dealing on an index basis," he said.
Richards Bay prices fell last August from a historic high of $150 a tonne to around $60 in January. From January-September prices remained in a range of about $58.00-63.00 but during the past month prices have risen close to $70.00.
"We would like to register our resistance regarding the API4 price published in the recent publications. In our opinion the price is quite high and it is absolutely not in line with the recent trades which have taken place for RB1 coal on FOB RBCT basis," Gupta said.
"The detail of the last four weeks publications are as under - First week of November $66.64, 5th week of October $65.61, 4th week of October $66.06, 3rd week of October $64.05, 2nd week of October $63.75," he said.
Swiss Singapore's own deals during the past 15 days have all been in the range $61.00-$63.00, he said.
The deals are as follows:
* First half November loading South African cargo bought at $61.50 a tonne FOB Richards Bay.
* Second half November loading cargo bought at $62.25 a tonne FOB.
* Prompt 75,000 tonne cargo sold at $62.80 a tonne FOB.
* Prompt cargo sold at $63.30 a tonne FOB.
"There are a number of transactions which have taken place in India and the Chinese markets for South African coal and the above reflects the true value of the cargoes," he said.
Source: Reuters
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Saturday, 14 November 09
ASIA'S POWER SECTOR IS INVESTING IN COALMINES TO SECURE SUPPLIES
COALspot.com (Press Release): Asia Coal Power conference in Jakarta pinpoints growing power demand in Asia & Power sector investments in Indones ...
Thursday, 12 November 09
INDONESIA'S BUMI COAL PRODUCTION TO INCREASE
The sale is predicted to jump 14 percent to 58 million tons.
Viva News reported that, PT Bumi Resources Tbk. (BUMI) projected that the company's ...
Thursday, 12 November 09
INDIA'S BHEL IS IN INDONESIA NOW WITH THE COST EFFECTIVE CFBC BASED BOILER TURBINE PACKAGES
COALspot.com(Indonesia): BHEL, the largest engineering and manufacturing enterprise in India in the energy-related / infrastructure sector, is now f ...
Thursday, 12 November 09
NTPC FARAKKA AND KAHALGAON UNITS SHUT DOWN ON COAL SHORTAGE
Operations at two units each of power major NTPC Ltd’s 1600 MW Farakka and the 2340 MW Kahalgaon stations have ground to a halt due to an acut ...
Thursday, 12 November 09
GANGAVARAM PORT SETS RECORD BY DISCHARGING 80,514 TONNE OF COAL CARGO
Gangavaram Port, the deepest port in the country with water depth of 20 meters, has achieved an unprecedented milestone by discharging 80,514 metric ...
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- AsiaOL BioFuels Corp., Philippines
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- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
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- Edison Trading Spa - Italy
- Indian Energy Exchange, India
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- Thai Mozambique Logistica
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- Heidelberg Cement - Germany
- CNBM International Corporation - China
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- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
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- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
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- SMG Consultants - Indonesia
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- Parliament of New Zealand
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
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- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Deloitte Consulting - India
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- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
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- Indonesian Coal Mining Association
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- Planning Commission, India
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- PetroVietnam Power Coal Import and Supply Company
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- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
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- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Kartika Selabumi Mining - Indonesia
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- Karbindo Abesyapradhi - Indoneisa
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- Sindya Power Generating Company Private Ltd
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- Power Finance Corporation Ltd., India
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- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
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- Agrawal Coal Company - India
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- Barasentosa Lestari - Indonesia
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