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Monday, 30 November 09
INDIA UTILITIES MOVE TO COAL INDEX - PRICING
.jpg) Indian state utilities are leading a switch to coal index-linked pricing from fixed prices to secure imports and to be visibly paying fair market prices, utilities and analysts said.
Prices paid by the utilities will move monthly in line with the international spot market. "The Indian state utilities are moving to index-linked prices because this is a more transparent way of buying coal," said Mark Earley, Head Asia Pacific Coal Consulting at Wood Mackenzie.
Utilities led by National Thermal Power Corp (NTPC) are using a basket of coal indexes: the API4 South African index, the Newcastle Australian coal FOB index with adjustments for bunker prices.
"We are certainly looking at index pricing for our independent power plant in Tamil Nadu as well," said Coal & Oil President Ahmed Buhari. "We have been advocating this concept for a long time, and are happy to see NTPC taking the lead."
"This concept is finding widespread acceptance, as annual fixed-price contracts swayed much," he said.
All India's state utilities are moving to index-pricing for imports and will use NTPC's formula, said Malay K. De, chairman of West Bengal State Electricity Distribution Co.
Gujarat Electricity Board will award a tender for 1.5 million tonnes of coal for 2010 in the next few weeks, also at index-linked prices. Almost all European utilities buy coal at prices linked to benchmark indexes so that they can manage price risk by using coal derivatives to hedge.
Buying coal on floating index-prices without hedging is the most risky strategy possible for a consumer, European utilities and traders said.
Utilities in Japan and Korea are also looking at indexing to curb risk but in India few players hedge, politics have been a major factor behind the pricing switch. Indian utilities can pass on higher imported coal costs to consumers so price risk control is not a priority for them.
Imported coal buying became a hot political issue in July when MMTC was forced to re-issue a tender after a trader publicly demanded the government and the Central Bureau of Investigation look into unfair procurement practices.
Since the MMTC re-tender, state utilities' buying has been under close scrutiny. Using international indexes enables them to avoid a similar public fuss.
COMPETITION WITH CHINA
India's growing need for coal imports will force buyers to adopt internationally-accepted business terms and to stop seeking discounted prices, Earley said.
"They also know they need to adapt more to the region's way of doing business, to be able to source enough coal when supply is going to be tight in Asia," Earley said. Chinese buyers do not seek discounts and move much more swiftly than their Indian counterparts to secure coal cargoes and mining assets, he said.
This will become increasingly critical if all the projected new power plants are built between now and 2012. India's coal demand could rise to 731 million tonnes in fiscal 2011/12 against production of 520 million tonnes, leaving a huge shortfall for imports.
"The Indian utilities need to build a more credible presence in the international coal market as demand forecasts show that they are likely to be importing in the region of 100 million tonnes a year before long," Earley said.
Source: Economic Times
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Monday, 30 November 09
THE FUTURES FOR THREE YEARS (2010-2012) WAS SOFT COMPARED TO LAST WEEK - VISTAAR SINGAPORE
COALspot.com (Singapore): BDI continued to drop this week and touched below 4,000 mark level. The drop in BDI was almost 12 pct and closed at 3,975 ...
Monday, 30 November 09
RECAPITAL TO ACQUIRE BERAU COAL
Unlisted Indonesian coal producer Berau will redeem outstanding bonds before the acquisition by Recapital Advisers is completed by the end of this y ...
Friday, 27 November 09
IMPORTING LIGNITE INTO COAL RICH KOSOVO
Balkan Insight has discovered that one of Kosovo’s biggest firms is being forced to import lignite from Malaysia and Indonesia, despite estima ...
Friday, 27 November 09
SOUTH AFRICA STILL TOPS IN COAL EXPORT RANKINGS
Mining Weekly reported that, Despite significant coal-mining capacity recently discovered in the Southern African region, according to senior coal a ...
Friday, 27 November 09
BHP SEEKS VARIABLE COKING COAL PRICE IN JAPAN, NIKKEI SAYS
Bloomberg reproted that, BHP Billiton Ltd. has asked Japanese steelmakers to move to pricing of coking coal linked to spot rates rather than negotia ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Global Green Power PLC Corporation, Philippines
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- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Videocon Industries ltd - India
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- Madhucon Powers Ltd - India
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- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Planning Commission, India
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- Baramulti Group, Indonesia
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- Georgia Ports Authority, United States
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- Malabar Cements Ltd - India
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- Mjunction Services Limited - India
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- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
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- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
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- Coal and Oil Company - UAE
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- Chamber of Mines of South Africa
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- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
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- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
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- IHS Mccloskey Coal Group - USA
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- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
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- Vedanta Resources Plc - India
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- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
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- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
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- Pendopo Energi Batubara - Indonesia
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- Australian Coal Association
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- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
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- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
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- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
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- Aditya Birla Group - India
- The University of Queensland
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- Indian Energy Exchange, India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Minerals Council of Australia
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- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
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- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
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- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
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- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
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- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
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- Bhatia International Limited - India
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- Indogreen Group - Indonesia
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