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Tuesday, 09 February 10
INDIANS SAY SEEKING COAL BARGAINS VIA INDEX PRICES
 * Indonesian cheaper than S.African - traders
* End-users wait for price falls before tendering
Indian coal traders responsible for the bulk of the country's spot imports are trying to cope with the recent rise in prices by index-pricing and substituting Indonesian for some South African coal, traders said on Tuesday.
India took more than 30 percent of South Africa's 60 million tonnes of coal exports in 2009 and any change in Indian buying patterns can have a significant impact on spot prices.
South African coal spot prices rose in early January to around $85.00 a tonne FOB Richards Bay from $60.00 in November on a surge of Chinese buying.
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“South African coal spot prices rose in early January to around $85.00 a ton FOB Richards Bay from $60.00 in November on a surge of Chinese buying”
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This prompted Indian buyers to withdraw from the market but they have since returned to buy heavily and ask for cargo shipments to be advanced, producers and traders said.
"The Indian market was extremely quiet for a few months but the need for South African coal was still there, they just didn't like the prices," one supplier said.
"But they are all asking sellers for index prices and prepared to pay a premium above the API4 index rather than us asking them to index-link, which is unusual," he added.
Indian traders typically prefer fixed prices rather than prices which float with the weekly API4 index but when they do buy against the index, they mostly do not hedge to control their price risk.
"Prices are starting to soften slightly so right now indexing makes sense," one major Indian trader said.
GAMBLE
"But it's not the Indian end-users who are taking the risk, it is us, the traders, as usual with all the risk," he added.
If prices do not fall by at least a few dollars, Indian traders could make heavy losses by buying on floating prices and selling at fixed prices to consumers, suppliers said.
"They're taking a big punt again, it's a gamble. What it is they don't want to be paying $80.00-$85.00 a tonne FOB now but they'll pay a premium assuming the index will have fallen by the time the coal is shipped," another supplier said.
Prices have dipped by around $4.00-$5.00 a tonne during the past week and are set to fall further until early March, after the Chinese New Year holiday, Indian traders said.
The softening in South African prices seen during the past week has also encouraged Indian importers to replace some coal with Indonesian material, Indian traders said.
"Not all consumers want Indonesian, many of them prefer the quality and consistency of South African but with the price unstable, South African is taking a bit of a back seat right now and people are buying more Indonesian," another Indian trader said.
End-users are also waiting for further South African price falls before issuing their regular spot tenders, traders said.
Source:Reuters
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Sunday, 28 February 10
CONTINENTAL TARGETS COAL SALES FROM S AFRICA MINE IN Q2 - MINING WEEKLY
Mining weekly reported that, Junior coal explorer Continental Coal would start coal sales from its Vlakvarkfontein mine, in South Africa, in the sec ...
Friday, 26 February 10
BANPU PROFITS SURGE BY 54% TO RECORD B14BN ON BRISK SALES
Banpu Plc, Asean's largest coal miner, said its earnings surged to a record high of 14.23 billion baht last year, an increase of 54% on the previou ...
Thursday, 25 February 10
INDO / INDIA COAL TRIPS SUPRAS CAN ACHIEVE AROUND MID 10S - FEARNLEYS AS
Handy
The BSI regained positive momentum exactly a week ago and the Atlantic rema ...
Thursday, 25 February 10
STEEP RISE IN COAL IMPORTS REQUIRED TO POWER INDIA - MONEYLIFE
The power ministry has estimated coal imports of 48 million tonnes in FY10-11, sharply higher than the expected imports of 28mt in the current fisca ...
Wednesday, 24 February 10
CHINA IMPORTED 8.81 MLN TONS OF INDONESIAN COAL IN JANUARY 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 24.38 million tons of coal last month, compared with 27.46 million tons in a ...
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- India Bulls Power Limited - India
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- Mercuria Energy - Indonesia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
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- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
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- PowerSource Philippines DevCo
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- Global Coal Blending Company Limited - Australia
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- McConnell Dowell - Australia
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- Sical Logistics Limited - India
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- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
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- The University of Queensland
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- Semirara Mining Corp, Philippines
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- Alfred C Toepfer International GmbH - Germany
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- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
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- Mintek Dendrill Indonesia
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- Ministry of Mines - Canada
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- London Commodity Brokers - England
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- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
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- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
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- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
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- Petron Corporation, Philippines
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- Siam City Cement PLC, Thailand
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- Parliament of New Zealand
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- Standard Chartered Bank - UAE
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- Ministry of Transport, Egypt
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- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
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- Eastern Energy - Thailand
- Singapore Mercantile Exchange
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- Mjunction Services Limited - India
- Planning Commission, India
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- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
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- Wilmar Investment Holdings
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- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
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- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
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- Economic Council, Georgia
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
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- Aboitiz Power Corporation - Philippines
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- Indian Oil Corporation Limited
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- Tata Chemicals Ltd - India
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