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Tuesday, 12 May 09
CHINA MINERS CUT COAL PRICE OFFER TO JAPAN UTILITIES - ALIBABA.COM
.jpg) * Producers cut offer to $75.50 a tonne from over $80
* Negotiations may conclude soon as price gap narrows
* New offer at discount of about 43 percent from last year
Chinese coal miners such as Shenhua Energy and China Coal Ltd have cut 2009/10 contract price offers to Japanese utilities to $75.50 per tonne, trade sources familiar with talks said on Tuesday.
Chinese producers have lowered their prices to $75.50 a tonne for coal with a heating value of 5,800 kcal/kg (NAR) as negotiations hit a snag after Japanese utilities rejected their initial offer of above $80, four trade sources said.
"The negotiation is likely to conclude soon, as the difference between prices offered by the two sides is shrinking to only $3.5 a tonne," said a Beijing-based trader, expecting the deal to be sealed as early as next week.
Traders said the latest price offer by the Chinese was a bid to meet Japanese utilities midway, which have counter offered $72 a tonne, on the same level as the deal struck by Australian miners and Japan's Chubu Electric.
Last month, Chinese miners asked for a price above $80 while Japanese end users offered to pay $68 a tonne, traders said.
China's new offer represents a discount of about 43 percent from last year's agreed price of about $131 a tonne, which excludes the 10 percent export tax.
"It seems that the coordinators representing each country are trying to sound out how much each utility can afford to buy and how much each producer can afford to supply if the price falls to US$75.50/mt," said a Singapore-based trader.
China's coal exports in the first four months dropped 36 percent from a year earlier to 9.34 million tonnes, the official customs data showed.
Faced with an international market where prices are nearly $20 a tonne lower than domestic prices, Chinese miners are only showing lukewarm interest in the export market this year. Some miners expect domestic demand to pick up in the summer when residential consumption shoots up with rising temperatures and industrial use will likely revive as the economy improves.
Japan's utilities, represented by Japan Coal Development, are looking to cut this year's contract volumes by about 20 percent, a Tokyo-based trader said.
But others said the volumes could be cut as much as 50 percent.
Japan was China's second-largest coal export destination country in 2008, receiving 13 million tonnes from China, just after South Korea's 17 million tonnes.
Source: http://news.alibaba.com/article/detail/energy/100100838-1-update-1-china-miners-cut-coal.html
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Friday, 13 February 09
INDONESIA IS EXPECTED TO PRODUCE 225 MILLION TONES OF COAL IN 2009 - ENERGY MINISTRY
Indonesia, the world's top thermal coal exporter, will allocate 68.3 million tonnes of coal out of expected forecast production of 225 million ton ...
Friday, 06 February 09
INDONESIA'S COAL PORTS HAVE FORCED A RETHINK ON 'TRADITIONAL' HANDLING OPTIONS
Port Strategy reported that, Indonesia’s main coal-producing islands of Kalimantan, Sulawesi and Sumatra suffer from a scarcity of suitable la ...
Thursday, 22 January 09
MINISTER: MINING LAW PROHIBITS RAW MATERIAL EXPORT - ESDM
The Coal and Mining Law, approved during the House of Representatives plenary meeting on December 16, 2008 seeks to domestically increase mining com ...
Wednesday, 07 January 09
SOUTH KALIMANTAN COAL PRODUCTION EXPECTED TO INCREASE - ESDM
Coal production from the South Kalimantan region has the potential to increase in the next few years. Aside from the vast proven reserves of coal, s ...
Tuesday, 30 November 99
GLENCORE EXPECTS 2023 TRADING UNIT PROFITS OF UP TO $4 BLN - REUTERS
Glencore GLEN.L on Friday said it expects profits at its trading division this year of up to $4 billion, exceeding its long-term annual guidance.
...
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