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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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Friday, 12 February 10
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Thursday, 11 February 10
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Thursday, 11 February 10
SOUTH AFRICA COAL EXPORTS DROP TO INDIA, CHINA
South African coal exports to India from Richards Bay Coal Terminal fell 39% in January from December's levels while shipments to China dropped 55% ...
Thursday, 11 February 10
JSW STEEL IS CLOSE TO ACQUIRING TWO COAL MINES IN THE US
“We are in advanced stages of negotiation and the deal will be completed in a month or two,” a company official told DNA Money on the co ...
Wednesday, 10 February 10
BHP TAKES MARUWAI SALE OFF THE TABLE, MINISTRY SAYS
Australian mining giant BHP Billiton may cancel a plan to sell a stake in its coal mining project in Maruwai, East Kalimantan, an official at the En ...
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