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Rotterdam coal

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Rotterdam coal

  1. 1. Volume 19 / Issue 77 / Thursday, April 18, 2019 COAL TRADER INTERNATIONAL www.platts.com www.twitter.com/PlattsCoal News Headlines Atlantic thermal coal markets end short week with bearish tones ■■ European traders bemoan lack of demand ■■ Colombian coal trades to Asia Mediterranean thermal coal prices up $2 on stronger energy markets ■■ Deals reported at $68-$72/mt CIF Turkey ■■ Egyptian cement plants seeking cargoes China’s thermal coal prices to find support as power generation grows, says Citigroup ■■ March thermal coal power generation up 1% ■■ Utilities stocking up for peak summer season Daily prompt physical thermal coal assessments, Apr 18 CV (kcal/kg) Window Platts symbol $/mt Chg North East Asia NEAT Coal Index 5,750 NAR 15-60 day JKTCA00 77.92 +0.20 Atlantic CIF ARA 6,000 NAR 15-60 day CSARM01 58.00 -1.60 FOB Richards Bay 5,500 NAR 7-45 day AAXEX00 58.10 -1.10 Australia FOB Newcastle 20% Ash 5,500 NAR 7-45 day AAVUW00 61.05 +0.20 FOB Newcastle 23% Ash 5,500 NAR 7-45 day AAVVB00 59.50 +0.20 FOB Newcastle Ash Differential AAVVA00 0.52 FOB Newcastle 6,300 GAR 7-45 day CSNCB00 84.00 -0.90 Indonesia FOB Kalimantan (Geared Supramax) 4,200 GAR 7-45 day CSBKI00 39.00 +0.40 FOB Kalimantan (Geared Supramax) 3,800 GAR 7-45 day CSCKJ00 30.50 0.00 FOB Kalimantan (Geared Supramax) 5,900 GAR 90-day CSAKH00 69.70 0.00 FOB Kalimantan (Geared Supramax) 5,000 GAR 90-day CSAKI00 51.90 0.00 India CFR India West (Gearless Panamax) 5,500 NAR 30-60 day CIWCI00 70.90 +0.85 CFR India West (Gearless Panamax) 5,000 GAR 30-60 day TCAKP00 60.75 0.00 CFR India West (Gearless Panamax) 4,200 GAR 30-60 day TCAKT00 47.85 +0.40 CFR India West (Geared Supramax) 3,800 GAR 30-60 day TCAKR00 40.60 0.00 CFR India East (Gearless Panamax) 5,500 NAR 30-60 day CIECI00 71.20 +0.85 CFR India East (Gearless Panamax) 5,000 GAR 30-60 day TCAKJ00 59.95 0.00 CFR India East (Gearless Panamax) 4,200 GAR 30-60 day TCAKU00 47.05 +0.40 CFR India East (Geared Supramax) 3,800 GAR 30-60 day TCAKS00 39.10 0.00 CV (kcal/kg) Window Platts symbol $/mt Chg China PCC 1 (FOB Qinhuangdao) 5,500 NAR 7-45 day PCCQH00 93.72* -0.85 PCC 2 (FOB Qinhuangdao) 5,000 NAR 7-45 day PCCPN00 79.47* -0.09 PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPQ00 46.00 +0.60 PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPP00 58.80 +0.20 PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSC00 67.50 +0.75 Yuan/mt PCC 1 (FOB Qinhuangdao) 5,500 NAR 7-45 day PCCQG00 625.00* -5.00 PCC 2 (FOB Qinhuangdao) 5,000 NAR 7-45 day PCCPM00 530.00* 0.00 PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPR00 306.77 +4.32 PCC 6 (VAT included) 3,800 NAR 30-60 day PCCPS00 346.65 +4.88 PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPO00 392.13 +1.74 PCC 7 (VAT included) 4,700 NAR 30-60 day PCCFB00 443.11 +1.97 PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSD00 450.15 +5.47 PCC 8 (Duty & VAT included) 5,500 NAR 15-60 day PCCFA00 508.67 +6.18 *Includes VAT 50 60 70 80 90 100 Apr-19Feb-19Dec-18Oct-18Aug-18Jun-18Apr-18 FOBNEWCASTLEvsFOBRICHARDSBAY BASIS5,500kcal/kg Source: S&P Global Platts ($/mt) Richards Bay Newcastle ■■ Newcastle derivatives trading aids physical prices recovery ■■ Kalimantan 4,200 GAR prices in market uptick Singapore—A step-up in vessel freight rates added 25-75 cents to CFR China prices for May and early-June arrival cargoes of Australian and Indonesian thermal coal during Thursday’s short trading session for Asia ahead of Easter holiday, market sources said. Capesize freight rates on the Newcastle to south China trading route for thermal coal moved closer to $8/mt, while seaborne Panamax cargoes from Kalimantan were at $6/mt, market sources said. Bids for May-loading 5,500 kcal/kg NAR Capesize cargoes were Freight rate gains pushes CFR China delivered thermal coal prices higher (continued on page 11)
  2. 2. 2 Thursday, April 18, 2019Coal Trader International © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. Weekly prompt physical thermal coal prices, Apr 18 Code Kcal/kg Basis Sulfur $/mt Change CIF Turkey CTCMT04 6,000 NAR 0.8% 70.00 +2.00 FOB Colombia CSABZ00 6,000 NAR 0.8% 60.50 +3.50 FOB Russia Baltic CSAKC00 6,000 NAR 0.5% 59.00 +1.90 FOB Russia Pacific CSAKG00 6,300 GAR 0.3% 80.00 +1.00 FOB USEC Baltimore CUATB04 6,900 NAR 3.0% 67.00 0.00 FOB USEC Hampton Roads CUAEA04 6,000 NAR 1.0% 85.15 -0.15 FOB USGC New Orleans CUAFA04 6,000 NAR 3.0% 49.00 0.00 Normalized FOB USEC Baltimore CUADA04 6,000 NAR 3.0% 58.26 0.00 Source: S&P Global Platts GLOBALCOALPHYSICALPRICESNAPSHOT,APR18 $/mt, kcal/kg) NEAT Coal Index 5,750 NAR FOB Baltic Russia 6,000 NAR* CIF ARA 6,000 NAR FOB New Orleans 6,000 NAR * FOB Baltimore 6,000 NAR * FOB Hampton Roads 6,000 NAR* CIF Turkey 6,000 NAR* FOB Colombia 6,000 NAR* FOB Richards Bay 5,500 NAR FOB Richards Bay 6,000 NAR FOB Kalimantan 4,200 GAR FOB Newcastle 5,500 NAR FOB Newcastle 6,300 GAR CFR India East 5,500 NAR CFR India West 5,500 NAR PCC 1 (FOB Qinhuangdao) 5,500 NAR PCC 8 (CFR South China) 5,500 NAR 49.00 58.26 85.15 60.50 59.00 58.00 70.00 71.20 70.90 77.92 93.72 67.50 * Weekly price, assessed Fridays CFR India East 4,200 GAR CFR India West 4,200 GAR 67.70 39.00 61.05 84.00 58.10 47.05 47.85 Atlantic thermal coal markets end short week with bearish tones ■■ European traders bemoan lack of demand ■■ Colombian coal trades to Asia London—The delivered-Europe thermal coal market slumped to a close after an altogether lackluster week with sources highlighting bearish fundamentals and weak near-term outlook, while the rest of the Atlantic Basin did not fare much better. With the impending long Easter weekend, market activity slowed to a crawl. A European coal trader said there were “no buyers, no interest,” in the current market as most utilities were either well-covered, or were chasing lower prices given the bearish outlook in Europe. In South Africa, ongoing tightness for the more common export grades saw the discount from the financial 6,000 kcal/kg NAR market being bid at narrower levels. “The discounts are really coming in,” a South African producer- trader said. Despite this, losses in the financial market Thursday saw the overall physical price lose value, and Platts FOB Richards Bay 5,500 kcal/kg NAR price was assessed at $58.10/mt, down $1.10 on the day. While there had reportedly been more enquiries from key export market India, coal stocks at Richards Bay Coal Terminal had risen on a week-ago basis. “I don’t think we exported as much as some people think,” a market analyst said. Sources continued to watch for a possible arbitrage to move more Colombian coal out of the Atlantic Basin and into the Pacific, notably China, which had drawn interest from the market the last Platts physical thermal coal netbacks, Apr 18 Code CV Basis Sulfur $/mt Chg (kcal/kg) Coal ($/mt) CIF ARA CSARM01 6,000 NAR 1.0% 58.00 -1.60 NEAT Coal Index JKTCA00 5,750 NAR 1.0% 77.92 +0.20 CFR India West CIWCI00 5,500 NAR 0.8% 70.90 +0.85 Panamax Freight ($/mt) USEC-Rotterdam CDBUR00 12.25 0.00 Mobile-Rotterdam CDMAR00 14.50 0.00 Roberts Bank-Japan CDRBK00 13.10 0.00 Richards Bay-India West CSAKL00 11.70 0.00 Penalties & Premia ($/mt) Per 0.1% Sulfur (USGC) COPAP00 0.00 0.00 Total S discount (USGC) COPBP00 0.00 0.00 Netbacks ($/st) FOB US East Coast* COUSC00 12,500 GAR 1.0% 46.12 -1.61 FOB US Gulf Coast* COUGU00 11,500 GAR 2.9% 40.19 -1.48 FOB Vancouver* COVCU00 8,800 GAR 0.8% 47.16 +0.15 Netbacks ($/mt) FOB Richards Bay CSEUW00 6,000 NAR 0.8% 67.70 +0.93 * CV = Btu/lb
  3. 3. 3 Thursday, April 18, 2019Coal Trader International © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. Officers of the Corporation: Charles E. Haldeman, Jr., Non-Executive Chairman; Doug Peterson, President and Chief Executive Officer; Ewout Steenbergen, Executive Vice President, Chief Financial Officer; Steve Kemps, Executive Vice President, General Counsel Managing Editors Deepak Kannan: +65-6530-6487, Deepak.Kannan@spglobal.com Jeffrey McDonald: +44-20-7176-0206, Jeffrey.McDonald@spglobal.com Andrew Moore: +1+713-655-2295, andrew.moore@spglobal.com Senior Editor Mike Cooper: +61-8-9380-9693, Michael.Cooper@spglobal.com Editors Joseph Clarke: Joseph.Clarke@spglobal.com Piers De Wilde: Piers.De.Wilde@spglobal.com Hui Min Lee: hui.min.lee@spglobal.com Fred Wang: fred.wang@spglobal.com Jenny Ma: jenny.ma@spglobal.com Global Director of Generating Fuels Simon Thorne Volume 19 / Issue 77 / April 18, 2019 Platts President Martin Fraenkel Advertising Tel: +1-720-264-6618 Manager, Advertisement Sales Bob Botelho COAL TRADER INTERNATIONAL 1746-8914ISSN: To reach Platts: E-mail:support@platts.com; North America: Tel:800-PLATTS-8; Latin America: Tel:+54-11-4121-4810; Europe & Middle East: Tel:+44-20-7176-6111; Asia Pacific: Tel:+65-6530-6430 The names “S&P Global Platts” and “Platts” and the S&P Global Platts logo are trademarks of S&P Global Inc. 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Spot dry bulk freight assessments, Apr 18 Platts symbol $/mt Chg Capesize Australia-China CDANC00 6.60 0.00 Queensland-Japan CIGAJ00 7.30 0.00 New South Wales-Korea CINAK00 8.15 0.00 Bolivar-Rotterdam CIBCR00 6.85 +0.15 Roberts Bank-Japan CDRKJ00 9.05 0.00 Richards Bay-Rotterdam CIRBN00 4.60 +0.20 Panamax Richards Bay-India West CSAKL00 11.70 0.00 Kalimantan-India West CSAKP00 7.85 0.00 Richards Bay-India East CSAKN00 11.85 0.00 Kalimantan-India East CSAKR00 6.50 0.00 Richards Bay-Rotterdam CIRRN00 12.25 0.00 Richards Bay-Spanish Med CIRBT00 11.75 0.00 Richards Bay-Jorf Lasfar CIRBJ00 11.50 0.00 Bolivar-Rotterdam CIBRN00 14.50 0.00 USEC-India CDBUI00 29.25 0.00 USEC-Rotterdam CDBUR00 12.25 0.00 USEC-Brazil CDBUB00 11.25 0.00 Mobile-Rotterdam CDMAR00 14.50 0.00 Mobile-Taranto CDMAI00 13.00 0.00 Roberts Bank-Japan CDRBK00 13.10 0.00 Australia-China CDBFA00 11.00 0.00 Australia-India CDBFAI0 12.20 0.00 few weeks. A deal was heard for 160,000 mt at $58.50/mt FOB Colombia for 5,500 kcal/kg NAR coal, for April loading, to sail to Asia, although the destination – reportedly China – was not disclosed. CIF ARA thermal coal futures lost ground across the curve in an illiquid session. The on-day movement was in-line with key drives in the European energy complex, notably German year-ahead power prices, European natural gas and EUA carbon allowances. Platts assessed the year-ahead Cal-20 contract at $73.65/mt, down $1.65 on the day. — Joseph Clarke Mediterranean thermal coal prices up $2 on stronger energy markets ■■ Deals reported at $68-$72/mt CIF Turkey ■■ Egyptian cement plants seeking cargoes London—Mediterranean thermal coal prices recovered further this week from two-year lows in early April, following other Atlantic markets higher on stronger energy markets. The rebound was largely due to slight recovery in financial markets. S&P Global Platts assessed the quarter ahead Q3-20 CIF ARA 6,000 kcal/kg price at $68.75/mt Wednesday, up $2 from the prior week. “Some plants bought cargoes mainly from $68-$72/mt, according to loading port, tonnage and distance,” a Turkish cement producer said. Platts assessed the CIF Turkey 6,000 kcal/kg NAR 0.8% sulfur price for Panamax vessels at $70/mt Thursday, up $2 on the week, based on a survey of market sources. Physical traders were mostly focused on Asia given economic turmoil still roiling the Turkish lira and chronically weak demand. “The Turkish economy is in tatters,” a European analyst said. “In Spain and northwest Europe, gas is taking over.” The most recent deal heard last week sold by a Colombian
  4. 4. 4 Thursday, April 18, 2019Coal Trader International © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. Recent heards in the thermal coal market Date Heard type Product (kcal/kg) Price (per mt) Volume size Delivery period Source Additional reported (mt) Notes 18-Apr Trade FOB Colombia 5500 NAR $58.5 160,000 April Trader 18-Apr Offer CIF ARA 6000 NAR $61.5 50,000 May Broker 18-Apr Bid CIF ARA 6000 NAR $57 50,000 May globalCOAL 18-Apr Offer CIF ARA 6000 NAR $62 50,000 May globalCOAL 18-Apr Offer CIF ARA 6000 NAR $62.75 50,000 June globalCOAL 18-Apr Bid CIF ARA 6000 NAR $61 50,000 June globalCOAL 18-Apr Bid FOB Richards Bay 6000 NAR $72 50,000 June globalCOAL 18-Apr Offer FOB Richards Bay 6000 NAR $72.5 50,000 June globalCOAL 18-Apr Offer FOB Richards Bay 6000 NAR $68.5 50,000 May globalCOAL 18-Apr Bid FOB Richards Bay 6000 NAR $67 50,000 May globalCOAL 18-Apr Indication FOB Russia Baltic 6000 NAR $-7 50,000 May Trader index-linked 18-Apr Indication FOB Russia Baltic 6000 NAR $5.5 50,000 May Trader index-linked 18-Apr Indication CIF Turkey 6000 NAR $68-72 50,000 May Buyer 18-Apr Bid FOB Richards Bay 6000 NAR $-10.25 50,000 June/July Producer index-linked 18-Apr Offer CFR N China 5500 NAR $76 130,000 May Trader Capesize 18-Apr Bid CFR N China 5500 NAR $70 130,000 May Trader Capesize 18-Apr Offer FOB Qinhuangdao 5500 NAR Yuan630-640 Unknown Spot cargo Trader 18-Apr Offer FOB Qinhuangdao 5000 NAR Yuan530-540 Unknown Spot cargo Trader 18-Apr Offer FOB Qinhuangdao 5500 NAR Yuan620-630 Unknown Spot cargo Market 18-Apr Offer FOB Qinhuangdao 5000 NAR Yuan535-540 Unknown Spot cargo Market 18-Apr Offer FOB Qinhuangdao 5500 NAR Yuan627 Unknown Spot cargo Trader 18-Apr Offer FOB Qinhuangdao 5000 NAR Yuan535 Unknown Spot cargo Trader 18-Apr Trade FOB Qinhuangdao 5500 NAR Yuan617 Unknown Spot cargo Trader 18-Apr Trade FOB Qinhuangdao 5500 NAR Yuan625 Unknown Spot cargo Trader 18-Apr Trade FOB Qinhuangdao 5000 NAR Yuan525 Unknown Spot cargo Trader 18-Apr Trade FOB Kalimantan 3400 GAR $22.75 55,000 May Producer Supramax 18-Apr Offer FOB Kalimantan 3400 NAR $31 75,000 May Trader Panamax 18-Apr Trade FOB Kalimantan 3800 NAR $40 75,000 May Market Panamax, floating crane charge = $1/mt 18-Apr Bid FOB Kalimantan 3800 NAR $39.5 75,000 May Market Panamax, floating crane charge = $1/mt 18-Apr Trade FOB Kalimantan 5200 NAR $61 55,000 May Market Supramax 18-Apr Trade FOB Kalimantan 5200 NAR $61 55,000 May Market Supramax 17-Apr Trade CIF ARA 6000 NAR $59.6 50,000 May Broker 17-Apr Trade CIF ARA 6000 NAR $64.5 50,000 June Broker Russia-origin only 17-Apr Bid CIF ARA 6000 NAR $59.5 50,000 May Braemar 17-Apr Offer CIF ARA 6000 NAR $59.65 50,000 May Braemar 17-Apr Offer CIF ARA 6000 NAR $63 50,000 June globalCOAL 17-Apr Bid CIF ARA 6000 NAR $60.5 50,000 June globalCOAL 17-Apr Bid FOB Richards Bay 6000 NAR $67.5 50,000 May globalCOAL 17-Apr Offer FOB Richards Bay 6000 NAR $68.25 50,000 May Broker 17-Apr Trade FOB Richards Bay 6000 NAR $68.25 50,000 May Broker 17-Apr Bid FOB Richards Bay 6000 NAR $72.5 50,000 June globalCOAL 17-Apr Offer FOB Richards Bay 6000 NAR $71.5 50,000 June globalCOAL 17-Apr Trade CFR Alexandria 6000 NAR $67 50,000 June-July Trader 3% sulfur max 17-Apr Offer FOB Newcastle 5500 NAR $61.5 130,000 May Market Capesize 17-Apr Trade FOB Qinhuangdao 5800 NAR Yuan650 Unknown Spot cargo Trader 17-Apr Offer FOB Qinhuangdao 5700 NAR Yuan650 Unknown Spot cargo Trader 17-Apr Offer FOB Qinhuangdao 5500 NAR Yuan631 Unknown Spot cargo Trader 17-Apr Offer FOB Qinhuangdao 5500 NAR Yuan630 Unknown Spot cargo Trader 17-Apr Offer FOB Qinhuangdao 5500 NAR Yuan627 Unknown Spot cargo Trader 17-Apr Offer FOB Qinhuangdao 5000 NAR Yuan533 Unknown Spot cargo Trader 17-Apr Offer FOB Qinhuangdao 5500 NAR Yuan630-635 Unknown Spot cargo Trader 17-Apr Offer FOB Qinhuangdao 5000 NAR Yuan530-535 Unknown Spot cargo Trader 17-Apr Offer FOB Russia 5500 NAR $70 130,000 May Trader Capesize 17-Apr Offer FOB Russia 5900 NAR $80 130,000 May Trader Capesize
  5. 5. 5 Thursday, April 18, 2019Coal Trader International © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. Platts Coal Switching Price Indicator (CSPI) Platts UK Platts UK Platts Netherlands April 17, 2019 symbol (p/th) symbol (Eur/MWh) symbol (Eur/MWh) Month ahead EUKVM00 66.72 EUKTM00 26.28 EDUTM00 16.90 Quarter ahead EUKVQ00 68.58 EUKTQ00 27.01 EDUTQ00 17.53 Year ahead EUKVY00 71.82 EUKTY00 28.29 EDUTY00 18.65 Efficiency used is 50% for gas plants, 35% for UK coal plants and 40% for Dutch coal plants. Platts CSPI is the theoretical threshold at which gas is more competitive than coal in power generation. When the gas price is higher than the CSPI, CCGTs are more expensive to run than coal-fired plants. Clean dark spreads, Apr 17 Platts 35% Platts 45% Platts 35% symbol efficiency symbol efficiency symbol efficiency CPS* Germany (Eur/MWh) Month ahead CCGTM00 -8.13 CCGUM00 3.01 Month ahead+1 CCGTM27 -6.86 CCGUM27 4.43 Quarter ahead CCGTQ00 -4.82 CCGUQ00 6.64 Quarter ahead+1 CCGTQ27 0.50 CCGUQ27 12.26 Year ahead CCGTY00 -3.67 CCGUY00 8.39 Year ahead+1 CCGTY27 -6.63 CCGUY27 5.62 Year ahead+2 CCGTY28 -6.82 CCGUY28 5.51 UK (GBP/MWh) Month ahead CCUZM00 1.39 CCHZM00 -16.13 Month ahead+1 CCUZM27 1.94 CCHZM27 -15.58 Quarter ahead CCUZQ00 3.03 CCHZQ00 -14.48 Quarter ahead+1 CCUZQ27 13.35 CCHZQ27 -4.16 Season ahead CCUZS00 14.61 CCHZS00 -2.91 UK (Eur/MWh) Month ahead CCUTM00 1.60 CCHTM00 -18.62 Month ahead+1 CCUTM27 2.23 CCHTM27 -17.98 Quarter ahead CCUTQ00 3.50 CCHTQ00 -16.72 Quarter ahead+1 CCUTQ27 15.41 CCHTQ27 -4.81 Season ahead CCUTS00 16.86 CCHTS00 -3.36 *The CPS clean dark spreads incorporate the cost of the UK government’s Carbon Price Support levy. For full details of the rates, please see Platts methodology on www.platts.com. Source: S&P Global Platts, EEX Thermal coal forward curves, Apr 18 Bid Ask Midpoint* Platts symbol Change* % Change CIF ARA 6,000 NAR May-19 62.65 62.95 62.80 CSAM001 -1.95 -3.01 Jun-19 64.10 64.40 64.25 CSAM002 -2.25 -3.38 Q3-19 66.85 67.15 67.00 CSAQ001 -1.75 -2.55 Q4-19 70.75 71.05 70.90 CSAQ002 -1.45 -2.00 Q1-20 72.80 73.10 72.95 CSAQ003 -1.40 -1.88 Q2-20 73.30 73.60 73.45 CSAQ004 -1.60 -2.13 2020 73.50 73.80 73.65 CSAY001 -1.65 -2.19 2021 75.15 75.45 75.30 CSAY002 -1.20 -1.57 2022 75.90 76.20 76.05 CSAY003 -1.45 -1.87 FOB Newcastle 6,300 GAR May-19 87.90 88.40 88.15 CSCM001 -0.95 -1.07 Jun-19 89.35 89.85 89.60 CSCM002 -0.50 -0.55 Q3-19 89.70 90.20 89.95 CSCQ001 -1.05 -1.15 Q4-19 89.90 90.40 90.15 CSCQ002 -0.85 -0.93 Q1-20 89.80 90.30 90.05 CSCQ003 -1.20 -1.32 Q2-20 88.35 88.85 88.60 CSCQ004 -0.60 -0.67 2020 87.95 88.95 88.45 CSCY001 -0.65 -0.73 2021 87.40 88.40 87.90 CSCY002 -0.75 -0.85 2022 87.35 88.35 87.85 CSCY003 -0.60 -0.68 *Fields are calculated. producer to a large Turkish utility at the European-delivered index price minus $2/mt, a Mediterranean trader said. The utility was seeking 1 million mt for BH 2019 and 2 million mt for 2020. “The Colombian producer was worried about dropping the tons,” he said. “They lowered the price.” Russian producers were less willing to sell at lower prices and were making more competitive offers, the source said. Egyptian markets active Egyptian markets were more active with several cement companies seeking cargoes, trade sources said. Watanyia Cement was reportedly seeking two 50,000 mt cargoes for May and June, and National Cement was seeking four 50,000 mt cargoes for April and May, sources said. A separate trade source noted most of the Egyptian cement plants were oversupplied and likely to slow down buying coal until cement demand increased. He noted, however, Egyptian military arm Al Nadha had reportedly issued a tender for 160,000 mt of 6,200 kcal/kg NAR coal and it was unclear if the tender had been awarded. Trade sources were reporting deals at $70-$71/mt CFR for high sulfur coal delivered into Egypt. — Jeffrey McDonald Huaneng Power International seeks 996,000 mt of thermal coal for June ■■ Most volume for mid-CV coal ■■ Six shipments of high-CV required Singapore—China’s Huaneng Power International has launched a tender Thursday, seeking a total of 996,000 mt of low-to-high calorific value thermal coal for June loading. In the tender, the utility sought one 45,000 mt shipment of 3,000 kcal/kg NAR with 0.3% sulfur air dried for June delivery to Taicang port in southern China, one 55,000 mt shipment of 3,400 kcal/kg NAR with 0.4% sulfur air dried and one 65,000 mt cargo of 3,400 kcal/kg NAR with 0.6% sulfur air dried. The utility also sought three shipments ranging from 35,000 mt to 70,000 mt of 3,800 kcal/kg NAR in this tender. In the same tender, the utility also sought a 50,000 mt and a 60,000 mt cargo of 4,200 kcal/kg NAR, one 50,000 mt and one 35,000 mt of 4,300 kcal/kg NAR, as well as one 50,000 mt and one 65,000 mt shipment of 4,700 kcal/kg NAR material. For high-CV, the utility called for three shipments of 5,200-5,250 kcal/kg NAR coal specifying the vessel size between 55,000 mt and 75,000 mt, as well as one 68,000 mt and one 50,000 mt cargo 5,500 kcal/kg NAR, and one 45,000 mt shipment of 5,400 kcal/kg NAR. Offers must be on fixed price on cost, insurance and freight, or CIF, basis. The tender closes April 19. — Jenny Ma
  6. 6. 6 Thursday, April 18, 2019Coal Trader International © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. Coking coal swaps assessment, Apr 18 Platts symbol $/mt Chg % Chg TSI Premium Hard Coking Coal Australia Export FOB East Coast Port May-19 MCPLM01 206.000 +0.670 +0.326 Jun-19 MCPLM02 200.330 +0.660 +0.331 Jul-19 MCPLM03 196.830 +0.160 +0.081 Q3-19 MCPLQ01 195.330 0.000 0.000 Q4-19 MCPLQ02 194.330 -0.170 -0.087 Q1-20 MCPLQ03 192.330 -0.670 -0.347 2020 MCPLY01 185.420 -1.660 -0.887 2021 MCPLY02 176.000 -2.500 -1.401 Metallurgical coke, Apr 18 Seaborne % CSR Platts symbol $/mt Chg % Chg FOB North China 66/65 MCCNC00 323.00 0.00 0.00 65/63 MCCHB00 313.00 0.00 0.00 64/62 AAWVL00 308.00 0.00 0.00 62/60 MCCHA00 299.00 0.00 0.00 CFR India 66/65 MCCNI00 337.00 0.00 0.00 65/63 MCINB00 327.00 0.00 0.00 64/62 MCCEI00 322.00 0.00 0.00 62/60 MCINA00 313.00 0.00 0.00 Domestic Yuan/mt DDP North China (weekly) 62 AAWVJ00 2050.00 0.00 0.00 $/mt FOB North China equivalent (DDP weekly) 62 PLVHM04 314.39 +0.83 +0.26 Platts China PLV, met coke price differentials, Apr 18 Price spreads Platts symbol $/mt Import-Shanxi Premium Low Vol CFR China PLVHK04 -23.02 Import-port stock Premium Low Vol CFR China PLVHL04 -10.26 62% CSR coke export-domestic FOB North China PLVHN04 -6.39 Monthly and Quarterly Averages for Platts Forward Benchmark Coal Price Assessments ($/mt) CV (kcal/kg) Basis Mar-19 Feb-19 Jan-19 Q1-19 Q4-18 NEAT Coal Index 5,750 NAR 75.38 77.46 79.95 77.64 83.29 CIF ARA 6,000 NAR 68.55 72.54 81.10 74.20 91.63 FOB Richards Bay 5,500 NAR 58.84 61.00 65.36 61.80 67.04 FOB Newcastle 20% Ash 5,500 NAR 58.85 61.71 63.58 61.40 64.04 FOB Newcastle 23% Ash 5,500 NAR 57.33 60.12 61.97 59.83 62.39 FOB Newcastle 6,300 GAR 89.35 91.74 98.05 93.15 102.78 FOB Kalimantan 5,900 GAR 71.83 71.46 69.48 70.87 70.09 FOB Kalimantan 5,000 GAR 56.01 55.40 49.86 53.61 49.51 FOB Kalimantan 4,200 GAR 38.84 36.35 32.84 35.94 33.63 FOB Kalimantan 3,800 GAR 30.56 28.85 26.95 28.75 28.01 CFR India West 5,500 NAR 70.88 71.24 76.94 73.17 80.93 CFR India West 5,000 GAR 65.13 63.59 58.25 62.19 59.93 CFR India West 4,200 GAR 47.96 44.54 41.23 44.52 44.06 CFR India West 3,800 GAR 41.63 38.83 36.12 38.81 39.42 CFR India East 5,500 NAR 71.10 71.44 77.24 73.41 81.31 CFR India East 5,000 GAR 64.34 62.86 57.48 61.43 58.94 CFR India East 4,200 GAR 47.17 43.81 40.46 43.76 43.07 CFR India East 3,800 GAR 39.65 37.09 34.90 37.18 37.86 CIF Turkey 6,000 NAR 75.20 85.25 90.50 83.00 99.46 FOB Colombia 6,000 NAR 67.68 73.25 79.38 72.99 86.29 Russia Baltic* 6,000 NAR 61.81 67.76 76.64 68.20 84.43 Russia Pacific 6,300 GAR 87.40 94.25 100.00 93.38 106.77 *Assessed on a 6,400 kcal/kg GAR basis before January 2, 2015. See methodology for further details. China’s thermal coal prices to find support as power generation grows, says Citigroup ■■ March thermal coal power generation up 1% ■■ Utilities stocking up for peak summer season Singapore—China’s thermal coal prices are likely to find support in the near term as coal-fired generation is expected to increase and as utilities stock up for the peak summer demand season, Citigroup analysts said in a research note Thursday. “We expect thermal power generation to grow more strongly year on year. This is supportive of thermal coal demand, as utilities stock up for stronger prompt coal demand and peak summer power generation season,” Citi said in a research note. “Thermal coal prices should be supported, subject to the influence of seaborne thermal coal prices and Chinese import policies,” it added. China generated 569.8 Twh of electricity in March, up 5.4% year on year, while power generation over January-March rose 4.2% year on year, National Bureau of Statistics data released Wednesday showed. The bulk of power generation growth in March was fueled by hydropower generation in south China, which rose 22% on year, while thermal coal generation rose 1% over the same period, the data showed. China imported 280 million mt of coal in 2018, up 3.3% from 2017. Restrictions on the total import volume were put in place late last year as the country tried to rein in seaborne supply. When the import quota was reset in January, market sources reported delays for Australian cargoes. The price of Indonesian 4,200 kcal/kg GAR grade of coal was assessed at $38.6/mt FOB Kalimantan Wednesday, up 26.5% from 30.50/mt on January 2, S&P Global Platts data showed. However, the price of Australian high ash 5,500 kcal/kg NAR grade coal plunged to multiyear lows around $55/mt FOB Newcastle in March on the impact of the import curbs. Prices have since rebounded to be assessed at $59.30/mt FOB Wednesday, down only 1.2% from $60/mt FOB on January 2, according to Platts data. — Hui Min Lee Yancoal maintains 2019 Australian coal output guidance as Jan-Mar volumes rise Brisbane—Australia-listed thermal coal miner Yancoal has maintained its attributable 2019 salable coal production guidance from its Australian assets at 35 million mt following a lift in volumes in the January-March quarter, the company said Wednesday. “There was no significant production impact on Yancoal from wet weather in Queensland, and there was no material sales volumes impact related to the coal import delays into China during the March quarter,” the company said. The miner’s share of salable production from the Australian assets it has an equity stake in was 8.8 million mt in the March quarter, up 11% year on year, and 5% from the December quarter, it said. On a 100%- basis, the mines produced 13 million mt of coal, it added. The company sold 7.8 million mt of thermal coal during the quarter,
  7. 7. 7 Thursday, April 18, 2019Coal Trader International © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. Platts daily metallurgical coal assessments, Apr 18 Asia-Pacific coking coal ($/mt) Platts FOB Change Platts CFR Change Platts CFR Change symbol Australia symbol China symbol India HCC Peak Downs Region HCCGA00 207.00 0.00 HCCGC00 205.00 0.00 HCCGI00 219.20 0.00 Premium Low Vol PLVHA00 206.00 0.00 PLVHC00 204.00 0.00 PLVHI00 218.20 0.00 HCC 64 Mid Vol HCCAU00 179.25 0.00 HCCCH00 190.25 0.00 HCCIN00 191.45 0.00 Low Vol PCI MCLVA00 127.25 0.00 MCLVC00 138.25 0.00 MCLVI00 139.45 0.00 Mid Tier PCI MCLAA00 126.25 0.00 MCLAC00 137.25 0.00 MCVAI00 138.45 0.00 Semi Soft MCSSA00 98.50 -2.50 MCSSC00 109.50 -2.50 MCSSI00 110.70 -2.50 TSI coking coal indices ($/mt) TSI Premium Hard (PHCC) FOB Australia TS01034 205.80 0.00 TSI Hard FOB Australia TS01035 179.25 0.00 TSI Prem JM25 CFR Jingtang TS01044 204.00 0.00 TSI Hard JM25 CFR Jingtang TS01045 190.25 0.00 Atlantic coking coal ($/mt) Platts FOB US symbol East Coast Change VM Ash S Low Vol HCC AAWWR00 184.00 +2.00 19% 8% 0.80% High Vol A AAWWS00 200.00 +1.00 32% 7% 0.85% High Vol B AAWWT00 162.00 0.00 34% 8% 0.95% CFR NW Europe Change VM Ash S PLV NetForward PLVHE00 213.55 0.00 21.50% 9.30% 0.50% Detailed methodology and specifications are found here: http://platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/metcoalmethod.pdf. PCC Met (Platts China Coal – Metallurgical) (Yuan/mt)* Platts Ex-washplant Platts Free-on-Rail Platts DDP Tangshan Platts CFR China symbol symbol symbol symbol equivalent ($/mt) PCC Met Shanxi Premium Low Vol PCCMA04 1620 PCCMB04 1655 PCCMC04 1860 PLVHJ04 227.02 PCC Met Shanxi High Sulfur Premium Low Vol PCCMD04 1150 PCCME04 1185 PCCMF04 1390 PCC Met North China Fat Coal — — PCCMG04 1510 PCC Met Shanxi PCI PCCMH04 915 PCCMI04 950 PCCMJ04 1140 PCC Met Shandong Semi Soft PCCMK04 1070 PCCML04 1090 — PCC Met Rail Freight Shanxi – Tangshan PCCMM04 230 PCC Met Truck Freight Shanxi – Tangshan PCCMO04 240 *Weekly (assessed April 17). North China prompt port stock prices Platts Ex-stock Jingtang Platts CFR Jingtang symbol (Yuan/mt, incl VAT) symbol equivalent ($/mt)** Premium Low Vol* AAWZN00 1650.00 AAWZO00 214.26 HCC 64 Mid Vol* AAWZP00 1480.00 AAWZQ00 191.78 *Weekly (assessed April 18), 20-day delivery from date. **Ex-stock price, net of port charges, import tax and VAT. HCC assessed specifications CSR VM Ash S P TM Fluidity Premium Low Vol 71% 21.50% 9.30% 0.50% 0.05% 9.70% 500 HCC Peak Downs Region 74% 20.70% 10.50% 0.60% 0.03% 9.50% 400 HCC 64 Mid Vol 62% 21.50% 8.00% 0.45% 0.06% 10.50% 100 Penalties & Premia: Differentials ($/mt) Within Platts % of Premium Low Vol FOB Platts Net Value Min-Max symbol Australia assessment price symbol ($/mt) Per 1% CSR 60-71% CPCSA00 0.50% CPCSP00 1.03 Per 1% VM (air dried) 18-27% CPVPA00 0.50% CPVMP00 1.03 Per 1% TM (as received) 8-11% CPTPA00 1.00% CPTMP00 2.06 Per 1% Ash (air dried) 7-10.5% CPAPA00 1.50% CPPAP00 3.09 Per 0.1%S (air dried) 0.3-1% CPSPA00 1.00% CPSPV00 2.06 US low-vol HCC Penalties & Premia; Differentials ($/mt) Within Platts % of US low-vol HCC FOB Platts Net value Min-Max symbol USEC assessment price symbol ($/mt) Per 1% CSR 50-64% CPPBA00 0.50% CPPBB00 0.92 40-49% CPPBC00 0.30% CPPBD00 0.55 Per 0.1% S 0.70-1.05% CPPBE00 0.75% CPPBF00 1.38 1.06-1.25% CPPBG00 1.10% CPPBH00 2.02 Per 1% TM (as received) 6-11% CPPBK00 1.00% CPPBL00 1.84 Per 1% Ash 5-10% CPPBI00 1.75% CPPBJ00 3.22 The assessed price of HCC Peak Downs® originates with Platts and is based on price information for a range of HCCs with a CSR> 67% normalized to the standard of HCC Peak Downs® (CSR 74%). Peak Downs® is a registered trade mark of BM Alliance Coal Operations Pty Limited “BMA”. This price assessment is not affiliated with or sponsored by BMA in any way.
  8. 8. 8 Thursday, April 18, 2019Coal Trader International © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. Platts daily Asia Pacific metallurgical coal relativities, April 18, 2019 April 18 Spread Spread CFR China vs PLV vs HCC 64 $/mt Peak Downs 205.00* 100.49% *Peak Downs FOB Australia (China netback) after accounting for Haypoint-Qingdao Panamax freight = $194.00/mt. Saraji 204.00 100.00% Premium Low Vol 204.00** 100.00% **Premium Low Vol FOB Australia (China netback) after accounting for Haypoint-Qingdao Panamax freight = $193.00/mt. German Creek 203.00 99.51% Illawarra 201.25 98.65% Moranbah North 201.25 98.65% Oaky North 203.00 99.51% Goonyella 201.25 98.65% Goonyella C 201.00 98.53% Peak Downs North 200.75 98.41% 105.52% Standard 201.50 98.77% 105.91% Premium 201.50 98.77% 105.91% Hail Creek 194.50 95.34% HCC 64 Mid Vol 190.25 93.26% 100.00% Lake Vermont HCC 190.25 100.00% Carborough Downs 187.75 98.69% Middlemount Coking 175.25 92.12% Poitrel Semi Hard 170.25 89.49% April 18 freight rates. Australia to China: Panamax = $11.00/mt Capesize = $6.60/mt. The Platts Metallurgical Coal Relativities CFR China assessments do not reflect any restrictions or import duties, including duty rebates applied to coals under different import regimes, which may affect the transacted price of the commodity. CFR China assessments are based on pricing information before any additional, if any, import tariffs are imposed such as a 3% import tax on Canadian, Russian and US coals. The definition of CFR is based on International Chamber of Commerce Incoterms ® 2010. A detailed explanation of the Platts Metallurgical Coal Relativities can be found here: http://www. platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/metcoalmethod.pdf. For further information about this data please contact cokingcoal@platts.com. Source: S&P Global Platts Platts weekly metallurgical coal relativities table April 18, 2019 April 18, FOB Spread Hampton Roads vs US LV Oak Grove 206.00 111.96% Blue Creek No. 7 206.00 111.96% Blue Creek No. 4 200.00 108.70% Beckley 190.00 103.26% Low Vol FOB USEC 184.00 100.00% Windber 181.00 98.37% Buchanan 182.00 98.91% April 18 Panamax freight rates. Hampton Roads to Rotterdam = $12.25/mt, Hampton Roads to Brazil = $11.25/mt, Mobile to Rotterdam = $14.50/mt. For further information about this data please contact cokingcoal@platts.com. Source: S&P Global Platts up 16% year on year, while metallurgical coal sales stood at 1.6 million mt, up 33%, it said. Yancoal said it continued to optimize its split of thermal coal and metallurgical coal sales to meet market demand and maximize price. The average price realized across its product line in the quarter was A$133/mt, compared to A$136/mt in the December quarter. “Throughout the March-quarter pricing, higher grade coals held up better following the impediments to Australian thermal coal deliveries into China adversely impacting prices of lower quality coals,” the company said. “Yancoal has the flexibility to reallocate cargoes to alternative buyers, and in the March quarter, it did not experience a significant impact on sales volumes, despite volatile regional market conditions,” it said. Yancoal added that its New South Wales-based Moolarben operation has the potential to increase ROM production from the current level of 18 million mt/year up to 24 million mt/year through further optimization of the operations. “Yancoal is evaluating this concept and working through the external approval and permit processes; these efforts will continue through 2019,” it said. — Nathan Richardson February US coal exports drop 27.8% on month on weather: Census data ■■ Total exports in first two months rise 14.7% on year ■■ Met coal exports slump 25.2% on month, 32.8% on year Houston—US coal exports totaled about 6.1 million mt in February, down 27.8% from January and down 25.7% year on year, according to US Census data released Wednesday. While January saw export highs across the board, flooding and other weather issues led to the fall in February shipments. The number of vessels departing US coasts dropped about 38% in February compared with January, according to cFlow, S&P Global Platts’ trade flow software. Despite February seeing the largest month-on-month drop since July 2016, exports in the first two months of the year rose 14.7% compared with the same period last year. India was the top destination in February, with over 1.1 million mt in imports from the US, followed by the Netherlands with just under 1.1 million mt, and Japan with 560,423 mt imported. In February 2018, the top importers were India, with almost 1.1 million mt, China, with 816,229 mt, and Brazil, with 723,791 mt. Bituminous Following January’s export high, US bituminous coal exports totaled 2.6 million mt in February, down 23.9% from the previous month and down 6.3% compared with the year-ago month. However, compared with the first two months of 2018, exports in January and February rose 34.1%. The top importers of US bituminous coal in February were India, with 842,214 mt compared with 572,368 mt last year; the
  9. 9. 9 Thursday, April 18, 2019Coal Trader International © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. Netherlands, with 535,761 mt compared with 226,003 mt in the same month in 2018; and Japan, with 330,756 mt compared with 237,244 mt in the year-ago month. Subbituminous US subbituminous exports totaled 225,535 mt in February, down 62.9% from January and down 59% from the year-ago month. Additionally, exports of this coal type fell 11.8% in the first two months compared with the same period last year. Mexico, Morocco and South Korea were the top importers in February, with 169,696 mt, 40,000 mt and 15,015 mt, respectively. In February 2018, Morocco did not import any US subbituminous coal, while South Korea and Mexico imported 224,782 mt and 162,916 mt, respectively. Metallurgical US metallurgical coal exports totaled almost 3.3 million mt in February, down 25.2% from January and 32.8% less than in the year- ago month. The year-on-year drop was likely due to lower high-vol output in the fourth quarter of 2018, according to one source. In the first two months of 2019, met coal exports rose 7.3% compared with the same period last year. The top importers in February were the Netherlands, with 544,558 mt, compared with 444,045 mt in the year-ago month; Brazil, with 468,586 mt, compared with 723,753 mt a year earlier; and India with 303,365 mt, compared with 498,629 mt in the year-ago period. — Olivia Kalb Colombian Feb thermal coal exports total 6.63 million mt, up 1.7%: government data Bogota, Colombia—Colombia exported 6.63 million mt of thermal coal in February, a 1.7% increase from the 6.51 million mt shipped in the same month of 2018 and a 26.5% jump from the 5.24 million mt sent to foreign buyers in January, data from government statistics agency DANE showed Wednesday. The country received $609.05 million in payments for the exported coal, a 13.6% increase from the $536.33 million in receipts over the same month in 2018, and up 33.5% from the $456.34 million billed in January. Colombia ranks among the top half dozen coal exporters in the world. For the first two months of the year, Colombia’s output was 11.86 million mt, down 19.6% from the 14.76 million mt produced over the same period in 2018. No reason was given on the website for the year-to-date drop. The nation’s coal miners set an export record in 2018, sending out 105.24 million mt. The nation’s top two exporters, Drummond and Cerrejon, have said they expect 2019 production to remain fairly equal to 2018, when each exceeded 30 million mt of output. — Jeffrey McDonald, Chris Kraul South32 lowers 2018-2019 S African thermal coal production guidance ■■ Protests and slow ramp-up at Klipspruit cited ■■ Guidance lowers to 26.2 million mt from 29 million mt ■■ Binding bids for business expected in current quarter Brisbane—Australia-listed miner South32 has lowered its fiscal 2018- 2019 (July-June) production guidance for its South Africa Energy Coal business, citing local protests and an unexpectedly slow ramp-up at its Klipspruit operation, the company said Thursday. Total coal production is now expected at 26.2 million mt for fiscal 2018-2019, down from its previous expectation of 29 million mt. The total production will likely comprise 15.5 million mt for domestic use — down from the previous expectation of 17.5 million mt — and 10.70 million mt for export — down from 11.5 million mt, it said. “Disruptions caused by community protests, a delay in the implementation of a new shift pattern at Khutala, and a slower-than- expected ramp-up of activity following the Klipspruit dragline’s return to service, resulted in lower-than-planned volumes in the March 2019 quarter,” it said. If South32 achieves its guidance, it will be down from a total of 27.27 million mt in fiscal 2017-2018, which was made up of 15.15 million mt of coal for domestic use and 12.12 million mt for export. The decision came after the production of 6.1 million mt of coal over January-March, which was 2% higher from October-December, but down 10% year on year. RBC Capital Markets analyst, Paul Hissey, said RBC had forecast 7.9 million mt for the January-March quarter. “We had previously flagged risks to South Africa Energy Coal meeting guidance following the damaged dragline at Klipspruit. The slower ramp-up following the incident appears to be the primary reason behind the reduction in guidance,” he said. Meanwhile, South32 said it remains on track to sell the SAEC business with binding bids expected in the current April-June quarter. — Nathan Richardson PLATTS COAL IS ON TWITTER FOR UP-TO-THE-MINUTE COAL NEWS AND INFORMATION FROM PLATTS Follow us on twitter.com/PlattsCoal
  10. 10. 10 Thursday, April 18, 2019Coal Trader International © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. South32 maintains Australian Illawarra met coal guidance Brisbane—South32 maintained its fiscal 2018-2019 (July-June) Australian Illawarra metallurgical coal production guidance as it continues to work towards lifting the rates at the operation, the company said Thursday. Illawarra Metallurgical Coal project’s total production guidance for fiscal 2019 was unchanged at 6.5 million mt. While this is more than the 4.24 million mt seen a year ago — which was heavily impacted by issues at Appin — it remains below the 7.07 million mt produced in fiscal 2016-2017. For 2019-2020, South32 previously said it expects output of 7 million mt. “FY19 production guidance remains unchanged at 6.5 million mt as we commence the extraction of new panels at both Appin and Dendrobium in the June 2019 quarter, following the successful completion of two longwall moves,” the company said. “Our focus remains on achieving a substantial uplift in development rates at Appin in order to sustain the operation of two longwalls in parallel from H2 FY20,” it added. March quarter metallurgical coal production at its Illawarra operations was at 990,000 mt, up 25% year on year but down 37% from the October-December quarter. RBC Capital Markets analyst Paul Hissey said the result beat RBC’s forecast of 889,000 mt. “Operations at Illawarra appear to be stabilizing given completion of the longwall moves at Appin and Dendrobium,” he said. Meanwhile, South32 said it has renegotiated a new Appin Trades and Operators and West Cliff Coal Preparation Plant Enterprise agreement, which concludes the renegotiation of all major labor agreements at the operation. — Nathan Richardson Australian Aurizon’s Jan-Mar coal railings rise 4% on year despite strikes, derailment Brisbane—Australian rail operator Aurizon said Wednesday its volumes of coal rose 4% year on year over January-March due to the start of railings from MACH Energy’s Mount Pleasant mine and strong customer demand, offset by disruptions due to industrial action, severe weather and a derailment. Aurizon’s above rail coal volumes totaled 51.7 million mt in the March quarter, up from 49.9 million mt the year before and down 5% from October-December, the company said in a quarterly report. Its operations across New South Wales and southeast Queensland contributed 15.4 million mt of the total, up 9% on year and down 3% from the December quarter. Its Central Queensland Coal Network contributed 36.4 million mt, up 2% on year and down 5% from the December quarter. The CQCN saw strong customer demand in the quarter but a dispute over an enterprise agreement led to regular strikes early in the year, while severe weather and a derailment at the Darlymple Bay Coal Terminal also crimped volumes, Aurizon said in the report. The 10.5 million mt/year Mount Pleasant thermal coal project in New South Wales began railings in early 2019, and contributed to coal rail volumes in New South Wales reaching a record high in March, it added. — Nathan Richardson Asia met coal prices steady on thin trading Singapore—The seaborne metallurgical coal market saw thin trading Thursday. S&P Global Platts assessed Premium Low Vol coal steady at $206/mt FOB Australia, and the CFR China assessment flat at $204/mt Thursday. In China, sellers expect restocking of premium hard coking coal to continue next week. The turnaround in market sentiment earlier this week resulted in Chinese end-users actively seeking cargoes. Meanwhile, semi-soft prices continued to face downward pressure amid expectations of steady supply of semi-soft. A deal for 130,000 mt of Semi-Soft 37% VM, 9% TM and 9% Ash was concluded at $106/mt CFR China with May laycan. This was done to an end-user. The Chinese domestic coke market saw a relatively stable week. An uptick of Yuan 50-100/mt was proposed across various regions in China, but had yet to be accepted. Platts assessed domestic coke with 12.5% Ash DDP North China at Yuan 2,050/mt Thursday, steady on the week, or at the equivalent of $314.39/mt FOB China, up 83 cents/mt week on week Thursday. At Jingtang port, trading was thin this week. An offer was indicated at Yuan 1,640/mt for Oaky North and Yuan 1,585/mt for Glencore Low Vol with 67%-68% CSR, 19%-21% VM, 10% Ash and 10%-11% TM. Platts assessed PLV ex-stock Jingtang steady at Yuan 1,650/mt on Friday, equivalent to $214.26/mt CFR Jingtang and HCC 64 Mid Vol ex-stock Jingtang steady at Yuan 1,480/mt, equivalent to $191.78/mt CFR Jingtang. — Yi-Le Weng PlattsHardCokingCoalFOBAustraliaDailyRationale (PMA page1068) S&P Global Platts assessed Premium Low-Vol HCC at $206/mt FOB Australia Thursday, steady with Wednesday. The most competitive bid was indicated at $200/mt FOB Australia for Australian Premium Mid-Vol Goonyella, assessed at a 75 cents/mt discount to Platts PLV FOB Australia. No data was excluded from this assessment. The above rationale applies to Platts premium low vol FOB Australia assessment, with the associated data code: PLVHA00 PlattsChinaHardCokingCoal(PremiumLowVol)CFR ChinaDailyRationale(PMApage1067) S&P Global Platts assessed Premium Low-Vol HCC at $204/mt CFR China Thursday, flat from Wednesday. The most competitive offer was indicated at $209/mt CFR China for 85,000 mt of Australian Premium Low Vol Saraji with April 16-30 laycan. This was for a coal assessed at parity to Platts PLV CFR China. No data was excluded from this assessment. The above rationale applies to Platts premium low vol CFR China assessment (PLVHC00) & TSI Prem JM25 CFR Jingtang (TS01044)
  11. 11. 11 Thursday, April 18, 2019Coal Trader International © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. holding steady at $58-$59/mt FOB Newcastle, while offers have climbed to $61-$62/mt on some opportunistic buying for China. Market sources said they had yet to receive any official notice of China lifting its import restrictions for Australian coal, which were severely tightened on March 1. One market source said that while speculation continued to circulate in the Chinese market there is nothing concrete on when the import restrictions for Australian coal may be relaxed. “But Guangzhou port does not seem to be that strict. Some cargoes are still being unloaded, it just might take a long while,” he said. Newcastle forward prices Market participants said hedging by Japanese thermal coal buyers in Newcastle 6,000 kcal/kg NAR derivative contracts had contributed to the lift in Newcastle high-CV prices. Spot market prices for the 6,000 kcal/kg NAR grade of Newcastle thermal coal have made a strong recovery since early-April, rising from $70/mt FOB to $85/mt this week, according to S&P Global Platts . Japanese buyers have come to the derivatives market after locking in a benchmark price of $94.75/mt FOB Newcastle basis 6,322 kcal/kg GAR for term contracts for Australian coal starting delivery on April 1. Hedging on Newcastle derivatives markets offsets some of the risk exposure Japanese buyers have to physical Newcastle cargo prices, and enables them to average out their fuel costs over the year-ahead period, market sources said. As a result, the forward curve for Newcastle thermal coal derivatives contracts had climbed $1/mt on the day at the close of trade Wednesday to $91/mt FOB, basis 6,000 kcal/kg NAR, Platts data showed. Chinese coal burn Daily coal consumption for China’s six largest power utilities is around 670,000 mt/day now, up from 660,000 mt/day last week, market sources said. Available stocks can last for an average coal burn of 21 days, down from 23 days last week. “At the current stock level, the volume of tenders will likely drive prices up in the near-term,” a Hong Kong-based trader said. However, he said end-user demand is not strong enough to cause a significant rise in thermal coal prices. “Freight is going up and overall market prices will go up as well,” a north China-based source said. “Offers from miners have been increasing recently as well,” a southeast China-based source said. Kalimantan outlook Some optimism was heard in Thursday’s Asian trading session for Indonesian thermal coal as a new wave of Chinese tenders is expected to be issued this coming week, market sources said. A south China-based trader said trading activity will build up and he Freight rate gains pushes CFR China delivered thermal coal prices higher ... from page 1 was hearing incoming Chinese tenders for low to mid-calorific value thermal coal. Pricing details of tenders were not revealed, but it will cause an uptick in seaborne prices, the trader said. An Indonesia-based producer concluded a trade Wednesday for an Indonesian 3,400 kcal/kg GAR coal to China at $22.75/mt FOB Kalimantan for May on a Supramax-vessel basis. “Seaborne market is going to get hot next week,” he said. — Fred Wang, Michael Cooper, Jenny Ma PlattsThermalCoalIndonesiaDailyRationale S&P Global Platts assessed the 7-45 day price of FOB Kalimantan 4,200 kcal/kg GAR coal at $39/mt Thursday, up 40 cents/mt day on day, reflecting the market’s traded level, and above the highest firm bid and below the lowest firm offer level. A trade was reported at $39/mt FOB during Asian hours. Offers were largely unchanged at $39.50/mt FOB from Wednesday for May-loading Supramax shipments, while a confirmed bid was reported at $38.50/mt FOB. The above rationale applies to the FOB Kalimantan 4,200 GAR assessment, with the associated code: CSBKI00 Good Friday and Easter publishing schedule for Platts European and Asia thermal and coking coal The S&P Global Platts offices in London and Singapore will be closed Friday, April 19, 2019, for the Good Friday holiday, and there will be no thermal or coking coal assessments from London or Singapore and no publication of Coal Trader International on that day. Platts in Asia will close its Market on Close assessment process early on Thursday, April 18, and all assessments will be basis 12:30 pm Singapore time (0430 GMT). London will have a 4:30 pm Market on Close on the same day. . Additionally, Platts in London will close its office Monday, April 22, for Easter Monday, and there will be no Coal Trader International published on that day. Platts thermal coal and coking coal prices assessed in Singapore for Monday, April 22 will be published in the next issue of Coal Trader International, dated Tuesday, April 23. For full details of Platts publishing schedule and services affected, refer to http://www.platts.com/HolidayHome. For queries, please contact support@platts.com. Platts to seek feedback on specifications for US coking coals Platts invites market participants to send feedback and data on coking coal specifications related to US coking coals. The specifications and market feedback collected will be reviewed in relation to the specifications used for S&P Global Platts spot price indexes: Low Vol Hard Coking Coal FOB United States East Coast (AAWWR00); High Vol A Hard Coking Coal FOB United States East Coast (AAWWS00); High Vol B Hard Coking Coal FOB United States East Coast (AAWWT00). This review of US coking coal specifications is in response to track references against changing trade and product qualities, and new origins being produced in the US for export and domestic markets. Please submit any feedback, comments or questions about this review to cokingcoal@spglobal.com and pricegroup@spglobal.com. Feedback to this proposal is due until April 22nd, for the new 14-60 day loading basis to come into effect on June 3, 2019. SUBSCRIBER NOTEs
  12. 12. 12 Thursday, April 18, 2019Coal Trader International © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. Platts to adjust US FOB coal assessments S&P Global Platts will discontinue some of its weekly US FOB assessments for physical thermal coal on April 5, 2019 and add new ones. The following assessments will be discontinued: FOB Baltimore 6,944 kcal/kg NAR 2.6% sulfur (CUAAA04) FOB Hampton Roads 6,667 kcal/kg NAR 1% sulfur (CUABA04); FOB New Orleans 6,111 kcal/kg NAR 2.9% sulfur (CUACA04). The related monthly and quarterly averages will also be discontinued, as follows: FOB Baltimore 13000 Btu/lb GAR 2.6%S $/mt Mavg (CUAAA03); FOB Baltimore 13000 Btu/lb GAR 2.6%S $/mt Qavg (CUAAA05); FOB Hampton Roads 12500 Btu/lb GAR 1%S $/mt MAvg (CUABA03); FOB Hampton Roads 12500 Btu/lb GAR 1%S $/mt QAvg (CUABA05); FOB New Orleans 11500 Btu/lb GAR 2.9%S $/mt MAvg (CUACA03); FOB New Orleans 11500 Btu/lb GAR 2.9%S $/mt QAvg (CUACA05). SUBSCRIBER NOTEs(Continued) Platts to discontinue US coking coal brand relativity weekly prices S&P Global Platts to discontinue publication of the US hard coking coal brand assessments found in the US Metallurgical Coal Relativities table, effective July 1. The affected coking coal brands and prices are: Met Coal Oak Grove FOB USEC $/mt Wkly (MCAPA04) Met Coal Oak Grove FOB USEC $/mt MAvg (MCAPA03) Met Coal Blue Creek No. 7 FOB USEC $/mt Wkly (MCAPB04) Met Coal Blue Creek No. 7 FOB USEC $/mt MAvg (MCAPB03) Met Coal Blue Creek No. 4 FOB USEC $/mt Wkly (MCAPC04) Met Coal Blue Creek No. 4 FOB USEC $/mt MAvg (MCAPC03) Met Coal Beckley FOB USEC $/mt Wkly (MCAPD04) Met Coal Beckley FOB USEC $/mt MAvg (MCAPD03) Met Coal Windber FOB USEC $/mt Wkly (MCAPE04) Met Coal Windber FOB USEC $/mt MAvg (MCAPE03) Met Coal Buchanan FOB USEC $/mt Wkly (MCAPF04) Met Coal Buchanan FOB USEC $/mt MAvg (MCAPF03) The weekly prices are published on page 9 of the Steel Markets Daily publication, page 8 of Coal Trader International publication, and page 6 of Coal Trader publication which will not feature in these publications from July 1, 2019 onwards. These prices also appear on the Platts page MW1065 which will cease to exit effective July 1, 2019. The decision follows industry feedback of limited spot trade seen for the six brands, with most volumes sold under contract trading terms. Platts will continue to publish assessments for the brands, and their relative spread to Platts US Low Vol HCC assessments, basis FOB Hampton Roads until Friday, June 28, 2019. Please submit any feedback, comments or questions about this proposal to cokingcoal@spglobal.com and pricegroup@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. — Hector Forster, hector.forster@spglobal.com — Edited by Jonathan Fox, newsdesk@spglobal.com Platts proposes to assess spark, dark spreads on days of Gregorian calendar and EEX roll date mismatch S&P Global Platts is seeking feedback on a proposal to begin producing Spark, Dark, Clean Spark and Clean Dark spreads for Germany, and Spark and Clean Spark spreads for Italy for days when there is a mismatch between EEX power contracts’ expiry dates and the Gregorian calendar. To produce these spark and dark indicators, Platts would assess German and Italian month-ahead, quarter-ahead and year-ahead power price components on certain dates each year, and in line with EEX contracts’ expiry date calendar. Platts proposes to publish the spark and dark indicators under the existing Platts symbols in the EM market data category and on the same fixed pages. Platts is proposing to begin this process on December 28, 2018. The affected codes are as below: Spark spread Clean spark spread 45% Eff 50% Eff 45% Eff 50% Eff German (Eur/MWh) Month ahead GEHMA00 AAKBK00 GEIMA00 CGFMA00 Quarter ahead GEHQ100 GEFQ100 GEIQ100 CGFQ100 Year ahead GEHYA00 GEFYA00 GEIYA00 CGFYA00 Italian (Eur/MWh) Month ahead ITKMA00 ITFMA00 ITIQA00 CIFMA00 Quarter ahead ITKQA00 ITFQA00 ITIMA00 CIFQA00 Year ahead ITSYA00 ITSYB00 CIFYA00 CIFYB00 Please send all feedback and questions to power@spglobal.com and pricegroup@spglobal.com by November 30. For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not market as confidential available upon request. In addition, Platts will launch a new assessment for thermal coal for export from the Port of Baltimore, as follows: FOB Baltimore 6,900 kcal/kg NAR 3% sulfur (CUATB04) The proposed assessment will also include a monthly and quarterly average. Finally, the existing assessments for FOB Hampton Roads 6,000 kcal/kg NAR 1% sulfur (CUAEA04) and FOB New Orleans 6,000 kcal/kg NAR 2.9% sulfur (CUAFA04), which previously were calculated based on the assessments for FOB Hampton Roads 6,667 kcal/kg NAR 1% sulfur (CUABA04) and FOB New Orleans 6,111 kcal/kg NAR 2.9% sulfur (CUACA04), respectively, will instead be converted into assessments, with value based on trades, bids, offers and indications heard in the market. Please address any questions or comments by April 4 to coal@spglobal.com and pricemethodology@spglobal.com. For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.
  13. 13. 13 Thursday, April 18, 2019Coal Trader International © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. Current Vessel Fixtures Vessel Quantity (Mt) Origin/Destination Loading Dates Rate Charterer Australia TBN 75,000 Dalrymple Bay/Visakhapatnam May 15-24 14.20 SAIL TBN 75,000 Gladstone/Gangavaram May 12-21 12.80 RINL TBN 75,000 Hay Point/East Coast India May 11-20 12.45 RINL Oldendorff TBN 75,000 Gladstone/Visakhapatnam May 10-19 14.45 SAIL TBN 75,000 Gladstone/Visakhapatnam May 15-25 14.55 SAIL TBN 75,000 Dalrymple Bay/Visakhapatnam May 10-20 13.60 SAIL Naval Bulk TBN 130,000 Newcastle/Lanshan May 1-10 7.85 Cara Shipping TBN 75,000 Dalrymple Bay/Visakhapatnam May 5-14 13.35 SAIL TBN 75,000 Dalrymple Bay/Gangavaram May 1-10 12.20 RINL Panocean TBN 75,000 Dalrymple Bay/Visakhapatnam May 5-14 13.50 SAIL TBN 75,000 Dalrymple Bay/Visakhapatnam May 1-10 13.65 SAIL TBN 75,000 Gladstone/ East Coast India May 1-10 13.30 SAIL TBN 75,000 Gladstone/Visakhapatnam May 1-10 13.25 SAIL Canada KSC TBN 165,000 Price Rupert + Roberts Bank/Pohang Apr 11-24 7.55 POSCO Panocean TBN 165,000 Roberts Bank/Pohang Mar 31-Apr 9 7.21 POSCO Golden Ocean TBN 165,000 Roberts Bank/Pohang Mar 11-20 6.77 POSCO Oldendorff TBN 120,000 Roberts Bank/Hansaport Mar 1-10 9.10 Salzgitter TBN 75,000 Vancouver/Visakhapatnam Mar 10-20 17.50 SAIL Swiss Marine TBN 165,000 Roberts Bank/Pohang Feb 16-20 6.77 POSCO TBN 75,000 Vancouver/Visakhapatnam Feb 5-15 19.00 SAIL TBN 75,000 Vancouver/Gangavaram Jan 20-19 19.60 VSP/RINL TBN 75,000 Vancouver/Visakhapatnam Jan 10-20 19.70 SAIL Swiss Marine TBN 165,000 Roberts Bank/Pohang Dec 31- Jan 9 10.22 POSCO Colombia Polaris TBN 130,000 Puerto Drummond/Boreyong May 8-17 20.37 KEPCO (tender) Golden Cumulus 150,000 Puerto Bolivar/Qingdao Apr 21-30 19.25 Coeclerici KSC TBN 130,000 Drummond/Boryeong Apr-Dec 2019 24.24 KEPCO Seaforce 160,000 Puerto Bolivar/Rotterdam + options Apr 7-16 index linked NYK Cape Oasis 160,000 Puerto Bolivar/Rotterdam + options Mar 14-25 6.70 Swiss Marine TBN 165,000 Puerto Bolivar/Rotterdam + options Feb 28-Mar 10 6.95 Oldendorff ECTP TBN 160,000 Puerto Bolivar/Rotterdam Feb 1-10 9.00 Oldendorff TBN 160,000 Puerto Bolivar/Rotterdam Feb 1-15 9.10 Swiss Marine Golden Cumulus 165,000 Drummond/Ashkelon or Hadera Feb 3-12 9.10 K-Line Berge Kinabalu 160,000 Drummond/Iskenderun Jan 24-Feb 2 10.40 Oldendorff Indonesia TBN 150,000 Muara Pantai/Mundra Apr 11-17 3.30 LSS TBN 150,000 Bunati/Mundra Apr 10-14 4.20 Libra TBN 75,000 Taboneo/Gangavaram Apr 10-19 6.65 RINL TBN 75,000 Samarinda/Xiamen Mar 21-30 5.00 Leading Resource TBN 150,000 Tanjung Bara/Bedi Bunder Mar 25-Apr 4 3.80 Nayara Energy TBN 150,000 Southeast Kalimantan/Mundra Mar 12-18 4.50 Libra Hengda TBN 68,000 Samarinda/Quanzhou Mar 13-22 6.00 CNBM Koryu 150,000 Samarinda/India Mar 4-9 4.65 Libra TBN 65,000 Tanjung Bara/Xinsha Mar 17-20 5.50 CNBM TBN 75,000 Muara Pantai/Haimen Mar 1-10 4.50 Leading Resource Latvia TBN 75,000 Riga/Ijmuiden Nov 18-22 7.75 TS Global Procurement Panther Max 75,000 Riga/Hansaport Sep 13-17 7.95 Vattenfall Swiss Marine TBN 70,000 Riga/Ijmuiden Sep 15-19 7.60 TS Global Procurement Mondial Iris 75,000 Riga/North China Jul 7-10 31.00 Sibanthracite Nordic TBN 75,000 Riga/Hansaport Jun 18-22 6.50 Vattenfall Norway TBN 60,000 Mo-I-Rana/Ijmuiden Nov 10-15 7.25 TS Global Uniper 60,000 Mo-I-Rana/Ijmuiden Sep 28- Oct 2 7.30 TS Global Procurement Swiss Marine TBN 60,000 Mo-I-Rana/Ijmuiden Jul 31- Aug 5 8.10 TS Global
  14. 14. 14 Thursday, April 18, 2019Coal Trader International © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. South Africa Orange Tiara 150,000 Richards Bay/Gangavaram Apr 10-17 7.00 Libra Great Yuan 150,000 Richards Bay/Gangavaram Apr 10-19 5.45 Oldendorff Great Tang 150,000 Richards Bay/Gangavaram Mar 21-30 7.35 Anglo American CCL TBN 170,000 Richards Bay/Kandla Mar 1-10 5.50 Oldendorff Tata NYK TBN 150,000 Richards Bay/Krishnapatnam Mar 20-30 8.90 IMR Cape Brazilia 150,000 Richards Bay/India Jan 25-Feb 5 9.00 Jaldhi Global Enterprise 150,000 Richards Bay/Rotterdam Jan 24-Feb 4 7.40 Jera Alpha Confidence 150,000 Richards Bay/Gangavaram Dec 15-25 11.10 Gandhar TBN 75,000 Richards Bay/Paradip Dec 19-28 13.10 JSPL Oldendorff TBN 75,000 Richards Bay/Paradip Dec 10-19 13.50 IMR Five Ocean TBN 150,000 Richards Bay/Younghueng Dec 15-24 12.37 KEPCO United States TBN 75,000 Norfolk/Gangavaram May 4-13 25.80 RINL TBN 75,000 Newport News/Visakhapatnam May 15-24 28.15 SAIL TBN 75,000 Newport News/Visakhapatnam May 1-10 27.85 SAIL TBN 75,000 Newport News/Rotterdam Apr 8-12 9.50 Cobelfret Nordic Odin 75,000 Mobile/Rotterdam Apr 5-15 10.30 TKSE Lowlands Light 75,000 Hampton Roads/Imjuiden Mar 31-Apr 4 10.70 TS Global TBN 75,000 Newport News/Visakhapatnam Apr 15-24 26.20 SAIL Ausca TBN 70,000 Newport News/Praia Mole Mar 18-27 9.50 CSN Colelfret TBN 75,000 Baltimore/Port Talbot Mar 17-23 10.60 TS Global SwissMarine TBN 75,000 Mobile/Hamburg Mar 15-25 11.50 Salzgitter TBN 75,000 Newport News/Paradip Mar 1-10 25.90 MMCC Ionic Kibou 70,000 Mobile/Rotterdam Mar 3-13 10.30 TKSE Klaveness TBN 75,000 Associated Terminals/Rotterdam Feb 25-Mar 8 12.50 ECTP TBN 75,000 Mobile/Rotterdam Feb 20-March 2 10.90 TKSE TBN 75,000 Baltimore/Rotterdam Feb 19-28 7.85 XCoal Iolcos Vision 80,000 CMT/Rotterdam Feb 12-17 11.25 Uniper Mozambique Oldendorf TBN 75,000 Nacala/Mundra Mar 21-24 10.25 Vale TBN 38,000 Beira/Gangavaram Feb 27-Mar 4 16.55 RINL TBN 38,000 Beira/Visakhapatnam – Paradip Mar 26-31 19.70 SAIL TBN 38,000 Beira/Visakhapatnam – Paradip Mar 11-16 18.40 SAIL TBN 38,000 Beira/Visakhapatnam Feb 2-7 16.50 RINL TBN 38,000 Beira/Visakhapatnam Feb 19-24 19.85 SAIL TBN 38,000 Beira/Visakhapatnam Feb 10-15 19.35 SAIL Oldendorf TBN 175,000 Nacala/Kwangyang & Pohang Jan 21-25 12.00 Vale TBN 38,000 Beira/Vizag Jan 2-7 19.40 RINL TBN 38,000 Beira/Vizag-Paradip Jan 10-15 23.25 SAIL TBN 38,000 Beira/Vizag Dec 5-10 25.45 SAIL TBN 38,000 Beira/Gangavaram Nov 25-30 22.75 SAIL TBN 38,000 Beira/East Coast India Nov 24-29 25.65 SAIL TBN 160,000 Nacala/Kimitsu & Kamshina Oct 19-24 15.90 Vale Brazil Oldendorff TBN 180,000 Ponta Da Madeira/Rotterdam Jun 20-Jul 3 6.80 TKSE Russia TBN 140,000 Vanino/Dangjin Mar 27-31 4.02 KEPCO Panocean TBN 140,000 Vostochny/Dangjin Mar 22-31 2.97 KEPCO TBN 36,000 Vostochny/Taiwan Mar 22-31 7.35 Formosa Artvin 75,000 Murmansk/Rotterdam end Jan 5.25 Jera Coral Opal 75,000 Murmansk/Rotterdam Jan 18-20 5.85 SUEK Daelim TBN 140,000 Vanino/Dangjin Dec 11-15 5.10 KEPCO Cosco TBN 130,000 Vostochny/Mailiao Nov 20-29 3.60 Formosa TBN 75,000 Vanino/Ho Ping Nov 17-21 6.00 Bocimar TBN 75,000 Ust Luga/Rotterdam Sep 23-25 7.50 Suek GNS 145,000 Vanino/Hadong Aug 26-30 6.25 KEPCO Oldendorf TBN 80,000 Vostochny/Hazira Sep 1-10 12.10 Avani TBN 75,000 Murmansk/Rotterdam Aug 17-19 7.25 Suek TBN=To be nominated. PPT=Prompt Current Vessel Fixtures (Continued)
  15. 15. April 18, 2019 PETCOKE WEEKLY www.platts.com www.twitter.com/PlattsCoal COAL Platts weekly spot price petcoke assessments, Apr 17 Origin Sulfur Platts symbol $/mt Change Americas FOB USGC High Sulfur 6.5% CPAAA00 63.00 +1.00 FOB USGC Mid Sulfur 4.5% CPAAF00 70.00 +1.00 FOB USWC Mid Sulfur 3.0% CPAAC00 84.00 +1.00 FOB USWC Low Sulfur 2.0% CPAGG00 97.00 +1.00 International CIF Turkey 5.0% CPAGH00 90.00 +2.00 CFR India West 6.5% CPAGJ00 92.00 +3.00 CFR India East 6.5% CPAGK00 93.00 +3.00 Monthly and quarterly averages for Platts petcoke assessments ($/mt) Product Sulfur Monthly code Mar-19 Feb-19 Jan-19 Quarterly code Q1-19 Q4-18 Americas FOB USGC High Sulfur 6.5% CPAAA03 63.13 61.13 60.10 CPAAA05 61.35 61.00 FOB USGC Mid Sulfur 4.5% CPAAF03 70.25 72.25 74.40 CPAAF05 72.46 77.69 FOB USWC Mid Sulfur 3.0% CPAAC03 78.00 74.75 91.00 CPAAC05 82.00 108.88 FOB USWC Low Sulfur 2.0% CPAGG03 96.00 94.50 107.60 CPAGG05 100.00 118.00 International CIF Turkey 5.0% CPAGH03 89.75 89.25 93.80 CPAGH05 91.15 104.06 CFR India West 6.5% CPAGJ03 96.25 94.25 93.80 CPAGJ05 94.69 97.65 CFR India East 6.5% CPAGK03 97.25 95.25 94.80 CPAGK05 95.69 98.65 USWEEKLYPETCOKEASSESSMENTS ($/mt) 50 100 150 200 Apr-19Feb-19Dec-18Oct-18Aug-18Jun-18Apr-18 USWC FOB Low Sulfur (2%) USWC FOB Mid Sulfur (3%) USGC FOB Mid Sulfur (4.5%) USGC FOB High Sulfur (6.5%) USGCMIDSULFURvsHIGHSULFURPETCOKESPREAD ($/mt) 5 10 15 20 Apr-19Feb-19Dec-18Oct-18Aug-18Jun-18Apr-18 Uptick in buying interest for US petcoke amid optimistic pricing outlook: sources ■■ Turkish markets expected to remain bearish ■■ Two petcoke cargoes supposedly quarantined in China Houston—Seaborne petcoke sentiment edged positive Wednesday with small pockets of buying activities heard from Indian cement companies, according to market sources. The overall desire of cement producers to buy is still low, but buyers in need of US petcoke are willing to pay mid-$90s/mt CFR India, a west India-based trader said. He reported an unconfirmed trade for US 7,500 kcal/kg NAR petcoke at $96/mt CFR India, but added that the fair value is at $92- $93/mt CFR India and trades should be repeatable at this level instead. A west India-based end-consumer pegged the fair value of US petcoke at $92-$93/mt CFR India. The Supramax freight rate from US Gulf Coast to east coast India remains largely unchanged week on week at $33/mt, according to S&P Global Platts data. Some cement companies are unable to procure Indian domestic petcoke despite an optimistic supply outlook, making an uptick in seaborne demand inevitable, said a west India-based trader. He heard unconfirmed trades for Saudi Arabian petcoke at $91- $92/mt CFR India, but added that its fair value is at $88-$89/mt CFR India. The demand outlook for US petcoke is positive and the main issue is still the availability of petcoke in the international market. “Seaborne prices could inch up in the near term,” said the west India-based trader. Separately, an Indian-based end-user said tight domestic supply has driven him to the seaborne market to procure material. A north India-based trader heard offers for US petcoke at $94/mt CFR India, while counter-bids were heard at $92-$93/mt CFR India. He said the fair value of Saudi Arabian petcoke was $90-$91/mt CFR India. A Singapore-based trader pegged the fair value of US petcoke at
  16. 16. 16 Thursday, April 18, 2019Coal Trader International © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. India fuel price comparison CV kcal/kg Platts symbol $/mt Coal CFR India East 5500 NAR CIECI00 70.35 Petcoke CFR India East 7500 NAR CPAGK00 93.00 Recent petcoke heards Date Product Sulfur % Price Details 17-Apr FOB USGC 6.5 63.00 INDICATION: 50,000 mt, May loading 17-Apr FOB USGC 4.5 70.00 INDICATION: 50,000 mt, May loading 17-Apr CIF Turkey 6.5 83.00 INDICATION: 50,000 mt, May loading 17-Apr CIF Turkey 5 90.00 INDICATION: 50,000 mt, May loading 17-Apr CFR China 8.5 88-89 INDICATION: 50,000 mt, May loading, Saudi origin 17-Apr CFR China 8.5 90-91 INDICATION: 50,000 mt, May loading, Saudi origin 17-Apr CFR India 6.5 92-94 INDICATION: 50,000 mt, May loading, USGC origin 17-Apr CFR India 6.5 92-93 INDICATION: 50,000 mt, May loading, USGC origin 10-Apr CFR India 6.5 mid-90s OFFER: 50,000 mt, USGC origin 10-Apr CFR India 6.5 89.00 INDICATION: 50,000 mt, USGC origin 10-Apr CFR China 8.5 85.00 TRADE: 50,000 mt, unknown loading, Saudi origin 10-Apr CFR Egypt 6 86.00 TRADE: 50,000 mt, May loading 3-Apr CFR India 6.5 85.00 BID: 50,000 mt, April loading, USGC origin 4-Apr CFR India 6.5 91-92 OFFER: 50,000 mt, April loading, USGC origin 3-Apr CFR India 8.5 90.00 OFFER: 50,000 mt, unknown loading, Saudi Arabia origin 2-Apr CFR India 6.5 91-92 OFFER: 50,000 mt, April loading 2-Apr CFR India 6.5 85-87 OFFER: 50,000 mt, May loading 1-Apr CIF Turkey 5.3 87.50 TRADE: 50,000 mt, April loading 27-Mar FOB USGC 6.5 62.00 TRADE: 50,000 mt, April loading; destination Bulgaria 27-Mar FOB Belgium 5.7 70.00 TRADE: 50,000 mt, April loading; destination Mediterranean 19-Mar FOB USGC 6.5-7 63.75 TRADE: 50,000 mt, March loading 6-Mar FOB USWC 1.5 102-103 TRADE: Unknown tons, April loading 6-Mar FOB USWC 2.6 94.50 TRADE: Unknown tons, April loading 6-Mar CFR India 6.5 99-100 OFFER: Unknown tons, April loading 6-Mar CFR East Coast India 6 96.50 TRADE: 55,000 tons, unknown loading 6-Mar CFR India 6 96.00 TRADE: Unknown tons, March loading 6-Mar CFR India 6 95.00 TRADE: Unknown tons, March loading 27-Feb FOB USGC 6.5 66.00 BID: Unknown tons, March loading 27-Feb CIF Turkey 6.5 low 80s TRADE: 45,000 mt, March loading 26-Feb FOB USWC less than 2 95.75 TRADE: 20,000 mt, April loading 13-Feb FOB USGC 5.5 72.00 TRADE: Unknown tons, February loading 13-Feb CIF Turkey 6 80.00 TRADE: 45,000 mt, February loading 6-Feb FOB USWC 2 96.00 OFFER: 50,000 mt, unknown loading 6-Feb CIF Turkey 6.5 80.00 OFFER: 50,000 mt, unknown loading 6-Feb CIF Turkey 5.7 86.00 OFFER: 50,000 mt, unknown loading 6-Feb CIF Egypt 5.5 94.00 OFFER: Unknown tons, unknown loading 6-Feb FOB USGC 6.5 low 60s OFFER: Unknown tons, March loading 5-Feb FOB USGC 6 61.00 TRADE: 50,000 mt, March loading 5-Feb FOB USWC 4.5 68.20 TRADE: 55,000 mt, March loading 4-Feb CFR India 6.5 91-92 TRADE: Unknown tons, unknown loading 30-Jan CIF Turkey 5.7 85.00 TRADE: 50,000 mt, unknown loading INDIAFUELPRICECOMPARISON 2.5 3.0 3.5 4.0 4.5 5.0 Apr-19Feb-19Dec-18Oct-18Aug-18Jun-18Apr-18 6.5% S Petcoke CFR India East CFR India East coal ($/MMBtu) $95-$96/mt CFR India, and Saudi Arabian petcoke at $90-$91/mt CFR India. International petcoke prices are still volatile, he said. Turkish markets expected to remain bearish Turkish petcoke markets through Q3 are expected to remain bearish as currency issues and political uncertainty continue to keep demand muted. Amid ongoing political uncertainty following the country’s March elections, the country’s currency has fallen to new lows and brought further instability, a European trade source said. “So far the elections did not bring any action,” the source said. “Nobody understands the results.” No tenders, bids or offers were heard, although trade sources noted potential for increased activity given rising demand from India. “Last year, petcoke prices were expensive compared to [Northern Appalachia and Illinois Basin],” a European trader said. “Now NAPP coal is not so cheap compared to petcoke. I think the price is coming down.”
  17. 17. 17 Thursday, April 18, 2019Coal Trader International © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. Europe fuel price comparison Type CV kcal/kg Platts symbol $/mt CIF Turkey Petcoke (cv-adjusted)* 6000 NAR CPAGL00 72.00 CIF Turkey Coal 6000 NAR CTCMT04 68.00 CIF ARA Coal 6000 NAR CSARM01 59.60 *Mid-sulfur (5.5%) 7,500 kcal/kg NAR petcoke adjusted to a 6,000 kcal/kg NAR pricing basis Shipping Rates Platts symbol Cargo Size Platts symbol $/mt (kt) USGC to Iskenderun, Turkey CIPHTSZ 50 CIPHT00 19.25 USGC to Krishnapatnam, East Coast India CUECISZ 50 CUECI00 33.00 USGC to Qingdao, North China CUGNCSZ 50 CUGNC00 34.00 Pacific fuel price comparison Type CV kcal/kg Platts symbol $/mt NEAT Coal Index Coal 5750 NAR JKTCA00 77.72 USWC FOB Mid Sulfur Petcoke 7500 NAR CPAAC00 84.00 Shipping Cargo Size (kt) Platts symbol $/mt Roberts Bank-Japan 75 CDRBK00 13.10 EUROPEFUELPRICECOMPARISON 2 3 4 5 Apr-19Feb-19Dec-18Oct-18Aug-18Jun-18Apr-18 CIF Turkey (petcoke) CIF Turkey (coal) ($/MMBtu) CIF ARA SHIPPING RATES 10 20 30 40 Apr-19Feb-19Dec-18Oct-18Aug-18Jun-18Apr-18 USGC to Krishnapatnam, East Coast India USGC to Iskenderun, Turkey USGC to Qingdao, North China ($/mt) PACIFICFUELPRICECOMPARISON 2 3 4 5 Apr-19Feb-19Dec-18Oct-18Aug-18Jun-18Apr-18 NEAT coal index ($/MMBtu) USWC FOB Mid Sulfur petcoke plus freight Whether that impacts the Turkish or greater Mediterranean market remains to be seen, sources said, as both coal and petcoke prices remain “completely unchanged” from last week. A Middle East trader also noted both mid-and-high sulfur petcoke markets were “very stable over the last couple of weeks.” Indications of value for CIF Turkey mid-sulfur and high-sulfur petcoke were heard at $90/mt and $83/mt, respectively, and FOB USGC prices were heard at $70/mt and $63/mt. Platts assessed the petcoke freight (Supramax basis) from New Orleans to Iskenderun, Turkey at $19.25/mt Wednesday, and assessed the CIF Turkey 5% sulfur petcoke price at $90/mt, up $2 from last week’s assessment, based on a survey of market participants. US market little changed There was little activity in the US market this week, and prices were largely unmoved, said sources “There’s not a lot going on,” said a US-based trader. Prices in the Gulf for high sulfur (6.5%) material were heard to be roughly $62-$63/ mt, while mid-sulfur (4%) prices were heard to be roughly $70/mt. Softening freight rates were also heard to be a factor, though Platts-assessed freight rates were little changed during the week. Market sources have reported spot supply is tight, which has helped support US FOB petcoke prices despite declining coal markets. Indian demand is also expected to pick up before the start of monsoon season. Elsewhere, the trader reported that his Asian colleagues have notified him of two discharged petcoke cargoes – one 9% cargo from Taiwan and one 4.5% cargo from the Philippines – at the Chinese port of Qinhuangdao, which have been quarantined as “noncompliant.” The trader could only speculate at the reason, but noted it had caused at least one buyer to back away from a deal until more clarity around the supposed quarantine is available. — Fred Wang in Singapore and Jeffrey McDonald in London FebruaryUSfuel-gradepetcokeexportstotal 3.3millionmt,up4.8%fromJanuary:Censusdata ■■ Exports through Houston/Galveston down 64% on month ■■ India petcoke imports increase 9.8% on month Houston—US fuel-grade petcoke exports totaled over 3.3 million mt in February, up 4.8% from January and up 1% from the year-ago month, US Census data said Wednesday. In the first two months of the year, fuel-grade exports were up 9.4% from the same period last year. Combined calcined and non-calcined petcoke exports totaled over 3.5 million mt, up 3.8% from the previous month and up 1.7% from the same period last year. Exports through New Orleans Census District totaled 974,146 mt in February, down 4.3% from January and up 25.5% from the year-ago month. Port Arthur exports totaled 881,793, down 39% from January and
  18. 18. 18 Thursday, April 18, 2019Coal Trader International © 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. USGCHSFO(3.5%SULFUR)vsDATEDBRENTSPREAD When High Sulfur Fuel Oil is 85-90% of Dated Brent, refiners are more likely to sell it into other markets, potentially lowering petcoke production. 90 95 100 105 17-Apr10-Apr03-Apr27-Mar20-Mar13-Mar06-Mar27-Feb (%) LIGHT(LLS)HEAVY SPREADS WCS (Nederland) Maya -15 -10 -5 0 Apr-19Feb-19Dec-18Oct-18Aug-18Jun-18Apr-18 Note: Petcoke production is likely to contract when the spread to light crude (LLS) narrows. ($/b) up 66% from last February. Through Houston/Galveston exports totaled 737,541 mt, down about 64% from the previous month and down 21.1% from the year- ago month. India was the largest importer of fuel-grade petcoke in February, taking 999,213 mt, up 9.8% from January and up about 197% from the year-ago month. Turkey followed, importing 347,758 mt, up 23% from the previous month and down 23.4% from the year-ago month. Japan imported third most this February, with 324,954 mt, down 25% from January and down 1.4% from last February. — Olivia Kalb
  19. 19. COALTRADERINTERNATIONAL ANALYTICS ANALYTICS REPORT CIF ARA coal prices slid further this week, as European gas prices dipped again following last week's rebound, which was due to lower gas production flowing from Norway. While stockpiles at ARA ports were drawn down for the week ended April 15, stockpiles at the three coal terminals remain more than 75% higher Y/Y. High stockpiles and reports of Russian coal that is well-offered in Europe kept downward pressure on CIF ARA prices and with little upside for coal demand this summer, we expect gains in CIF ARA to be limited. Pacific Basin coal prices ticked slightly higher over the last week, but fundamental data continued to point to a loosening supply/demand balance in the region. South Korean and Taiwanese imports came in weaker on a M/M and Y/Y basis in March and February, respectively, slumping to lows not seen since 2012 on the back of mild winter weather in Northeast Asia. Furthermore, Chinese coal demand growth in March was seen to weaken from the average growth rate over the last year. SCHEDULED EXPORTS FROM KALIMANTAN BY DESTINATION ('000 mt) 06-Apr 07-Apr 08-Apr 09-Apr 10-Apr 11-Apr 12-Apr Week Total WoW Change CHINA 180 346 131 274 118 200 455 1,703 520 INDIA 205 368 209 313 74 0 0 1,169 324 INDONESIA 58 88 38 26 67 50 597 924 533 SPAIN 0 164 0 0 0 0 0 164 164 MALAYSIA 0 73 75 0 0 0 0 149 149 VIETNAM 54 0 0 0 31 0 0 85 30 TOTAL 573 1,039 509 613 290 250 1,167 4,441 1,479 ASIA Source: PT Indo Dharma Transport Does not include Tanjung Bara Coal Terminal QINHUANGDAO STOCKPILES ('000 mt)GUANGZHOUSTOCKPILES('000mt) TOP DEPARTURE DESTINATIONS FROM KALIMANTAN, INDONESIA ('000 mt) SCHEDULED EXPORTS FROM KALIMANTAN, INDONESIA ('000 mt) CHINA STOCKPILES ('000 mt) Port 11-Apr 12-Apr 13-Apr 14-Apr 15-Apr 16-Apr 17-Apr MoM Change YoY Change Qinhuangdao 6,420 6,440 6,440 6,440 6,400 6,355 0 0 0 Guangzhou 2,380 2,364 2,364 2,364 2,521 2,462 0 0 0 TOTAL 8,800 8,804 8,804 8,804 8,921 8,817 0 0 -8,711 Thursday, April 18, 2019
  20. 20. COAL TRADER INTERNATIONAL 2© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. INDIA COAL IMPORTS BY TYPE ('000 mt)INDIA COAL IMPORTS/ARRIVALS ('000 mt) INDIATOPRECEIVERS('000mt) INDIACOALIMPORTSBYTYPE('000mt) 07-Apr 08-Apr 09-Apr 10-Apr 11-Apr 12-Apr 13-Apr Week Total YoY Change Anthracite 0 0 11 0 0 0 0 11 0 Coking Coal 85 97 72 81 120 47 191 692 -10 Petcoke 0 109 0 49 0 79 0 237 0 Steam Coal 682 649 616 525 775 567 120 3,935 -376 TOTAL 767 855 699 655 895 693 311 4,875 -386 SCHEDULEDEXPORTSFROMAUSTRALIABYPORT/COALTERMINAL('000mt) Port 16-Apr 17-Apr 18-Apr 19-Apr 20-Apr 21-Apr 22-Apr Week Total WoW Change ABBOT POINT 0 0 88.08 168.182 0 0 0 256 -79 BRISBANE 0 0 0 0 0 59 0 59 -124 GLADSTONE 245.26 0 625.948 0 60 0 0 931 -145 HAY POINT & DBCT 234.794 502.686 150.63 454.129 403.301 629.662 437.11 2,812 482 NEWCASTLE 647.142 399.86 646.509 554.542 426.252 834.655 608.31 4,117 1,288 PORT KEMBLA 0 85 77 0 75 0 16 253 178 TOTAL 1,127.196 987.546 1,588.167 1,176.853 964.553 1,523.317 1,061.42 8,429 1,600 AUSTRALIA ASIA CONTINUED
  21. 21. COAL TRADER INTERNATIONAL 3© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. OBA AMSTERDAM STOCKPILES ('000 mt)EMO ROTTERDAM STOCKPILES ('000 mt) OVET VLISSINGEN STOCKPILES ('000 mt) ATLANTICMARKETSTOCKPILES('000mt) 18-Mar 25-Mar 01-Apr 08-Apr 15-Apr WoW Change YoY Change EMO Rotterdam 3,600 3,700 4,100 3,900 3,700 -200 1,500 OBA Amsterdam 1,950 1,950 2,100 2,500 2,200 -300 1,050 OVET Vlissingen 625 640 740 690 560 -130 240 Total Stocks 6,175 6,290 6,940 7,090 6,460 -630 2,790 EUROPE
  22. 22. COAL TRADER INTERNATIONAL 4© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. WEATHERFORECAST Supply Center 19-Apr 20-Apr 21-Apr 22-Apr 23-Apr 24-Apr 25-Apr AUSTRALIA - New South Wales High Temperatures 24.6 24.7 24 22.6 22 21.8 21 Low Temperatures 13.7 13.6 13.2 12.5 11.5 11 10.5 Precipitation 0.005 0.006 0.009 0.01 0.005 0.003 0.004 AUSTRALIA - Queensland High Temperatures 29 28.9 29.2 29.2 29.1 29.3 29.1 Low Temperatures 20.4 20.5 20.6 20.8 20.7 20.6 20.5 Precipitation 0.006 0.006 0.002 0.005 0.009 0.006 0.008 COLOMBIA - La Guajira High Temperatures 31.7 31.4 31.3 31.2 31.1 31.2 31.3 Low Temperatures 26.8 26.9 26.8 26.9 26.8 26.8 26.8 Precipitation 0.009 0.011 0.009 0.006 0.007 0.007 0.011 INDONESIA - Kalimantan High Temperatures 31.6 31.8 31.8 32 31.7 31.6 31.6 Low Temperatures 25 25 25 25.1 25 24.9 25 Precipitation 0.031 0.023 0.027 0.033 0.036 0.029 0.03 NORTH CHINA High Temperatures 22.3 22.4 22.4 23.2 23.7 24 23.5 Low Temperatures 12.8 12.6 13 13.3 13.6 13.9 13.7 Precipitation 0.009 0.015 0.019 0.012 0.008 0.004 0.012 RUSSIA EAST High Temperatures 10.7 11.7 12 12.5 12.3 11.9 11.9 Low Temperatures 1.3 2.1 2.2 2.8 3.8 3.3 3.2 Precipitation 0.006 0.007 0.004 0.003 0.009 0.007 0.007 RUSSIA WEST High Temperatures 5.4 6.4 7.3 7 8.2 8.7 8.2 Low Temperatures -0.1 1.2 2 1.9 2.7 3 2.2 Precipitation 0.009 0.011 0.012 0.007 0.009 0.007 0.007 WEATHER TEMPERATURES/HDD/CDD Demand Center 19-Apr 20-Apr 21-Apr 22-Apr 23-Apr 24-Apr 25-Apr CHINA SOUTH High Temperatures 27 27 28 28 28 29 29 Low Temperatures 22 23 23 23 23 24 24 HDD 0 0 0 0 0 0 0 CDD 11 12 12 13 13 13 14 INDIA EAST High Temperatures 36 36 36 37 37 38 38 Low Temperatures 28 28 28 28 28 29 29 HDD 0 0 0 0 0 0 0 CDD 24 24 24 25 26 26 26 INDIA NORTH High Temperatures 36 38 39 39 40 40 40 Low Temperatures 26 26 27 28 28 29 29 HDD 0 0 0 0 0 0 0 CDD 22 24 26 27 28 28 29 INDIA WEST High Temperatures 35 34 34 35 35 34 34 Low Temperatures 27 28 27 27 28 28 27 HDD 0 0 0 0 0 0 0 CDD 22 22 21 22 23 22 22 NORTH WEST EUROPE High Temperatures 17 17 17 17 17 17 17 Low Temperatures 8 9 9 9 9 9 9 HDD 10 10 9 9 9 9 9 CDD 0 0 0 0 0 0 0 This report is based on data that S&P Global Platts Analytics considers reliable at the time it is distributed, but S&P Global Platts Analytics does not represent it is accurate or complete, and it should not be relied on as such. Assumptions, estimates and opinions expressed in the report constitute S&P Global Platts Analytics' judgment as of the date the report is distributed, and they are subject to change without notice. S&P Global Platts Analytics disclaims any responsibility or liability to the fullest extent permitted by applicable law, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of the report in any way. This report does not constitute the provision of investment advice.

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