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Low-CV Indonesian coal prices steady to softer

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Source: Google, July 11, 2019

Bids and offers for low-calorific value (CV) Indonesian coal were little changed again, although details began to emerge of deals that may have been concluded at lower prices than similar transactions last week.



Spot deals involving August-loading geared Supramax cargoes of GAR 4,200 kcal/kg coal were possibly done at around $35-35.30/t. This is lower compared with two geared supramaxes for cross-month end-July/early-August loading and only August loading that both traded last week at $36/t.



Bids and offers held relatively steady today, with bids for August-loading GAR 4,200 kcal/kg Supramax cargoes in a $35-35.75/t range and most offers at around $36/t. Some producers with the capacity to stockpile coal were still offering at the higher price of $36.50/t, although market participants said this price is unlikely to be achieved now that two recent large Chinese utility tenders have been awarded.



The ICI 4 derivatives market was also quiet, with bids and offers holding relatively steady compared with yesterday. July contracts were bid at $35.65-35.75/t and offered at $36-36.10/t with different Singapore-based brokers. August contracts were bid at $35/t and offered at $35.50/t, while fourth-quarter 2019 contracts were bid at $34.80/t and offered at $35.25/t. In terms of intermonth spreads, August was bid flat to September but offered at a 65¢/t premium.



The high-ash Australian thermal coal market appeared to be firming today, potentially on tighter supply following a mine closure. Switzerland-based mining and trading firm Glencore closed its 6mn t/yr Collinsville thermal coal mine on 7 July following an accident at its handling and preparation plant.



Suppliers were heard offering Australian high-ash product at $53.50-55/t fob Newcastle for August-loading Capesize cargoes of NAR 5,500 kcal/kg coal. That compares with a deal done yesterday for a 60,000t September-loading cargo of NAR 5,500 kcal/kg coal at $53/t fob Newcastle.



But bids were still sparse as some buyers remain concerned about potential delays or blockages during Chinese customs clearance, with at least some Chinese ports heard to be running low on their import quotas for the rest of the year.



In the China domestic market, spot coal prices continued sliding despite coal consumption at the six major coastal power plants increasing by 36,700 t/d to 634,100 t/d as of 9 July.



Trading in the spot market was limited as notional selling ideas for imported NAR 5,500 kcal/kg were close to around 650 yuan/t but buying interest was some Yn10-20/t lower.



Panamax freight rates for vessels loading at Qinhuangdao and discharging at south China's Guangzhou are at around Yn25/t, indicating delivered prices to Guangzhou are around Yn662/t, including the port fee of around Yn30/t.



The actively traded September thermal coal futures contract on the ZCE closed at Yn581.80/t today, down by Yn1.2/t on the day.

News Source: Argus Media

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