COAL TRADER INTERNATIONAL
Volume 20 / Issue 16 / Thursday, January 23, 2020
Indonesian thermal coal sentiment turns soft
on withering seaborne demand
■■Indian power plant stockpiles up 4.7% on week
■■Japanese spot demand remains tepid
■■Qinhuangdao offers stable
Singapore—Indonesian thermal coal prices were flat to lower
Thursday, despite persistent supply tightness, as Chinese buyers
exited for a week-long holiday, sources said.
Trading activities were muted amid a dearth of demand from
Chinese power utilities, said a South China-based trader.
The number of offers in the seaborne market have dipped as well
(continued on page 8)
News Headlines
European thermal coal markets at odds with strength
of the broader energy mix
■■Germany’s coal exit continues to slow coal growth
■■Coal-gas switching to be ‘consistent’ in 2020
South Africa’s Richards Bay says 2019 coal exports
fall to 72.15 mil mt
■■Target for 2020 set at 77 million mt
■■Bad weather, Indian monsoon behind drop in volumes
Anglo American 2019 coal production hits
60.69 million mt
■■Thermal coal production down 13% at 37.84 million mt
■■Met coal up 5% at 22.85 million mt
Daily prompt physical thermal coal assessments, Jan 23
CV (kcal/kg) Window Platts symbol $/mt Chg
Atlantic Basin
Europe
CIF ARA 6,000 NAR 15-60 day CSARM01 47.40 -0.20
European Blended Price (EBP) 6,000 NAR 15-60 day TEBPA00 53.85 0.00
EBP/CIF ARA Differential 6,000 NAR 15-60 day TEBPB00 6.45 +0.20
South Africa
FOB Richards Bay 5,500 NAR 7-45 day AAXEX00 63.65 +0.50
US
FOB USEC Baltimore 3% sulfur 6,900 NAR 15-60 day CUATB04 60.00 0.00
FOB USEC Hampton Roads 1% sulfur 6,000 NAR 15-60 day CUAEA04 82.25 0.00
FOB USGC New Orleans 3% sulfur 6,000 NAR 15-60 day CUAFA04 42.00 0.00
Normalized
FOB USEC Baltimore 3% sulfur 6,000 NAR 15-60 day CUADA04 52.17 0.00
Asia-Pacific
Southeast Asia
Platts SEAT 4,200 GAR 15-60 day CSEAA00 42.55 -0.10
Northeast Asia
NEAT Coal Index 5,750 NAR 15-60 day JKTCA00 73.82 +0.05
Australia
FOB Newcastle 20% Ash 5,500 NAR 7-45 day AAVUW00 56.50 +0.05
FOB Newcastle 23% Ash 5,500 NAR 7-45 day AAVVB00 55.05 +0.05
FOB Newcastle Ash Differential AAVVA00 0.48
Indonesia
FOB Kalimantan (Geared Supramax) 4,200 GAR 7-45 day CSBKI00 36.00 +0.05
FOB Kalimantan (Geared Supramax) 3,800 GAR 7-45 day CSCKJ00 29.45 0.00
FOB Kalimantan (Geared Supramax) 5,900 GAR 90-day CSAKH00 60.40 -0.10
FOB Kalimantan (Geared Supramax) 5,000 GAR 90-day CSAKI00 50.45 -0.40
Kalimantan Floating Crane AKFCA00 0.75
India
CFR India West (Gearless Panamax) 5,500 NAR 30-60 day CIWCI00 76.00 +0.15
CFR India West (Gearless Panamax)
CFR India West (Gearless Panamax)
5,000 GAR
4,200 GAR
30-60 day TCAKP00 58.70 -0.40
30-60 day TCAKT00 44.25 +0.05
CFR India West (Geared Supramax) 3,800 GAR 30-60 day TCAKR00 39.40 -0.15
CFR India East (Gearless Panamax) 5,500 NAR 30-60 day CIECI00 76.30 +0.15
CFR India East (Gearless Panamax) 5,000 GAR 30-60 day TCAKJ00 57.70 -0.40
CFR India East (Gearless Panamax) 4,200 GAR 30-60 day TCAKU00 43.25 +0.05
FOB NEWCASTLE vs FOB RICHARDS BAY BASIS 5,500 kcal/kg CFR India East (Geared Supramax) 3,800 GAR 30-60 day TCAKS00 37.50 -0.15

($/mt) CV (kcal/kg) Window Platts symbol $/mt Chg

80 China
PCC 1 (FOB Qinhuangdao) 5,500 NAR 7-45 day PCCQH00 81.11* -0.32
PCC 2 (FOB Qinhuangdao) 5,000 NAR 7-45 day PCCPN00 72.27* -0.29
70 PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPQ00 42.25 +0.05
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPP00 56.70 -0.40
Newcastle PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSC00 64.45 -0.15
60 Richards Yuan/mt
Bay
PCC 1 (FOB Qinhuangdao) 5,500 NAR 7-45 day PCCQG00 560.00* 0.00
PCC 2 (FOB Qinhuangdao) 5,000 NAR 7-45 day PCCPM00 499.00* 0.00
50 PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPR00 291.72 +1.51
PCC 6 (VAT included) 3,800 NAR 30-60 day PCCPS00 329.64 +1.70
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPO00 391.49 -1.19
40 PCC 7 (VAT included) 4,700 NAR 30-60 day PCCFB00 442.38 -1.35
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSD00 445.00 +0.74
Source: S&P Global Platts PCC 8 (Duty & VAT included) 5,500 NAR 15-60 day PCCFA00 502.85 +0.84
*Includes VAT.

www.platts.com www.twitter.com/PlattsCoal
Coal Trader International Thursday, January 23, 2020

European thermal coal markets at odds with Weekly prompt physical thermal coal prices, Jan 17
Code Kcal/kg Basis Sulfur $/mt Change
strength of the broader energy mix CIF Med 75kt CTCMT04 6,000 NAR 0.8% 64.95 +0.20
CIF Med 45kt CTCMA04 6,000 NAR 0.8% 65.55 +0.55
■■Germany’s coal exit continues to slow coal growth FOB Colombia CSABZ00 6,000 NAR 0.8% 50.25 -1.00
FOB Russia Baltic CSAKC00 6,000 NAR 0.5% 46.75 +1.00
■■Coal-gas switching to be ‘consistent’ in 2020
FOB Russia Pacific CSAKG00
6,300 GAR 0.3% 70.00 +1.50

London—The European thermal coal markets continued to lag behind

the wider energy mix Thursday, with market sources attributing the
weaker market to bearish fundamentals.
“Carbon is bullish with [Germany’s coal cancellations], but we’ll see
for how long that will last. Coal is also influenced by the GDP growth of
china, which has slowed down,” a Germany-based power trader said.
Market participants have also indicated that a tumbling gas price
has also been a main driver for the low demand for coal as coal to gas
switching, which was at unparalleled levels last year, have been
constant in 2020 due to the “above average” temperatures over the
winter period that have kept gas storage at abundant levels.
The shift towards greater gas use and away from coal has been
driven by a comparatively sharper fall in European gas prices over the
past few months.
Coal stock piles remained extremely high on week at Dutch
terminals EMO Rotterdam, OBA Amsterdam and OVET Vlissingen,
measuring 6.13 million mt, down a mere 0.33% on week and 2.08% on
year. Sources anticipate limited movement over the coming months as
gas prices are predicted to remain low so the “foreseeable future.”
S&P Global Platts assessed the CIF ARA 6,000 kcal/kg NAR physical
price at $47.40/mt, down 20 cents on day. A bid and offer were heard
for March delivery at $47.10/mt and $47.90/mt, respectively.
In the financial market, futures opened 45 cents higher than
yesterdays close, before dropping off for the majority of the day.
Remaining pretty balanced for the bulk of the day before minimally
Platts physical thermal coal netbacks, Jan 23
Code CV Basis Sulfur $/mt Chg
(kcal/kg)
Coal ($/mt)
CIF ARA CSARM01 6,000 NAR 1.0% 47.40 -0.20
NEAT Coal Index JKTCA00 5,750 NAR 1.0% 73.82 +0.05
CFR India West CIWCI00 5,500 NAR 0.8% 76.00 +0.15
Panamax Freight ($/mt)
USEC-Rotterdam CDBUR00 10.25 -0.25
Mobile-Rotterdam CDMAR00 13.00 -0.25
Roberts Bank-Japan CDRBK00 13.20 0.00
Richards Bay-India West CSAKL00 12.85 0.00
Penalties & Premia ($/mt)
Per 0.1% Sulfur (USGC) COPAP00 0.00 0.00
Total S discount (USGC) COPBP00 0.00 0.00
Netbacks ($/st)
FOB US East Coast* COUSC00 12,500 GAR 1.0% 37.45 +0.05
FOB US Gulf Coast* COUGU00 11,500 GAR 2.9% 31.78 +0.04
FOB Vancouver* COVCU00 8,800 GAR 0.8% 44.10 +0.04
Netbacks ($/mt)
FOB Richards Bay CSEUW00 6,000 NAR 0.8% 71.77 +0.16
* CV = Btu/lb
inclining for the last few hours of trading. The Cal-21 contract was
trading within a narrow intraday range of $1.10/mt via the
Intercontinental Exchange.
S&P Global Platts assessed the CIF ARA year-ahead Cal-21 contract
at $60.55/mt, up 45 cents from Wednesday, after trading within an

GLOBAL COAL PHYSICAL PRICE SNAPSHOT, JANUARY 23

$/mt, kcal/kg)

FOB Baltic Russia 6,000 NAR* 46.75

CIF ARA 6,000 NAR 47.40

European Blended Price 6,000 NAR 53.85
FOB Baltimore 6,000 NAR 52.17
FOB Hampton Roads 6,000 NAR 82.25 CIF Med 75kt 6,000 NAR* 64.95
NEAT Coal Index 5,750 NAR 73.82
FOB New Orleans 6,000 NAR 42.00 CIF Med 45kt 6,000 NAR* 65.55
FOB Long Beach 6,000 NAR 76.01 PCC 1 (FOB Qinhuangdao) 5,500 NAR 81.11
FOB Oakland 6,000 NAR 73.75 CFR India East 5,500 NAR 76.30
PCC 8 (CFR South China) 5,500 NAR 64.45
FOB Vancouver 5,000 NAR CFR India West 5,500 NAR 76.00
48.41
CFR India East 4,200 GAR 43.25
CFR India West 4,200 GAR 44.25 Platts SEAT 4,200 GAR 42.55

FOB Colombia 6,000 NAR* 50.25

FOB Kalimantan 4,200 GAR 36.00

FOB Richards Bay 5,500 NAR 63.65 FOB Newcastle 5,500 NAR 56.50
FOB Richards Bay 6,000 NAR 71.77

* Weekly price, assessed Fridays

Source: S&P Global Platts

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
Coal Trader International Thursday, January 23, 2020
intraday range of $59.50/mt and $60.60/mt via the ICE.
South African stockpiles start to ease
Stockpiles at Richards Bay Coal Terminal were slowly recovering
from the multi-year low levels which had added support to the high
export prices.
Stocks were heard at 2.9 million mt on Thursday, slightly recovered
from 2.7 million mt a week earlier, although still well below the
terminal’s preferred operational range of 3-4 million mt.
RBCTs coal exports fell to a five-year low to 72.15 million mt in 2019,
according to customs data. 91% of which were exported to Asia, while
3% went to Europe.
Discounts from the futures market to the physical export prices
were flat across the board from Wednesday, with the discount for
5,500 kcal/kg NAR material heard at $10.50/mt.
Platts FOB Richards Bay 5,500 kcal/kg NAR price was assessed at
$63.65/mt, up 50 cents on the day.
— Sarah Matthews, Joseph Clarke
South Africa’s Richards Bay says 2019 coal
exports fall to 72.15 mil mt
■■Target for 2020 set at 77 million mt
■■Bad weather, Indian monsoon behind drop in volumes
London—Richards Bay Coal Terminal exported 72.15 million mt of coal in
2019, down from 73.47 million mt a year ago, the terminal said Wednesday.
The terminal, which handles the vast majority of all South African
COAL TRADER INTERNATIONAL
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Spot dry bulk freight assessments, Jan 23
Platts symbol $/mt Chg
Capesize
Australia-China CDANC00 7.65 -0.10
Queensland-Japan CIGAJ00 7.55 -0.15
New South Wales-Korea CINAK00 9.60 -0.15
Bolivar-Rotterdam CIBCR00 9.30 -0.40
Roberts Bank-Japan CDRKJ00 10.40 -0.10
Richards Bay-Rotterdam CIRBN00 6.80 -0.10
Panamax
Richards Bay-India West CSAKL00
12.85 0.00
Kalimantan-India West CSAKP00 7.50 0.00
Richards Bay-India East CSAKN00
13.00 0.00
Kalimantan-India East CSAKR00 6.00 0.00
Ventspils-Rotterdam CILTN00 6.50 0.00
USEC-India CDBUI00 26.75 -0.50
USEC-Rotterdam CDBUR00 10.25 -0.25
Mobile-Rotterdam CDMAR00 13.00 -0.25
Roberts Bank-Japan CDRBK00 13.20 0.00
Australia-China CDBFA00 11.80 0.00
Australia-India CDBFAI0 13.00 0.00
Supramax
Richards Bay-Port Qasim CRBPB00 13.55 +0.10
South Kalimantan-Krishnapatnam CISKK00 8.05 -0.15
coal exports, will keep its export target for the current year at 77 million
mt, having exported a record 76.47 million mt in 2017 and well below
the terminal’s capacity of 91 million mt.
The decline in volume is far from surprising, as 2019 was a
challenging year for the seaborne thermal coal market, beset by falling
demand in the Atlantic Basin, which ultimately saw prices across the
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Coal Trader International Thursday, January 23, 2020

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
23-Jan Bid CIF ARA 6000 NAR $47.1 50,000 March Braemar
23-Jan Offer CIF ARA 6000 NAR $47.9 50,000 March Braemar
23-Jan Offer FOB Richards Bay 6000 NAR $85 50,000 March globalCOAL
23-Jan Bid FOB Richards Bay 6000 NAR $78 50,000 March globalCOAL
23-Jan Bid FOB Richards Bay 6000 NAR $86 50,000 February globalCOAL
23-Jan Offer CIF ARA 6000 NAR $48.1 50,000 March globalCOAL
23-Jan Bid CFR India 4200 GAR $44-45 55,000 February Trader Supramax, Indonesian origin
23-Jan Indication CFR India 6000 NAR $70 130,000 February Trader Capesize, Colombian origin
23-Jan Offer CFR India 6000 NAR $70-75 75,000 February Trader Panamax, Russian origin
23-Jan Bid/Offer FOB Kalimantan 4200 GAR $35.50 vs 36 55,000 February Trader Supramax
23-Jan Offer FOB Kalimantan 4200 GAR $36.25-36.50 55,000 February Trader Supramax
23-Jan Bid FOB Kalimantan 4200 GAR $34.75 55,000 February Trader Supramax
23-Jan Offer FOB Kalimantan 5000 GAR $50-50.50 55,000 February Trader Supramax
23-Jan Bid FOB Kalimantan 5000 GAR $47.75 55,000 February Trader Supramax
23-Jan Bid/Offer FOB Newcastle 5500 NAR $55 vs 57 130,000 February Market Capesize
23-Jan Bid FOB Kalimantan 3800 NAR $35.5 55,000 February Market Supramax
23-Jan Bid/Offer FOB Kalimantan 3800 NAR $35.5 vs 36.3 55,000 February Trader Supramax
23-Jan Indication FOB Newcastle 6000 NAR $63-64 130,000 February Trader Capesize
23-Jan Indication FOB Newcastle 6000 NAR $65-68 130,000 March Trader Capesize
23-Jan Offer FOB Newcastle 6000 NAR $68-70 130,000 March Trader Capesize
23-Jan Bid FOB Kalimantan 3800 NAR $36 55,000 February Trader Supramax
23-Jan Bid FOB Kalimantan 3800 NAR $35.5-36 55,000 February Trader Supramax
23-Jan Offer FOB Qinhuangdao 5500 NAR Yuan561 Unknown Spot cargo Trader
23-Jan Offer FOB Qinhuangdao 5000 NAR Yuan502 Unknown Spot cargo Trader
22-Jan Bid CIF ARA 6000 NAR $42 50,000 March globalCOAL
22-Jan Trade FOB Richards Bay 6000 NAR $87 50,000 February globalCOAL
22-Jan Bid FOB Richards Bay 6000 NAR $78 50,000 March globalCOAL
22-Jan Offer FOB Richards Bay 6000 NAR $85 50,000 March globalCOAL
22-Jan Bid CIF ARA 6000 NAR $47.25 50,000 March Braemar
22-Jan Offer CIF ARA 6000 NAR $48.25 50,000 March Braemar
22-Jan Bid FOB Richards Bay 6000 NAR $87 50,000 February globalCOAL
22-Jan Indication FOB Baltimore 6900 NAR $62 Unknown March Broker
22-Jan Indication FOB Baltimore 6900 NAR $58.12 Unknown March Broker
22-Jan Indication FOB NOLA 6000 NAR $43 Unknown March Broker
22-Jan Indication FOB NOLA 6000 NAR $40.95 Unknown March Broker
22-Jan Offer CFR Ko Sichang 5000 GAR $57 55,000 February Trader Supramax
22-Jan Offer FOB Sumatra 4100 GAR $35 55,000 mid-February Trader Geared vessel
22-Jan Bid/Offer FOB Kalimantan 4200 GAR $35.50-35.75 vs 36.50 55,000 February Trader Supramax
22-Jan Bid FOB Kalimantan 4200 GAR $34 55,000 February Trader Supramax
22-Jan Bid FOB Kalimantan 4200 GAR $34 55,000 February Trader Supramax
22-Jan Bid FOB Kalimantan 4200 GAR $35.9 55,000 February Trader Supramax
22-Jan Bid/Offer FOB Kalimantan 3800 NAR $35.5 vs 36.3 55,000 1H February Trader Supramax
22-Jan Bid FOB Newcastle 5500 NAR $55 130,000 February Trader Capesize
22-Jan Offer FOB Newcastle 5500 NAR $55 130,000 mid-February Trader Capesize
22-Jan Offer FOB Kalimantan 3800 NAR $36 55,000 2H February Trader Supramax, 0.60%-0.80% S
22-Jan Offer FOB Kalimantan 3400 NAR $29.5-30 55,000 1H February Trader Supramax
22-Jan Bid/Offer FOB Newcastle 5500 NAR $54 vs 55 130,000 mid-February Trader Capesize
22-Jan Offer FOB Kalimantan 3750 NAR $36 55,000 2H February Trader Supramax
22-Jan Bid FOB Newcastle 5500 NAR $55 130,000 February Trader Capesize
22-Jan Offer FOB Qinhuangdao 5500 NAR Yuan561 Unknown Spot cargo Trader
22-Jan Offer FOB Qinhuangdao 5000 NAR Yuan502 Unknown Spot cargo Trader
21-Jan Trade CIF ARA 6000 NAR $47.25 50,000 March Braemar
21-Jan Bid CIF ARA 6000 NAR $47.25 50,000 March Braemar
21-Jan Offer CIF ARA 6000 NAR $47.5 50,000 March Braemar
21-Jan Offer CIF ARA 6000 NAR $49.25 50,000 March globalCOAL

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 4
Coal Trader International Thursday, January 23, 2020
world touch multi-year lows.
S&P Global Platts FOB Richards Bay 5,500 kcal/kg NAR price — one
of the most common export grades — averaged $55.67/mt in 2019,
down from $78/mt averaged in 2018 and the lowest yearly average
since 2016’s $53.04/mt.
Another trend which was prevalent throughout the year was the
increasing importance of India and Pakistan to South African exports.
The terminal said the two countries took 53.65 million mt, or 74%
of the total. The terminal said 91% of all exports were to Asia, up from
82% last year, with 6% going to Africa and just 3% to Europe.
An increase in bad weather conditions, which can delay or even
suspend ship loading, was mentioned compared to previous years, and
perhaps more importantly the increasing dependence on South Asia
meant the timing of the monsoon season in India was increasingly
critical to the terminal’s operations.
— Joseph Clarke
Anglo American 2019 coal production hits
60.69 million mt
■■Thermal coal production down 13% at 37.84 million mt
■■Met coal up 5% at 22.85 million mt
London—Anglo American produced 60.69 million mt of coal in 2019,
down 7% year on year, the miner said Thursday.
This production was split between 37.84 million mt of thermal coal,
down 13% year on year, and 22.85 million mt of metallurgical coal, up
5% year on year.
Of the thermal coal production, 27.8 million mt was for the export
market from Anglo’s operations in South Africa, Colombia and
Australia, with the remaining 10 million mt for the domestic South
African market.
Thermal coal production from Anglo’s Australian operations was
essentially flat at 1.4 million mt, but its larger production in South Africa
declined to 27.8 million mt, down 4.3 million mt year on year.
The drop in thermal coal production comes at a time where the
seaborne market is expecting some form of supply-side rationalization
to combat declining global demand, and major miners such as Anglo
face pressure to divest coal assets.
Attributable Colombian coal production from the Cerrejon mine —
where Anglo has a joint share with BHP and Glencore — was 8.6
million, down 1.6 million mt year on year.
S&P Global Platts Analytics believes Colombian coal exporters will
face challenges this year in a low export price environment and poor
European coal demand. Platts forecasts Colombian coal exports this
year to fall 6.1 million mt year on year to 70.4 million mt.
Met coal
Anglo produced 22.85 million mt of metallurgical coal, entirely from
Australia, in 2019, up 5% year on year.
Anglo said its Australian Dawson coal mine produced 223,000 mt
of thermal coal, down 30% year on year, while its metallurgical coal
production was 843,000 mt, down 26% year on year.
© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Thermal coal forward curves, Jan 23
Bid Ask Midpoint* Platts symbol Change* % Change
CIF ARA 6,000 NAR
Feb-20 49.95 50.25 50.10 CSAM001 +0.75 +1.52
Mar-20 50.75 51.05 50.90 CSAM002 +1.05 +2.11
Q2-20 51.75 52.05 51.90 CSAQ001 +0.80 +1.57
Q3-20 53.70 54.00 53.85 CSAQ002 -0.10 -0.19
Q4-20 56.15 56.45 56.30 CSAQ003 -0.05 -0.09
Q1-21 58.15 58.45 58.30 CSAQ004 +0.45 +0.78
2021 60.40 60.70 60.55 CSAY001 +0.45 +0.75
2022 65.45 65.75 65.60 CSAY002 +0.55 +0.85
2023 69.00 69.30 69.15 CSAY003 +0.50 +0.73
*Fields are calculated.
Platts Coal Switching Price Indicator (CSPI)
Platts UK Platts UK Platts Netherlands
January 22, 2020 symbol (p/th) symbol (Eur/MWh) symbol (Eur/MWh)
Month ahead EUKVM00 57.11 EUKTM00 23.09 EDUTM00 14.02
Quarter ahead EUKVQ00 57.90 EUKTQ00 23.41 EDUTQ00 14.30
Year ahead EUKVY00 NA EUKTY00 NA EDUTY00 15.80
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, Jan 22
Platts 35% Platts 45% Platts 35%
symbol efficiency symbol efficiency symbol efficiency
CPS*
Germany (Eur/MWh)
Month ahead CCGTM00 -7.37 CCGUM00 2.08
Month ahead+1 CCGTM27 -7.58 CCGUM27 1.91
Quarter ahead CCGTQ00 -8.43 CCGUQ00 1.17
Quarter ahead+1 CCGTQ27 -6.65 CCGUQ27 3.18
Year ahead CCGTY00 -3.63 CCGUY00 6.74
Year ahead+1 CCGTY27 -2.73 CCGUY27 8.12
Year ahead+2 CCGTY28 -1.94 CCGUY28 9.20
UK (GBP/MWh)
Month ahead CCUZM00 0.79 CCHZM00
-16.72
Month ahead+1 CCUZM27 -0.31 CCHZM27
-17.83
Quarter ahead CCUZQ00 -0.70 CCHZQ00
-18.22
Quarter ahead+1 CCUZQ27 -1.19 CCHZQ27
-18.70
Season ahead CCUZS00 -0.95 CCHZS00
-18.46
UK (Eur/MWh)
Month ahead CCUTM00 0.94 CCHTM00
-19.81
Month ahead+1 CCUTM27 -0.37 CCHTM27
-21.12
Quarter ahead CCUTQ00 -0.83 CCHTQ00
-21.59
Quarter ahead+1 CCUTQ27 -1.41 CCHTQ27
-22.16
Season ahead CCUTS00 -1.12 CCHTS00
-21.88
*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
Anglo produced a total of 6.3 million mt of Australian coking coal
during the October-December quarter, up 11% year on year, it said.
Metallurgical coal production was higher due to the timing of
longwall moves at Grosvenor and Grasstree, as well as improvements
in wash plant throughput at Moranbah-Grosvenor and equipment
productivity at Dawson, the company said.
“The decline in 4Q 2019 was due to reduced thermal coal output at
Dawson as the company prioritized higher metallurgical coal output,”
said Matthew Boyle, Platts Analytics Lead Analyst-Global Coal.
Anglo’s thermal coal and metallurgical coal production guidance for
5
Coal Trader International Thursday, January 23, 2020
2020 is unchanged at 26 million mt and 21 million-23 million mt
respectively, it said.
— Jenny Ma
France sets coal closure dates for Le Havre,
Saint Avold
London—EDF’s 580-MW Le Havre first to close in April 2021EPH’s
Emile-Huchet-6 set for Eur250 million conversion1.2-GW Cordemais
may operate beyond 2022
France’s 580-MW coal plant at Le Havre is set to close on April 1,
2021, while coal-fired generation at EPH’s 600-MW Saint Avold site set
to end operations in 2022, the energy ministry said.
State secretary Emmanuelle Wargon visited both sites in the week
starting January 13 to sign contracts for the energy transition in the region.
For Le Havre, operator EDF, which modernized the plant in 2015,
already had a 2021 closure date scheduled.
For the Emile-Huchet-6 unit at Saint Avold in northeast France a
funding package was agreed to convert the site to steam-only
generation from alternative fuels.
The Eur250 million Warnd Naborien project, part of a wider
regeneration plan for the former mining region, is based on providing
steam from alternative fuels to the nearby chemical cluster CHEMESIS,
with EPH subsidiary Gazel Energie involved.
The ministry confirmed plans to end coal-fired generation in
France by 2022 with closure plans now in place for Le Havre and Emile-
Huchet, while EPH’s 600-MW Provence-5 coal plant at Gardanne unit is
also set to close in 2022. Unit 4 at Gardanne has already been
converted to biomass (150 MW).
For the 1.2-GW Cordemais plant in western France, meanwhile, the
government and EDF are re-assessing biomass conversion plans with
a decision overdue.
Reports in December suggested operations could continue beyond
2022 as it may be required for regional security of supply amid delays
to the new reactor at Flamanville to 2023.
France currently has 3 GW of coal-fired power plant installed, but
actual coal output has been zero for most of 2019 with annual output
down 71% at 1.6 TWh (0.2 GW average), TSO data shows.
Workers at all sites had been on strike at various times over recent
years after French President Emanuel Macron set a 2022 exit date for
coal in France.
— Andreas Franke
Asian met coal prices mostly flat; HCC moves
higher
■■Last minute PMV booking in China
■■FOB market retreats to wait-and-see mode
Singapore—The Asia metallurgical coal market observed limited
market activities, leaving prices mostly steady Thursday.
S&P Global Platts assessed Premium Low Vol unchanged at $153/
© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Coking coal derivatives assessments, Jan 23
Platts symbol $/mt Chg % Chg
TSI Premium Hard Coking Coal Australia Export FOB East Coast Port
Feb-20 MCPLM01
152.750 -0.130 -0.085
155.130 0.000 0.000
Mar-20 MCPLM02
154.500 +0.120 +0.078
Apr-20 MCPLM03
Q2-20 MCPLQ01
Q3-20 MCPLQ02
154.200 +0.300 +0.195
152.580 +0.150 +0.098
Q4-20 MCPLQ03 151.450 -0.480 -0.316
2021 MCPLY01 151.330 -0.970 -0.637
2022 MCPLY02
151.200 -0.980 -0.644
Metallurgical coke, Jan 23
Seaborne
% CSR Platts symbol $/mt Chg % Chg
FOB North China 66/65 MCCNC00 302.00 0.00 0.00
65/63 MCCHB00 292.00 0.00 0.00
64/62 AAWVL00 289.00 0.00 0.00
62/60 MCCHA00 285.00 0.00 0.00
CFR India 66/65 MCCNI00 296.00 0.00 0.00
65/63 MCINB00 282.00 0.00 0.00
64/62 MCCEI00 279.00 0.00 0.00
62/60 MCINA00 277.00 0.00 0.00
Domestic
Yuan/mt
DDP North China (weekly) 62 AAWVJ00
1960.00 +30.00 +1.55
$/mt
FOB North China equivalent (DDP weekly) 62 PLVHM04 292.31 +4.00 +1.37
Platts China PLV, met coke price differentials, Jan 23
Price spreads Platts symbol $/mt
Import-Shanxi Premium Low Vol CFR China PLVHK04 -36.68
Import-port stock Premium Low Vol CFR China PLVHL04 -7.24
62% CSR coke export-domestic FOB North China PLVHN04 -3.31
mt FOB Australia, and the PLV CFR China flat at $163.50/mt Thursday.
A trade was done late Wednesday evening at $158/mt CFR China
for 80,000 mt of an Australian Premium Mid Vol Goonyella with
February laycan to a northern China steelmaker, who had indicated a
buy interest for PMV cargo two weeks ago to only purchase one this
week.
Market participants said steelmakers who had requirements have
restocked prior to the Spring Festival and potential demand post
celebrations remain to be seen. Besides, it appears that there were not
many spot cargoes in the hands of the traders, leaving market
participants to ponder about producers’ spot supplies, sources said.
Spot prices in the HCC segment moved higher Thursday. A bid was
indicated at $145/mt CFR China for a Rangal HCC Lake Vermont, by a
Tangshan user. “Thin liquidity is depressing tier two prices now, unlike
the premium coals,” he said, adding that while a spot trade for
mainstream Rangal coals was unlikely in the near term, the potential
price outcome achieved may “be higher.”
The Chinese domestic coke market saw a quiet week, except for a
marginal uptick of Yuan 30/mt, effective Monday, by users in Shandong
region, although not widely accepted across China. Platts assessed
domestic coke with 12.5% Ash DDP North China at Yuan 1,960/mt
Thursday, up Yuan 30/mt, or at the equivalent of $292.31/mt FOB China
Thursday, up $4/mt on the week.
6
Coal Trader International Thursday, January 23, 2020

Platts daily metallurgical coal assessments, Jan 23

Asia-Pacific coking coal ($/mt)
Platts FOB Change Platts CFR Change Platts CFR Change
symbol Australia symbol China symbol India
HCC Peak Downs Region HCCGA00 154.00 0.00 HCCGC00 164.50 0.00 HCCGI00 167.00 0.00
Premium Low Vol PLVHA00 153.00 0.00 PLVHC00 163.50 0.00 PLVHI00 166.00 0.00
HCC 64 Mid Vol HCCAU00 133.70 +2.00 HCCCH00 145.50 +2.00 HCCIN00 146.70 +2.00
Low Vol PCI MCLVA00 89.70 0.00 MCLVC00 101.50 0.00 MCLVI00 102.70 0.00
Mid Tier PCI MCLAA00 86.45 0.00 MCLAC00 98.25 0.00 MCVAI00 99.45 0.00
Semi Soft MCSSA00 80.45 0.00 MCSSC00 92.25 0.00 MCSSI00 93.45 0.00
Premium Low Vol China Netback PLVHD00 151.70 0.00
TSI coking coal indices ($/mt)
TSI Premium Hard (PHCC) FOB Australia TS01034 152.20 0.00
Atlantic coking coal ($/mt)
Platts FOB US
symbol East Coast Change VM Ash S
Low Vol HCC AAWWR00 134.50 0.00 19% 8% 0.80%
High Vol A AAWWS00 141.00 0.00 32% 7% 0.85%
High Vol B AAWWT00 127.00 0.00 34% 8% 0.95%
CFR NW Europe Change VM Ash S
PLV NetForward PLVHE00 164.80 -0.60 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 1400 PCCMB04 1435 PCCMC04 1690 PLVHJ04 200.18
PCC Met Shanxi High Sulfur Premium Low Vol PCCMD04 1120 PCCME04 1155 PCCMF04 1410
PCC Met North China Fat Coal — — PCCMG04 1400
PCC Met Shanxi PCI PCCMH04 740 PCCMI04 775 PCCMJ04 970
PCC Met Shandong Semi Soft PCCMK04 900 PCCML04 920 —

PCC Met Rail Freight Shanxi – Tangshan PCCMM04 230

PCC Met Truck Freight Shanxi – Tangshan PCCMO04 290
*Weekly (assessed January 22).

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 1360.00 AAWZO00 170.24
HCC 64 Mid Vol* AAWZP00 1260.00 AAWZQ00 157.39
*Weekly (assessed January 17), 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 0.25% CPCSP00 0.38
Per 1% VM (air dried) 18-27% CPVPA00 0.75% CPVMP00 1.15
Per 1% TM (as received) 8-11% CPTPA00 1.00% CPTMP00 1.53
Per 1% Ash (air dried) 7-10.5% CPAPA00 1.00% CPPAP00 1.53
Per 0.1%S (air dried) 0.3-1% CPSPA00 1.00% CPSPV00 1.53
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 0.67
40-49% CPPBC00 0.50% CPPBD00 0.67
Per 0.1% S 0.70-1.05% CPPBE00 0.75% CPPBF00 1.01
1.06-1.25% CPPBG00 1.30% CPPBH00 1.75
Per 1% TM (as received) 6-11% CPPBK00 1.00% CPPBL00 1.35
Per 1% Ash 5-10% CPPBI00 1.25% CPPBJ00 1.68

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 7
Coal Trader International Thursday, January 23, 2020

The FOB market observed a similar silent trading day as well.
“It’s safer to stay out of the market and observe what will happen
after the Lunar New Year,” an Indian source said, adding that the
monthly import quota at Caofeidian policy and its implications on
import policies may be clearer post celebrations. “Besides with the
Wuhan virus, the (physical and financial) markets can go any direction,”
he said.
— Yi-Le Weng
Platts China Hard Coking Coal Premium Low Vol CFR
China Daily Rationale
Singapore—S&P Global Platts assessed Premium Low-Vol HCC steady at
$163.50/mt CFR China Thursday.
A trade was concluded Wednesday evening at $158/mt CFR China for 80,000 mt
of an Australian Premium Mid Vol Goonyella with a February 15-24 laycan. This
was for a coal assessed at a $5.50/mt discount 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)
Platts Hard Coking Coal FOB Australia Daily Rationale
Singapore—S&P Global Platts assessed Premium Low Vol HCC steady at $153/
mt FOB Australia Thursday.
The most competitive bid was indicated at $148/mt FOB Australia for an
Australian Premium Mid Vol Peak Downs North, assessed at a $4/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
Indonesian thermal coal sentiment turns soft
on withering seaborne demand ...from page 1
since [Chinese] buying interest remains at a low ebb, he said.
An Indonesia-based producer bemoaned soft demand
fundamentals even as offers were sparse in the seaborne market.
He reckoned the price of the Indonesian 4,200 kcal/kg GAR — or
3,800 kcal/kg NAR — coal could dip on tepid demand.
Bids and offers for this grade of coal were heard converging at $36/
mt FOB Kalimantan on a Supramax vessel basis for February loading.
“An uptick in Kalimantan prices is merely due to supply tightness ...
we should also factor in the tepid demand sentiment now,” said a west
India-based trader.
At least two traders said they were concerned about the
sustainability of the Kalimantan price uptrend amid uncertainties over
Chinese policies targeting imported coal without local end-users.
High-CV coal in India
In stark contrast, Indian seaborne demand remains active, though
power plants’ stockpiles inched up on the week, sources said.
Stockpiles at Indian power plants were at 33.6 million mt, up 4.7%
on the week, with a daily consumption rate of 1.74 million mt, sufficient
for 19 days of coal burn, according to latest data from India’s Central
Electricity Authority.
Colombian and Russian coal cargoes continue to make inroads into
India, according to a west India-based trader.
He estimates the fair value for a Capesize vessel cargo of
Colombian 6,000 kcal/kg NAR coal at $70/mt CFR India for February.

Platts daily Asia Pacific metallurgical coal relativities, January 23, 2020
Symbol FOB Australia Spread Symbol CFR China Spread Spread
$/mt vs PLV $/mt vs PLV vs HCC 64
FOB Australia CFR China CFR China

Premium Low Vol PLVHA00

153.00 100.00% PLVHC00 163.50 100.00%
Peak Downs HCPDA00 154.00 100.65% MCBAA00 164.50 100.61%
Saraji HCSAA00 153.00 100.00% MCBAB00 163.50 100.00%
German Creek HCGCA00 148.50 97.06% MCBAC00 156.50 95.72%
Oaky North HCOKA00 151.75 99.18% MCBAR00 160.50 98.17%
Illawarra HCIWA00 150.00 98.04% MCBAH00 158.00 96.64%
Moranbah North HCMOA00 150.00 98.04% MCBAG00 158.00 96.64%
Goonyella HCGOA00 150.00 98.04% MCBAE00 158.00 96.64%
Peak Downs North HCPNA00
149.00 97.39% MCBAJ00 157.00 96.02%
Goonyella C HCGNA00 149.00 97.39% MCBAI00 156.75 95.87%
Riverside HCRVA00 149.00 97.39% MCRVR00 157.00 96.02%
GLV HCHCA00 148.50 97.06% MCBAF00 156.75 95.87%
Standard MCBAK00 157.00 96.02%
Premium MCBAL00 157.00 96.02%
HCC 64 Mid Vol HCCCH00
145.50 88.99% 100.00%
Lake Vermont HCC MCBAN00
145.50 100.00%
Carborough Downs MCBAO00
142.50 97.94%
Middlemount Coking MCBAP00
134.50 92.44%
Poitrel Semi Hard MCBAQ00
126.00 86.60%
January 23 freight rates. Australia to China: Panamax = $11.80/mt Capesize = $7.65/mt.
For further information about these assessments, please refer to the specifications guide: https://www.spglobal.com/platts/plattscontent/_assets/_files/en/our-methodology/methodology-specifications/
metcoalmethod.pdf or contact PL_CokingCoal@spglobal.com.
Source: S&P Global Platts

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 8
Coal Trader International Thursday, January 23, 2020

Russian material of similar heating value on a Panamax vessel basis
was priced at a wide range of $70-$75/mt CFR India depending on the
coal specifications, he said, but did not provide further information.
Northeast Asian spot demand
Chinese seaborne bids for Australian high-ash coal stabilized ahead
of the Lunar New Year holidays, while offer levels inched higher,
sources said.
Bids were reported at $55/mt FOB while an offer was heard at $57/
mt FOB, up $2/mt on the day, for 5,500 kcal/kg NAR Australian coal on
a Capesize vessel loading in February.
“The last traded price for this grade of coal at $55/mt FOB is
repeatable, but I will not agree to any [further] discount,” an Australia-
based trader said.
Elsewhere, a Capesize cargo of 6,000 kcal/kg NAR Australian coal
was heard awarded at $72/mt CFR South Korea, basis 6,080 kcal/kg
NAR, in a tender released by a Korean genco.
A trader estimated the price in the tender to be $62.50/mt, on an
FOB netback basis.
In Japan, spot enquiries were rarely heard in the market while the
overall coal demand remains flat, Japan-based traders said.
“The fair value of this grade inched up to $63-$64/mt FOB in Japan,
as a couple of spot trades were done at $59-$60/mt FOB in December,”
a Japan-based trader said.
In the Chinese domestic market, offers for 5,500 kcal/kg NAR grade
of coal were stabilizing at Yuan 561/mt FOB Qinhuangdao, while offers
for 5,000 kcal/kg NAR were heard at Yuan 502/mt FOB Qinhuangdao.
— Fred Wang, Jenny Ma
Platts Thermal Coal Indonesia Daily Rationale
Singapore—S&P Global Platts assessed the 7-45 day price of FOB Kalimantan
4,200 kcal/kg GAR coal at $36/mt Thursday, up 5 cents/mt day on day, reflecting
the convergence of bid and offer prices.
No trades were reported before the end of the Platts Market On Close
assessment process.
The best offer was heard at $36/mt FOB with higher offers at $36.25-$36.50/mt
FOB for February loading geared vessel cargoes, while the best bid was heard at
$36/mt FOB with lower bids at $34.75-$35.50/mt FOB.
The above rationale applies to the FOB Kalimantan 4,200 GAR assessment, with
the associated code: CSBKI00

Subscriber Notes
Lunar New Year publishing schedule for Platts Asia thermal coal
S&P Global Platts Singapore office will be closed for the Lunar New Year holidays on Monday, January 27, 2020, and there will be no thermal coal price assessments
from Singapore on those days.
Additionally, Platts in Asia will close its assessment processes early on Friday, January 24, and all assessments will be basis 12:30 pm Singapore time (0430 GMT).
Normal Singapore publishing schedules will resume Tuesday, January 28.
Additionally, Platts China Coal (PCC) price assessments will not be published from January 24 to January 30 because of the Lunar New Year holidays in China as
these prices, as per Platts methodology, are assessed on a Beijing timestamp basis.
Normal publishing schedules for the PCC price assessments will resume on January 31.
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 update three daily US coking coal assessments, change to dry basis specifications
S&P Global Platts has decided to change three daily spot US coking coal assessments to a dry basis from current air-dried basis, effective April 1, 2020, following
market feedback
The changes will align the specifications with standard trading practice in the US domestic and export coal markets.
Expressing the US coking coal index specifications on a dry basis will facilitate index referencing for physical spot and contract trade, and will remove basis risk,
according to market feedback.
After further extensive market consultation, Platts made additional adjustments to base specifications for US coking coals, following a proposal to the market on
September 25 (https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/092519-platts-proposes-to-change-three-daily-us-coking-coal-
assessments-to-dry-basis).
Specifically:
• Platts will maintain High Vol B fluidity at 25,000 ddpm instead of raising it to 28,000 ddpm as originally proposed.
• Platts will reduce the total dilatation of High Vol B to 160%, from 180% previously, to bring this more in line with specifications seen in the market.
• For High Vol A, Platts will reflect 32.25% volatile matter on a dry basis, compared with the current 32% (air-dried) and the originally proposed 32.5% (dry basis)
volatile matter.
The assessments will reflect the following specifications, on a dry basis:
Volatile Matter (dry basis) Ash (db) Sulfur (db) Moisture Dilatation MMR Fluidity (ddpm) CSR
High Vol A Coking Coal FOB USEC 32.25% 7.50% 0.95% 8% 220% 1.05 30,000
High Vol B Coking Coal FOB USEC 36.00% 8.00% 1.00% 8% 160% 0.95 25,000
Low Vol Hard Coking Coal FOB USEC 19.25% 8.25% 0.95% 8% 58
As part of this project, Platts will also change the basis for the penalty/premiums for US low-vol HCC to express sulfur and ash on a dry basis from air dried basis,
effective April 1 2020.
The US met coal assessments are published on the page 4 of the Steel Markets Daily publication, page 8 of Coal Trader International publication, and page 4 of Coal

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 9
Coal Trader International Thursday, January 23, 2020

Trader publication.
These assessments also appear on the real-time Metals alert pages 1049 and in the Platts database under the following codes:
Description Daily Code Monthly Average
High Vol A Coking Coal FOB USEC AAWWS00 AAWWS03
High Vol B Coking Coal FOB USEC AAWWT00 AAWWT03
Low Vol Hard Coking Coal FOB USEC AAWWR00 AAWWR03
Sulfur per 0.1% as % US LV FOB USEC CPPBE00
Sulfur per 0.1% US LV FOB USEC $/mt CPPBF00 CPPBF03
Sulfur per 0.1% as % US LV FOB USEC CPPBG00
Sulfur per 0.1% US LV FOB USEC $/Mt CPPBH00 CPPBH03
Ash per 1% as % US LV FOB USEC CPPBI00
Ash per 1% US LV FOB USEC $/mt CPPBJ00 CPPBJ03
Please submit any comments or questions 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. Platts will consider all comments received and will make comments not marked as
confidential available upon request.
Platts to discontinue Standard, Premium CFR China met coal relativities Feb 1, 2020
S&P Global Platts has decided to discontinue its relativities assessments for Canadian coking coal brands Standard and Premium on a CFR China basis, effective
February 1, 2020.
The discontinuation reflects a diminishing spot liquidity observed for both coal brands.
The change would affect the prices published on Page 10 of Steel Markets Daily publication, page 8 of Coal Trader International, Platts Market Center, Platts Metals
Alert pages MW1064 and MW1066 and in the Platts price database under the following codes:
Description Daily symbol Monthly symbol
Met Coal Standard CFR China $/mt MCBAK00 MCBAK03
Met Coal Premium CFR China $/mt MCBAL00 MCBAL03
Please submit any feedback, comments or questions about this decision to cokingcoal@spglobal.com and pricegroup@spglobal.com.
For written comments, please provide a clear indication if comments are not intended for publication by S&P Global Platts for public viewing. S&P Global Platts will
consider all comments received and will make comments not marked as confidential available upon request.
Platts to change US met coal brand assessment pricing basis, laycan, use calculations
S&P Global Platts has decided to use a combination of survey, reference coking coal indexes and value-in-use models to assess Atlantic metallurgical coal
relativities, and extend the laycan period for the brands in line with US spot coking coal indexes, effective April 3, 2020.
After further extensive market consultation, Platts decided to launch the methodology change from April 3, 2020, rather than January 3, 2020, as initially proposed.
This is to allow the changes to align with the launch of US coking coal dry basis index specifications and dry basis penalty premia ranges.
In the absence of confirmed bids, offers and transactions, Platts will calculate prices for Beckley, Buchanan and Windber brands, based on the published penalty and
premia ranges for US East Coast Low-Vol HCC (AAWWR00) for CSR, moisture, ash and sulfur.
For the Oak Grove, Blue Creek No. 7 and Blue Creek No. 4 brands Platts will have the option to use FOB Australia premium coking coal indexes (PLVHA00 and
TS01035) and take into account the forward curve values for typical laycans, which reflects common trading terms for these coals.
Platts will reflect an extended laycan period of 14-60 days, from 14-45 days for all six brand assessments. This is in line with earlier changes to the Platts US hard
coking coal assessments’ spot loading laycan to 14-60 days introduced in June 2019.
Additionally, Platts will change the assessment basis for Oak Grove, Blue Creek No.7 and Blue Creek No 4. to FOB Mobile, Alabama, basis, from the current FOB
Hampton Roads basis, to align with typical trading practices for the coals.
Platts will continue to publish assessments for the Beckley, Buchanan and Windber brands, and their relative spread to Platts US Low Vol HCC assessments, basis
FOB Hampton Roads.
The change would affect the following assessments:
Description Weekly Assessment Monthly average
Met Coal Beckley FOB USEC MCAPD04 MCAPD03
Met Coal Windber FOB USEC MCAPE04 MCAPE03
Met Coal Buchanan FOB USEC MCAPF04 MCAPF03
Met Coal Oak Grove FOB USEC MCAPA04 MCAPA03
Met Coal Blue Creek No. 7 FOB USEC MCAPB04 MCAPB03
Met Coal Blue Creek No. 4 FOB USEC MCAPC04 MCAPC03
The assessments are published in the US Metallurgical Coal Relativities table on page 9 of the Steel Markets Daily publication, page 8 of Coal Trader International
publication, and page 6 of Coal Trader publication.
The prices also appear on the real-time Platts Metals Alert page MW1065 and in the Platts database.
The methodology update follows the decision by Platts earlier this year not to discontinue the US brand relativities series and to instead update the methodology.
Platts published that decision on June 28, and the relevant subscriber note can be found here: https://www.spglobal.com/platts/en/our-methodology/subscriber-

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 10
Coal Trader International Thursday, January 23, 2020

notes/062819-platts-to-delay-discontinuation-of-atlantic-metallurgical-coal-relativity-table
Please submit any comments or questions 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.
Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts proposes to stop publishing Oak Grove US hard coking coal relative price
S&P Global Platts is proposing to discontinue publication of the Oak Grove US hard coking coal brand assessment, effective April 1, 2020.
Javelin Global Commodities, the exclusive marketer of the coal, confirmed that the Alabama-based mine producing the coal was idled during the fourth quarter of
2019.
There has been no information provided by operator Murray Met Coal and parent companies Murray Energy and Javelin on whether the mine is to restart.
Under the proposed discontinuation of April 1, the last Oak Grove assessment is due to be published on March 24, 2020.
In the meantime, Platts will continue to assess Oak Grove spot pricing based on its typical specifications and with reference to Australian premium HCC prices.
Platts will continue to publish assessments for the remaining brands – Beckley, Blue Creek No. 7, Blue Creek No. 4, Buchanan, and Windber.
The assessment is published in the US Metallurgical Coal Relativities table on page 9 of the Steel Markets Daily publication, page 8 of Coal Trader International
publication, and page 6 of Coal Trader publication.
It also appears on the pages PMA 1065, 1066 of the Platts Metals Alert, in the Platts Market Center and in the Platts price database under the following codes:
(weekly code), MCAPA04 (monthly average), MCAPA03.
Please submit any feedback, comments or questions about this proposal by February 21 to pl_cokingcoal@spglobal.com and pricegroup@spglobal.com.
For written comments, please provide a clear indication if comments are not intended for publication by S&P Global Platts for public viewing.
S&P Global Platts will consider all comments received and will make comments not marked as confidential available upon request.
Platts to amend Asian Thermal Coal assessments from April 1
S&P Global Platts will align the publication of its daily Platts China Coal (PCC) index thermal coal assessments with the Singapore calendar, effective April 1, 2020, in
order to better reflect international trading activity and liquidity.
Platts first proposed this change in a subscriber note published December 16, 2019: https://bit.ly/2uNnS32.
Currently, the PCC assessments are published according to the Chinese holiday calendar.
The PCC assessments that would be affected by this amendment are:
Assessments Symbols (Daily) Symbols (Monthly) Symbols (Quarterly) Unit
PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPQ00 PCCPQ03 PCCPQ05 $/mt
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPP00 PCCPP03 PCCPP05 $/mt
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSC00 PCCSC03 PCCSC05 $/mt
PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPR00 PCCPR03 PCCPR05 Yuan/mt
PCC 6 (VAT included) 3,800 NAR 30-60 day PCCPS00 PCCPS03 PCCPS05 Yuan/mt
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPO00 PCCPO03 PCCPO05 Yuan/mt
PCC 7 (VAT included) 4,700 NAR 30-60 day PCCFB00 PCCFB03 PCCFB05 Yuan/mt
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSD00 PCCSD03 PCCSD05 Yuan/mt
PCC 8 (Duty & VAT included) 5,500 NAR 15-60 day PCCFA00 PCCFA03 PCCFA05 Yuan/mt
These assessments and their respective monthly and quarterly averages are published in: Coal Trader International (CTI) page 1 and Global Coal Alert (GCA) pages
810 and 820.
Separately, in a subscriber note dated December 16, 2019, Platts has proposed the discontinuation of its yuan/mt and US$/mt equivalent FOB Qinhuangdao price
assessments for Chinese domestic thermal coal grades 5,500 kcal/kg NAR (PCC 1) and 5,000 kcal/kg NAR (PCC 2) with effect from April 1, 2020.
The subscriber note can be found at: http://plts.co/SfXx30qb0Kx
Please send all comments or questions to coal@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. Platts will consider all comments
received and will make comments not marked as confidential available to the public upon request.
Platts to discontinue thermal coal FOB China assessments from April 1
S&P Global Platts will discontinue its daily yuan per metric ton and the US dollar per metric ton equivalent FOB Qinhuangdao assessments for Chinese domestic
thermal coal grades 5,500 kcal/kg NAR (PCC 1) and 5,000 kcal/kg NAR (PCC 2) along with the associated monthly and quarterly averages with effect from April 1,
2020.
S&P Global Platts will discontinue these assessments to focus on the more liquid international import and export markets.
Platts first proposed this change in a subscriber note published December 16, 2019: http://plts.co/SfXx30qb0Kx
Platts understands that the dynamics of the Chinese domestic thermal coal market are important for the analysis of the supply and demand situation in China, and
will thus still continue to provide the latest coverage of the domestic market, including domestic thermal coal policy updates and customs data, in our news articles
and daily commentaries.
The assessments that will be discontinued from April 1 are published under the following codes:

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 11
Coal Trader International Thursday, January 23, 2020

Assessments Symbols (Daily) Symbols (Monthly) Symbols (Quarterly) Unit

PCC 1 (FOB Qinhuangdao) 5,500 NAR 7-45 day PCCQH00 PCCQH03 PCCQH05 $/mt
PCC 2 (FOB Qinhuangdao) 5,000 NAR 7-45 day PCCPN00 PCCPN03 PCCPN05 $/mt
PCC 1 (FOB Qinhuangdao) 5,500 NAR 7-45 day PCCQG00 PCCQG03 PCCQG05 Yuan/mt
PCC 2 (FOB Qinhuangdao) 5,000 NAR 7-45 day PCCPM00 PCCPM03 PCCPM05 Yuan/mt
They are published in Coal Trader International (CTI) page 1 and Global Coal Alert (GCA) pages 810 and 820.
Please send all comments or questions to coal@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.
Platts will consider all comments received and will make comments not marked as confidential available to the public upon request.

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 12
PETCOKE WEEKLY
Thursday, January 23, 2020

Mediterranean petcoke market falls on week
■■CIF Turkey petcoke price falls $1.85/mt
■■Returned demand has now ‘gone away again’
Houston—The Mediterranean petcoke market “took a pounding” on
the week, most notably in Turkey and Egypt, as declining energy
prices, an increasing freight market and domestic switching
contributed to the severe lack of demand within the market
supposedly “returned in bounds” last week, sources said Wednesday.
Platts weekly spot price petcoke assessments, Jan 22
Origin Sulfur Platts symbol $/mt Change
Americas
FOB USGC High Sulfur 6.5% CPAAA00 31.00 0.00
FOB USGC Mid Sulfur 4.5% CPAAF00 35.00 0.00
FOB USWC Mid Sulfur 3.0% CPAAC00 46.00 +2.00
FOB USWC Low Sulfur 2.0% CPAGG00 47.00 +1.00
International
CIF Turkey 5.0% CPAGH00 57.90 -1.85
CFR India West 6.5% CPAGJ00 71.50 +1.50
CFR India East 6.5% CPAGK00 72.50 +1.50

Market participants noted that alternative generating fuels, most

notably a rising carbon price and a strong hydro and wind generation
were adding to the downward pressure on coal generation, which has US WEEKLY PETCOKE ASSESSMENTS
($/mt)
had a direct impact on the petcoke market. 150
The US which has been consistently the Mediterranean’s largest USGC FOB
source of petcoke since 2016 fell off on year for the first time, according High Sulfur (6.5%)
to Official Customs data released Wednesday, most notably their 100 USGC FOB
exports into Egypt which dropped to contribute 35% of all petcoke Mid Sulfur (4.5%)

imported into Egypt in 2019, down from a more substantial 46% in 2018. USWC FOB
Mid Sulfur (3%)
The US also account for 90% of the fuel-grade petcoke that is 50
USWC FOB
involved in seaborne trade globally, however, growing domestic Low Sulfur (2%)
switching in Europe and India-based buyers due to the never-ending
increase in the freight market has contributed to the switch. 0
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
S&P Global Platts assessed the New Orleans USGC to Iskenderun
Turkey, 50kt petcoke freight rate at $24.25/mt Tuesday, down 50 cents
on the week. According to market sources, freight costs consist of a
higher proportion of delivered petcoke cost versus that for most other USGC MID SULFUR vs HIGH SULFUR PETCOKE SPREAD
traded commodities. ($/mt)
20
Prices declined on the week with FOB US Gulf Coast mid-sulfur
(4.5%) petcoke cargoes heard ranging from $33-$37/mt with
15
Supramax vessel sized freight typically around $21-$23/mt. High sulfur
FOB USGC indications were heard at heard at $28-$32/mt.
10
Platts assessed the CIF Turkey 5% sulfur petcoke market at $57.90/
mt Wednesday, down $1.85/mt from last week’s most recent
5
assessment, based on a survey of market sources.
Looking onwards, no new deliveries or tenders are expected for
0
the remaining week of January with prices anticipated to now “remain Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
unchanged” until demand starts to peg up which “could not be until
Q2 2020.”
— Sarah Matthews

Monthly and quarterly averages for Platts petcoke assessments ($/mt)

Product Sulfur Monthly code Dec-19 Nov-19 Oct-19 Quarterly code Q4-19 Q3-19
Americas
FOB USGC High Sulfur 6.5% CPAAA03 31.00 29.50 30.40 CPAAA05 30.31 38.96
FOB USGC Mid Sulfur 4.5% CPAAF03 34.50 34.25 36.00 CPAAF05 35.00 46.15
FOB USWC Mid Sulfur 3.0% CPAAC03 35.50 51.00 53.20 CPAAC05 47.08 63.69
FOB USWC Low Sulfur 2.0% CPAGG03 39.75 59.00 60.00 CPAGG05 53.46 76.54
International
CIF Turkey 5.0% CPAGH03 57.68 57.75 61.00 CPAGH05 58.89 68.62
CFR India West 6.5% CPAGJ03 67.70 66.13 73.30 CPAGJ05 69.25 76.65
CFR India East 6.5% CPAGK03 68.70 67.13 74.30 CPAGK05 70.25 77.65

www.platts.com www.twitter.com/PlattsCoal COAL

Coal Trader International Thursday, January 23, 2020

Egypt’s petcoke imports plunge 61% in 2019 to India fuel price comparison
564,953 mt: customs
Coal
CV kcal/kg Platts symbol $/mt

CFR India East 5500 NAR CIECI00 76.15

■■61% decline in petcoke imports due to ‘cheap coal’ Petcoke
■■Spain was main source of imports in 2019 CFR India East 7500 NAR CPAGK00 72.50

London—Egypt imported 564,953 mt of petcoke in 2019, down 61% INDIA FUEL PRICE COMPARISON
from 1.44 million mt in 2018, according to customs data released
($/MMBtu)
Wednesday. 4.0
The large drop in petcoke imports comes after two years of firming
levels, with 2018 petcoke imports rising 12% and 2017 imports up 2%. 3.5
Market participants said that the fall in petcoke imports was due to CFR India East coal
cheap thermal coal, which was heavily favored in the first few months 3.0 6.5% S Petcoke
of 2019 over petcoke. CFR India East

Spain was the main supplier of petcoke to the Egyptian market, 2.5
accounting for 312,645 mt or 55% of imports in 2019, up from 21% in 2018.
The US slipped to second place in 2019, accounting for 35% of 2.0
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
imports, down from 46% in 2018.

Recent petcoke heards

Date Product Sulfur % Price Details
22-Jan FOB USGC 6 32.00 TRADE: 55,000 mt, February loading
22-Jan FOB USGC 6 30.00 TRADE: 22,000 mt, January loading
22-Jan CIF Turkey 5 57.90 INDICATION: 50,000 mt, January-February loading
22-Jan FOB USGC 6.5 30-32 INDICATION: 50,000 mt, January-February loading
22-Jan FOB USGC 4.5 34-35 INDICATION: 50,000 mt, January-February loading
22-Jan FOB USGC 6.5 29.00 INDICATION: 50,000 mt, January-February loading
22-Jan FOB USGC 4.5 35.00 INDICATION: 50,000 mt, January-February loading
22-Jan CFR India East 6.5 72.00 TRADE: 50,000 mt, February loading, USGC origin
22-Jan CFR India East 6.5 74.00 OFFER: 50,000 mt, February loading, USGC origin
22-Jan CFR India East 6.5 72 vs 73-74 BID/OFFER: 50,000 mt, February loading, USGC origin
22-Jan CIF India East 6.5 73.00 BID: 50,000 mt, end January loading, USGC origin
15-Jan CIF Turkey 5 59.75 INDICATION: 50,000 mt, January-February loading
15-Jan FOB USGC 6.5 28-32 INDICATION: 50,000 mt, January-February loading
15-Jan FOB USGC 4.5 33-37 INDICATION: 50,000 mt, January-February loading
15-Jan FOB USGC 6.5 30.00 INDICATION: 50,000 mt, January-February loading
15-Jan FOB USGC 4.5 35.00 INDICATION: 50,000 mt, January-February loading
15-Jan FOB Brazil 1 90.00 OFFER: February loading
15-Jan FOB USGC 6.5 31.00 INDICATION: February loading
15-Jan CFR India East 6.5 70.00 TRADE: 50,000 mt, February loading, USGC origin
15-Jan CFR India East 6.5 71.00 TRADE: 50,000 mt, February loading, USGC origin
15-Jan CFR India West 6.5 69.00 TRADE: 50,000 mt, USGC origin
15-Jan CFR India East 6.5 69-70 vs 72-73 BID/OFFER: 50,000 mt, USGC origin
15-Jan CFR India East 8.5 67-68 INDICATION: 50,000 mt, Saudi Arabian origin
14-Jan FOB USWC 6 32.90 TRADE: 30,000 mt, February loading
8-Jan CIF Turkey 5 60.50 INDICATION: 50,000 mt, January-February loading
8-Jan FOB USGC 6.5 31-32 INDICATION: 50,000 mt, January-February loading
8-Jan FOB USGC 4.5 34-35 INDICATION: 50,000 mt, January-February loading
8-Jan FOB USGC 6.5 31.00 INDICATION: 50,000 mt, January-February loading
8-Jan FOB USGC 4.5 35.00 INDICATION: 50,000 mt, January-February loading
8-Jan CFR India East 6.5 70.00 BID: 50,000 mt, January-February loading, USGC origin
8-Jan CFR India East 6.5 70.00 INDICATION: 50,000 mt, January-February loading, USGC origin
8-Jan CFR India East 8.5 67-68 BID: 50,000 mt, January-February loading, Saudi Arabian origin
8-Jan CFR India East 8.5 67.00 INDICATION: 50,000 mt, January-February loading, Saudi Arabian origin
7-Jan FOB USWC 4.5 44.52 TRADE: 50,000 mt, February loading
7-Jan FOB USWC 4.5 41.72 TRADE: 30,000 mt, March loading
31-Dec CFR India West 6.5 65.00 BID: 50,000 mt, USGC origin
31-Dec CFR India East 6.5 67-68 vs 70-71 BID/OFFER: 50,000 mt, January loading, USGC origin
31-Dec CFR India East 8.5 66-67 TRADE: January loading, Saudi Arabian origin
24-Dec CFR India West 6.5 65 vs 68-69 BID/OFFER: 50,000 mt, January loading, USGC origin
18-Dec CIF Turkey 5 58.50 INDICATION: 50,000 mt, January loading
18-Dec FOB USGC 6.5 31.00 INDICATION: 50,000 mt, January loading

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 14
Coal Trader International Thursday, January 23, 2020

Egypt’s total petcoke volumes plunge 61% on year in Europe fuel price comparison
2019: Customs data Type CV kcal/kg Platts symbol $/mt
Year Volume (mt) % change on year CIF Turkey Petcoke (cv-adjusted)* 6,000 NAR CPAGL00 46.32
2017 1,290,016 2 CIF Med 75kt Coal 6,000 NAR CTCMT04 64.95
2018 1,449,607 12 CIF ARA Coal 6,000 NAR CSARM01 47.60
2019 564,953 -61 *Mid-sulfur (5.5%) 7,500 kcal/kg NAR petcoke adjusted to a 6,000 kcal/kg NAR pricing basis
Source: Customs data
EUROPE FUEL PRICE COMPARISON
($/MMBtu)
4.0

3.5
CIF ARA
3.0 CIF Turkey
(petcoke)
2.5
CIF Med 75kt
(coal)
2.0

1.5
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20

Pacific fuel price comparison

Type CV kcal/kg Platts symbol $/mt
NEAT Coal Index Coal 5750 NAR JKTCA00 73.77
USWC FOB Mid Sulfur Petcoke 7500 NAR CPAAC00 46.00
Shipping
Egypt took delivery of 53,357 mt of petcoke from the Netherlands Cargo Size (kt) Platts symbol $/mt
in 2019, which accounted for 9% of imports, up from 4% in 2018. Roberts Bank-Japan 75 CDRBK00 13.20
Petcoke is expected to become more competitive over the coming
months, with “overpriced and overvalued” US coal contributing to PACIFIC FUEL PRICE COMPARISON
increasing demand for petcoke, which should see buyers switching on ($/MMBtu)
4.0
a “large scale,” according to market sources.
— Sarah Matthews
3.5

Prices remain flat despite uptick in activity 3.0

NEAT coal index
USWC FOB
before Chinese New Year 2.5 Mid Sulfur
petcoke
plus freight
■■Optimism over increased Indian imports in 2020 2.0
■■Tenders heard for Brazil, Greece, Egypt and Turkish material
1.5
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
Houston—Activity has picked up in China, Europe and India before the
Chinese New Year on Saturday, sources said. Shipping Rates
“There’s been a little bit of a flurry before the new year,” a Platts symbol Cargo Size Platts symbol $/mt
(kt)
US-based source said, adding that although not a huge increase in USGC to Iskenderun, Turkey CIPHTSZ 50 CIPHT00 22.25
activity “it’s more activity than I’ve seen in a good while coming from USGC to Krishnapatnam, East Coast India CUECISZ 50 CUECI00 39.25
three different geographic regions.” USGC to Qingdao, North China CUGNCSZ 50 CUGNC00 38.25

Tenders have been heard for Brazil for June deliveries, in addition
SHIPPING RATES
to tenders for Greece and Egypt and Turkish cement companies.
($/mt)
The source also noted a South Korean company pursuing, and 50
perhaps concluding, two cargoes out of a Saudi Arabian refiner over
USGC to Qingdao,
the next two months while the Saudi refineries are down for North China
maintenance. 40
USGC to
India, too, has had demand pick up. Krishnapatnam,
East Coast India
“I’m getting a sense because pricing is reasonably attractive and
USGC to
freight hasn’t jumped yet that there could be more inquiries from 30 Iskenderun,
Turkey
India,” the source said. “Reliance is starting to find ways to use its
gasifiers more,” he added, noting that it might lead to increased
20
imports in India over 2020. Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 15
Coal Trader International Thursday, January 23, 2020
“Gradual thing, but kind of some optimism there,” the source said.
Despite the uptick in interest, prices have remained relatively
stable on week.
On the US Gulf Coast, two FOB USGC trades for 6% sulfur petcoke
were heard this week. One for January delivery occurred at $30/mt for
22,000 mt, while the other for February delivery traded at $32/mt for
55,000 mt.
S&P Global Platts assessed FOB USGC 6.5% sulfur at $31/mt and
FOB USGC at $35/mt, both flat week on week.
On the West Coast, Platts assessed FOB USWC 2% at $47/mt, up
$1/mt from last Wednesday, and 3% at $46/mt, up $2/mt.
Regarding IMO 2020, sources have yet to see much of an effect,
although Platts reported earlier this week that fronthaul fixtures were
scarce in the Gulf as participants disagreed on a time charter pricing
model post-IMO 2020.
Low levels of fixture activity heightened uncertainty and left
sources unsure how February rates would be sustained. Platts also
noted petcoke freights dipping on trans-Atlantic trips, with charterers
having the pick of long spot tonnage lists for late January.
A stronger IMO 2020 effect is expected to hit the petcoke market
later in the year.
“I think what’s going to happen is high sulfur petcoke is going to be
made in pretty high quantities in the next six months because of IMO
2020,” the US-based source said. “Maybe down the road the effect will
kick in [on pricing], but it’s just too early yet.”
— Olivia Kalb
India imports 9.5 mil mt of fuel-grade petcoke
in 2019: Lavi Coal
■■Fuel-grade imports total 83.7% of total petcoke imports
■■US exports most to India with 5.6 mil mt
Houston—India imported 9.5 million mt of fuel-grade petcoke in 2019,
up 105% from 2018, a report from India-based Lavi Coal showed
Tuesday.
Fuel-grade petcoke totaled about 83.7% of total petcoke imports
into India.
India imported the majority from the US, with 5.6 million mt. Saudi
Arabia followed, exporting over 3.5 million mt of material to India.
The average price reported for US fuel-grade material was $88.44/
mt and for Saudi Arabian petcoke it was $83.96/mt.
Canada and Oman exported 149,439 mt and 129,982 mt,
respectively, and India imported 47,752 mt from China.
Canadian fuel-grade petcoke averaged $92.33/mt, Oman material
averaged $76.70/mt and Chinese petcoke $88.60/mt.
Of the imported material, 8.78 million mt went to the cement
industry and 680,308 mt to gasification.
Kandla was the main destination for imported fuel-grade petcoke,
with about 2.9 million mt. Krishnapatnam received about 1.6 million mt
and Gangavaram took in over 1.2 million mt.
The largest importer was Ultratech Cement, taking in over 1.8
million mt, while Ambuja Cements stood second with 980,026 mt
© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
imports and Shree Cement at third after importing 689,458 mt of fuel-
grade petcoke.
Of the tonnage where the supplier is known, Tricon Energy was the
largest, supplying 728,239 mt. Saudi Aramco Products Trading Co.
supplied 697,733 mt and Bulk Trading Sa supplied 380,654 mt.
— Olivia Kalb
Indian seaborne petcoke demand picks up;
deals done higher on week
■■Indian domestic petcoke supply could dip
■■Cement demand could improve by 2%-3% in 2020
■■Buyers prefer petcoke amid volatile SA coal prices
Singapore—Indian seaborne demand for US petcoke gained traction
amid a domestic supply crunch and volatile South African coal prices,
market sources said Wednesday.
India’s Reliance Industries Limited has set its January domestic
petcoke price at Indian Rupee 6,172/mt ($86.71/mt), stable on the
month.
There is a possibility that Indian domestic petcoke prices might
rise by Rupee 350/mt ($4.92/mt) for February amid supply tightness, a
west India-based trader said.
Tight availability of Indian domestic petcoke cargoes have also
redirected buyers into the import market, where Indian cement
demand is expected to improve by 2%-3% in 2020, fueling seaborne
petcoke demand, the trader said.
He reported that two deals were concluded last week for Supramax
vessel cargoes of US 7,500 kcal/kg NAR petcoke with 6.5% sulfur at
$72/mt CFR India East for February loading.
Deals for January loading cargoes have diminished in the market,
he said.
The volatile South African coal prices have also led buyers to
petcoke material as a safer buy option.
A Singapore-based trader reported a bid on the same basis at $72/
mt CFR India East Tuesday, citing that offers have risen above $74.50/
mt CFR India East.
A north India-based trader reported a bid from an Indian cement
16
Coal Trader International Thursday, January 23, 2020

plant for US petcoke at $73/mt CIF India East for end January loading
last week.
“The fair value of US petcoke should come down this week as
US-Iran tensions settle down and freight rates [are] subdued,” he said.
He noted there was existing demand in the market, but a bid for
end-January loading cargoes could be an urgent purchase, he said.
Another north India-based trader reported an offer for US petcoke
on the same basis at $74/mt CFR India East, but did not hear any
counter bids.
In the Saudi Arabian market, trading was thin as the Saudi refinery
has planned for maintenance for the whole of February with almost no
cargoes available.
The Supramax freight rate from US Gulf Coast to east coast India
was assessed at $39.50/mt Tuesday, up 25 cents/mt on the week and
stable on the day, S&P Global Platts data showed.
Platts assessed US 7,500 kcal/kg NAR petcoke with 6.5% sulfur at
$72.50/mt CFR India East, up $1.50/mt on the week.
— Fred Wang

USGC HSFO (3.5% SULFUR) vs DATED BRENT SPREAD LIGHT (LLS) HEAVY SPREADS
(%) ($/b)
75 0

70

65 -5

60 Maya

-10 WCS (Nederland)

55

50
27-Nov 06-Dec 13-Dec 20-Dec 30-Dec 07-Jan 14-Jan 22-Jan -15
When High Sulfur Fuel Oil is 85-90% of Dated Brent, refiners are more likely Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
to sell it into other markets, potentially lowering petcoke production. Note: Petcoke production is likely to contract when the spread to light crude (LLS) narrows.

© 2020 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 17