COAL TRADER INTERNATIONAL

Volume 16 / Issue 167 / Tuesday, August 30, 2016

Coal-loadings suspended at Colombia’s Daily prompt physical thermal coal assessments

Cerrejon due to emissions CV (kcal/kg) Window Platts symbol $/mt Chg

Atlantic
Part-loaded ship was permitted to finish loading and depart
„„ CIF ARA 6,000 NAR 15-60 day CSARM01 59.25 +0.95
Company in process of agreeing plan to restart loading
„„ CIF ARA 6,000 NAR 90-day CSABG00 60.50 +1.00
FOB Richards Bay 6,000 NAR 7-45 day CSRBM01 64.50 +1.00
London—Coal-loadings at the Cerrejon-owned Puerto Bolivar in FOB Richards Bay 6,000 NAR 90-day CSACN00 66.10 +0.60
Colombia have been suspended with effect from Friday August 26, FOB Richards Bay 5,500 NAR 7-45 day AAXEX00 53.15 +0.75
the company confirmed Tuesday.
(continued on page 13) Australia
FOB Newcastle 5,500 NAR 7-45 day AAVUW00 60.30 +0.50

Key Drivers/Market Highlights FOB Newcastle Ash Differential AAVVA00 0.50

FOB Newcastle 6,300 GAR 7-45 day CSNCB00 67.75 +1.50
Analysts pinpoint SE Asia for standout import growth
„„
FOB Newcastle 6,300 GAR 90-day CSAGB00 68.25 +0.75
China thermal coal buying slows amid price increases
„„
Well-supported CIF ARA thermal spot up $1
„„ Indonesia
Indonesia miners hold back cargoes amid clouded outlook
„„ FOB Kalimantan (Geared Supramax) 4,200 GAR 7-45 day CSBKI00 33.75 +0.25
FOB Kalimantan (Geared Supramax) 3,800 GAR 7-45 day CSCKJ00 26.25 +0.25
FOB Kalimantan (Geared Supramax) 5,900 GAR 90-day CSAKH00 60.25 +0.25
Inside this issue FOB Kalimantan (Geared Supramax) 5,000 GAR 90-day CSAKI00 48.75 +1.00

Thermal coal forward curves

„„ 2 India
Clean dark spreads
„„ 3 CFR India West (Capesize) 6,000 NAR 30-60 day CIIWD00 69.60 -0.05
Recent heards in the thermal coal market
„„ 4 CFR India West (Gearless Panamax) 5,500 NAR 30-60 day CIWCI00 60.25 0.00
Hindustan Newsprint seeks 40,000 mt imported steam coal
„„ 9 CFR India West (Gearless Panamax) 5,000 GAR 30-60 day TCAKP00 55.65 +1.30
India’s Malabar Cements tenders for 20,000 mt
„„ steam coal 9 CFR India West (Gearless Panamax) 4,200 GAR 30-60 day TCAKT00 40.80 +0.55
Coal stocks at China’s key Bohai Sea ports down 3.6% on-week
„„ 10 CFR India West (Geared Supramax) 3,800 GAR 30-60 day TCAKR00 35.05 +0.15
Newcastle PWCS vessel queue falls from 15-month high to 27
„„ 10 CFR India East (Capesize) 6,000 NAR 30-60 day CIIED00 69.90 -0.05
CFR India East (Gearless Panamax) 5,500 NAR 30-60 day CIECI00 60.20 +0.05
CFR India East (Gearless Panamax) 5,000 GAR 30-60 day TCAKJ00 55.15 +1.30
PACIFIC THERMAL COAL KEY PRICE POINTS ($/mt)
CFR India East (Gearless Panamax) 4,200 GAR 30-60 day TCAKU00 40.15 +0.55
CFR India East (Geared Supramax) 3,800 GAR 30-60 day TCAKS00 34.15 +0.35

CIF Japan 6,000 NAR 73.15 CV (kcal/kg) Window Platts symbol $/mt Chg

PCC 1 (FOB Qinhuangdao 5,500 NAR) 75.91 China

PCC 8 (CFR S China 5,500 NAR) 65.75
PCC 1 (FOB Qinhuangdao) 5,500 NAR 7-45 day PCCQH00 75.91* +1.52

CFR India East 5,500 NAR 60.20 PCC 2 (FOB Qinhuangdao) 5,000 NAR 7-45 day PCCPN00 69.15* +2.27
CFR India West 5,500 NAR 60.25 PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPQ00 39.00 +0.15
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPP00 54.00 +1.00
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSC00 65.75 +1.00
FOB Kalimantan 4,200 GAR 33.75
Yuan/mt
PCC 1 (FOB Qinhuangdao) 5,500 NAR 7-45 day PCCQG00 505.00*
+10.00
PCC 2 (FOB Qinhuangdao) 5,000 NAR 7-45 day PCCPM00 460.00*
FOB Newcastle 5,500 NAR 60.30 +15.00
FOB Newcastle 6,300 GAR 67.75
PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPR00 259.45 +0.94
PCC 6 (VAT included) 3,800 NAR 30-60 day PCCPS00 303.56 +1.10
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPO00 359.23 +6.57
PCC 7 (VAT included) 4,700 NAR 30-60 day PCCFB00 420.30 +7.69
Source: Platts PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSD00 437.40 +6.56
PCC 8 (Duty & VAT included) 5,500 NAR 15-60 day PCCFA00 521.99 +7.83
*Includes VAT at 17%.

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

Coal Trader International Tuesday, August 30, 2016
Thermal coal market analysts pinpoint
Southeast Asia region for standout growth
Perth—Southeast Asian countries including Malaysia, Thailand and
Vietnam are seen as growth markets for the consumption of imported
thermal coal in the years to 2020, as coal-fired electricity is used to
fuel their fast-growing economies, said analysts at the 11th Coaltrans
Australia conference in Sydney last week.
In a 10-year outlook for the Asia seaborne thermal coal market,
Mark Gresswell, chief analyst at Australian mining consultancy group
HDR Salva said three-and-a-half billion people are living on electricity
consumption below the level in Japan.
“Eight of the most populous countries are in Asia, and 54% of the
world’s population live in Asia,” he said.
To move these people to Japanese levels of power consumption
will require an extra 4,300 TW of electricity generation.
This step change in levels of power generation in Asia will require
an 80% increase in global coal production.
Coal-fired power generation is a relatively cheap source of energy
at $30/MWh, and is less than half the cost of generating electricity
from gas at $65/MWh, said Gresswell.
“This is why coal will have a big role to play in Asia,” he said.
Nuclear electricity generation has come under scrutiny in Asia
following the tragic accident at Japan’s Fukushima-Daiichi plant in
2011, and some Asian nations have lowered their projected share of
this fuel in their future generation mix.
Japan’s long-range plan is to draw 20%-22% of its electricity
production from nuclear plants, and South Korea has a target for
nuclear power generation of 30% by 2030, down from 41% previously.
“Local communities are very concerned about having nuclear
plants in their backyards,” he said.
And, the only real alternative fuel to nuclear is coal, he stated.
Market in transition
Gresswell characterized 2016 as a year as a year of “transition” for
the seaborne market for thermal coal, as it moves from a supply
surplus to a supply deficit that will likely lead to a recovery in prices.
“We are seeing large tonnages of Colombian coal moving to Asia,”
said Gresswell, adding this new trade was emblematic of demand
growth in Asia drawing tons to the region.
In China, imported thermal coal is competing strongly with Chinese
coal, and Beijing’s tough stance on capping domestic production is
being backed up by mine inspections that could result in some
closures of local mines, he said.
Southeast Asia holds the promise of becoming the next India, in
Gresswell’s eyes, as countries in this region seek to diversify their fuel
supply arrangements for electricity generation which is growing at a
current rate of 12% per year.
For example, Vietnam’s imports of thermal coal could grow to 147
million mt by 2030 from 63 million mt in 2020, he said. The country is
aiming to build 46 new coal-fired power stations ranging in size from
40 MW to 600 MW in capacity.
Fully, 50 GW of new coal-fired power capacity is set to come online
in Southeast Asia in the next few years to 2020, and will require an
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
Thermal coal forward curves, August 30
Bid Ask Midpoint* Platts symbol Change* % Change
CIF ARA 6,000 NAR
Sep-16 60.95 61.25 61.10 CSAM001 +1.20 +2.00
Oct-16 62.20 62.50 62.35 CSAM002 +1.25 +2.05
Q4-16 62.00 62.30 62.15 CSAQ001 +1.40 +2.30
Q1-17 59.95 60.25 60.10 CSAQ002 +1.35 +2.30
Q2-17 58.40 58.70 58.55 CSAQ003 +1.40 +2.45
Q3-17 57.80 58.10 57.95 CSAQ004 +1.40 +2.48
2017 58.35 58.65 58.50 CSAY001 +1.40 +2.45
2018 56.90 57.20 57.05 CSAY002 +1.40 +2.52
2019 56.75 57.05 56.90 CSAY003 +1.40 +2.52
FOB Richards Bay 6,000 NAR
Sep-16 66.55 66.85 66.70 CSBM001 -0.20 -0.30
Oct-16 66.45 66.75 66.60 CSBM002 +0.50 +0.76
Q4-16 66.35 66.65 66.50 CSBQ001 +0.90 +1.37
Q1-17 64.80 65.10 64.95 CSBQ002 +1.45 +2.28
Q2-17 62.85 63.15 63.00 CSBQ003 +1.35 +2.19
Q3-17 61.80 62.10 61.95 CSBQ004 +0.90 +1.47
2017 62.65 62.95 62.80 CSBY001 +1.20 +1.95
2018 61.40 61.70 61.55 CSBY002 +1.55 +2.58
2019 59.85 60.15 60.00 CSBY003 +1.40 +2.39
FOB Newcastle 6,300 GAR
Sep-16 67.55 68.05 67.80 CSCM001 +1.00 +1.50
Oct-16 67.50 68.00 67.75 CSCM002 +0.75 +1.12
Q4-16 67.35 67.85 67.60 CSCQ001 +1.00 +1.50
Q1-17 66.55 67.05 66.80 CSCQ002 +1.20 +1.83
Q2-17 63.40 63.90 63.65 CSCQ003 +1.00 +1.60
Q3-17 62.10 62.60 62.35 CSCQ004 +1.00 +1.63
2017 63.00 64.00 63.50 CSCY001 +1.10 +1.76
2018 61.50 62.50 62.00 CSCY002 +0.50 +0.81
2019 60.90 61.90 61.40 CSCY003 +0.75 +1.24
*Fields are calculated.
PLATTS FORWARD CURVE COAL
($/mt)
70
FOB Richards Bay
FOB Newcastle
CIF ARA
65
60
55
Sep-16 Oct-16 Q4-16 Q1-17 Q2-17 Q3-17 2017 2018 2019
Graph created using Platts Forward Curve – Coal data.
The forward curve in coal will provide nine assessments comprising two prompt months,
four prompt quarters and three calendar years.
PFC–Coal is also available in computer-readable Platts Dispatch format. To see a sample
and find information on how to subscribe go to www.risk.platts.com. For questions about
subscribing, please contact support@platts.com. For questions about the content of
PFC–Coal, please e-mail coal@platts.com.
2
Coal Trader International Tuesday, August 30, 2016
additional requirement for the region of 100 million mt of imported
thermal coal, said Gresswell.
Indonesia alone will need to consume an extra 80 million mt of
thermal coal for its additional 20 GW of coal-fired power plants by 2020,
and most of this supply could come from the country’s domestic market.
Given this additional demand growth for thermal coal in Southeast
Asia in the coming years, it is difficult to see where the region’s
additional requirement for 100 million mt will be sourced from.
“There may be some latent tons from the US. Australia is almost
tapped out,” he said.
Speaking later in a panel discussion, Gresswell expanded on the
theme of supply relating to Australia.
“There are no new mines being developed [in Australia]. There are
some small expansions, but they are offset by closures,” he said.
“Higher prices will incentivize a few additional tons onto the
market, but it won’t reach 150 million mt,” he said.
More inquiries from SE Asia
Also during the panel discussion, Sam Fisher, general manager for
marketing at Australian coal producer New Hope Coal said: “As a coal
producer in the last 12 months we have seen a lot more inquiries coming
from Vietnam, and also some inquiries from the Philippines and Malaysia.”
India was an arbitrage market for Australian thermal coal that
greatly depended on freight differentials, he added.
Gary Vernon, global head of coal trading for Australian bank
Macquarie said: “With a low freight environment, Australian coal
competes everywhere.”
There has been a significant increase in South American demand for
Australian thermal coal because of lower vessel freight rates, he said.
Matthew Boyle, principal consultant at commodities analysis and
consultancy firm CRU said Australian coal exports had stayed relatively
flat, possibly as a result of take-or-pay contracts for rail and port
infrastructure used by Australian coal producers.
In China, the central government’s policy to restrict domestic coal
mines to operating for only 276 days in a calendar year had been a
“significant driver” in the recent improvement in prices in the Chinese
coal market.
“Not only is it being implemented, but at rates we did not expect,”
he said of the production restriction.
But, in driving domestic thermal coal prices higher, Beijing’s
production policy could have an unintended side effect.
“Now, with [domestic] prices getting close to Yuan 500/mt [FOB
Qinhuangdao for 5,500 kcal/kg NAR thermal coal] there is the potential
for some cut production to come back online,” he said.
China’s domestic coal industry is “massively fragmented” with
10,800 individual mines spread over the country, and 7,000 of these
have a capacity of under 300,000 mt/year.
“The smallest mines only make up 10% of production,” he said.
Beijing is aiming to eliminate 500 million mt of production capacity
in China’s domestic coal industry over a three-to-five year period, but
even if it was to achieve this outcome, it would not be enough to
improve the sector’s overall profitability, he said.
For Japan, which restarted its fifth nuclear power reactor a couple
of weeks ago, its coal demand is forecast to be 130 million mt by 2020
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
Weekly prompt physical thermal coal prices
CV (kcal/kg) Window Platts symbol $/mt Chg
Atlantic
CIF Turkey 6,000 NAR 90-day CTCMT04 67.00 -1.00
FOB Colombia 6,000 NAR 90-day CSABZ00 57.00 -1.40
FOB Russia Baltic 6,000 NAR 90-day CSAKC00 57.00 -1.40
FOB Poland Baltic 6,000 NAR 90-day CSAKB00 57.10 -1.40
FOB Barge ARA* 6,000 NAR 90-day AARCQ04 62.23 -2.50
*Weekly average.
Pacific
CIF Japan 6,080 NAR 90-day CSAGD00 73.15 -0.85
CIF Korea West 6,080 NAR 90-day CSAGE00 72.00 -1.00
FOB Gladstone 6,500 GAR 90-day CSAKE00 69.00 -1.00
FOB Russia Pacific 6,300 GAR 90-day CSAKG00 70.00 -1.00
FOB Qinhuangdao 6,200 GAR 90-day CSAGH00 81.00 +1.00
Clean dark spreads
Platts 35% Platts 45% Platts 35%
symbol efficiency symbol efficiency symbol efficiency
CPS*
Germany (Eur/MWh)
Month ahead CTGTM00 2.00 CCGUM00 6.98
Month ahead+1 CCGTM27 1.89 CCGUM27 6.98
Quarter ahead CCGTQ00 2.21 CCGUQ00 7.28
Quarter ahead+1 CCGTQ27 2.34 CCGUQ27 7.24
Year ahead CCGTY00 0.32 CCGUY00 5.10
Year ahead+1 CCGTY27 -0.24 CCGUY27 4.41
Year ahead+2 CCGTY28 -1.14 CCGUY28 3.51
UK (GBP/MWh)
Month ahead CCUZM00 13.49 CCHZM00 -4.03
Month ahead+1 CCUZM27 15.99 CCHZM27 -1.52
Quarter ahead CCUZQ00 20.41 CCHZQ00 2.89
Quarter ahead+1 CCUZQ27 24.42 CCHZQ27 6.91
Season ahead CCUZS00 23.03 CCHZS00 5.51
UK (Eur/MWh)
Month ahead CCUTM00 15.84 CCHTM00 -4.73
Month ahead+1 CCUTM27 18.79 CCHTM27 -1.78
Quarter ahead CCUTQ00 23.97 CCHTQ00 3.40
Quarter ahead+1 CCUTQ27 28.68 CCHTQ27 8.11
Season ahead CCUTS00 27.05 CCHTS00 6.48
*The CPS clean dark spreads incorporate the cost of the UK government’s Carbon Price Support
levy at the confirmed rate of GBP18.00/mt from April 1, 2016 to March 31, 2017.
Platts Coal Switching Price Indicator (CSPI)
Platts UK Platts UK Platts Netherlands
August 30, 2016 symbol (p/th) symbol (Eur/MWh) symbol (Eur/MWh)
Month ahead EUKVM00 47.31 EUKTM00 18.96 EDUTM00 10.91
Quarter ahead EUKVQ00 47.81 EUKTQ00 19.16 EDUTQ00 11.08
Year ahead EUKVY00 46.17 EUKTY00 18.50 EDUTY00 10.50
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.
Platts physical thermal coal netbacks, Aug 30
CV (kcal/kg) Basis Sulfur $/mt Chg
CIF ARA CSARM01 6000 NAR 1.0% 59.25 +0.95
USEC-Rotterdam CDBUR00 Panamax 7.15 -0.10
$/st
FOB US East Coast COUSC00 6500 NAR 1.0% 51.74 +1.02
3
Coal Trader International Tuesday, August 30, 2016

Recent heards in the thermal coal market

Date Grade of coal Details
Atlantic
30-Aug-16 DES Amsterdam ACPRSU 6,000 NAR TRADE: 50,000 mt for November at $59.35/mt with EFP via globalCOAL
30-Aug-16 DES AR ACPRSU 6,000 NAR TRADE: 50,000 mt for November at $59.80/mt with EFP via Atlantic Brokers
30-Aug-16 DES Amsterdam ACPRSU 6,000 NAR TRADE: 50,000 mt for October at $57.75/mt with EFP via globalCOAL
30-Aug-16 DES AR ACPRSU 6,000 NAR TRADE: 50,000 mt for October at $58.60/mt with EFP via globalCOAL
30-Aug-16 DES AR ACPRSU 6,000 NAR TRADE: 50,000 mt for October at $61.5/mt with EFP via Atlantic Brokers
26-Aug-16 FOB Richards Bay 6,000 NAR TRADE: 50,000 mt for September at $63.1/mt with EFP via globalCOAL
26-Aug-16 FOB Richards Bay 6,000 NAR TRADE: 50,000 mt for September at $63.1/mt with EFP via globalCOAL
26-Aug-16 FOB Richards Bay 6,000 NAR TRADE: 50,000 mt for September at $63.3/mt with EFP via globalCOAL
26-Aug-16 DES AR ACPRSU 6,000 NAR TRADE: 50,000 mt for October at $60.75/mt with EFP via Atlantic Brokers
26-Aug-16 DES Amsterdam ACPRSU 6,000 NAR TRADE: 50,000 mt for December at $60.50/mt with EFP via globalCOAL
26-Aug-16 FOB Richards Bay 6,000 NAR TRADE: 50,000 mt for October at $65.50/mt via globalCOAL

Pacific
30-Aug-16 CFR S China 5,500NAR BID: 130,000 mt for October at $66/mt: trader
30-Aug-16 FOB Kalimantan 5,000 GAR OFFER: Capesize for September or October with less than 0.8% sulfur at $50-$51/mt: trader
30-Aug-16 FOB Kalimantan 4,200 GAR OFFER: Supramax for September or October at $34/mt: trader
30-Aug-16 FOB Kalimantan 4,200 GAR OFFER: Supramax for end September or October at $34-$34.50/mt: trader
30-Aug-16 FOB Newcastle 5,500 NAR OFFER: 130,000 mt for November at $59/mt: trader
30-Aug-16 FOB Newcastle 5,500 NAR OFFER: Panamax for October at $58.75/mt: trader
30-Aug-16 FOB Kalimantan 4,700 NAR OFFER: Supramax for October at $50/mt: trader
30-Aug-16 FOB Kalimantan 3,800 NAR OFFER: Supramax for October at $35-$36/mt: trader
30-Aug-16 FOB Kalimantan 3,800 NAR OFFER: Supramax for September at $34-$35/mt: trader
30-Aug-16 FOB Kalimantan 5,500 GAR OFFER: Supramax for October at $53-$54/mt: trader
30-Aug-16 FOB Kalimantan 3,800 NAR OFFER: Supramax for October at $35/mt: trader
30-Aug-16 FOB Kalimantan 5,000 NAR OFFER: Panamax for October at $54-55/mt: trader
30-Aug-16 FOB Kalimantan 5,000 NAR OFFER: Panamax for November at $56/mt: trader
30-Aug-16 FOB Kalimantan 4,800 NAR OFFER: Panamax for September at $53/mt: trader
30-Aug-16 FOB Kalimantan 3,800 NAR OFFER: Supramax for October at $34.70/mt: trader
30-Aug-16 FOB Kalimantan 3,400 NAR OFFER: Supramax for October at $29/mt: trader
30-Aug-16 FOB Kalimantan 3,800 NAR TRADE: Panamax for October at $33.50/mt: trader

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© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 4
Coal Trader International Tuesday, August 30, 2016
and focused mostly on imported fuel with an energy content of more
than 5,700 kcal/kg NAR, said Boyle.
South Korean import demand for thermal coal was seen by Boyle
as staying relatively steady at around 85 million to 90 million mt/year.
Southeast Asia is also viewed by Boyle as a bright spot for thermal
coal demand and the region is expected to require an additional 65
million mt of higher-grade bituminous thermal coal by 2020.
“We are extremely positive on thermal coal demand in Southeast
Asian countries,” he said.
“Most of the demand for thermal coal will come from Malaysia and
Thailand and will continue out to 2020,” he stated.
China retires old plants
China is starting to retire some older coal-fired power stations and
for environmental reasons, leading to 137 GW of generating capacity
for this fuel being taken offline by 2020, although the country will add
23 GW of coal-fired electricity generation in 2016 alone, he added.
India’s imports of thermal coal were projected to be 65 million to 70
million mt by the year 2020 by Amit Kumar, head of coal sourcing and
power trading at Jindal Steel & Power.
Though he said he believed there would be a shift to higher
calorific value thermal coal in the years ahead, that would offset
declining trade volumes.
“Sponge iron and cement plants will continue to import coal from
South Africa and Australia,” he said.
Coastal power plants in India with a combined generating capacity of
10 GW to 12 GW will remain dependent on imported cargoes too, he added.
— Mike Cooper
China thermal coal buying slows
amid price increases
Singapore—Chinese buyers of thermal coal were slowing their
purchasing activities as prices continued to climb, sources said Tuesday.
“We’re being conservative now. If the price looks OK, we’ll consider
it but if not, we let it go,” a trader based in Hong Kong said, noting that
there was no urgency among power plants to buy.
Most of the buying was being done by traders trying to secure
cargoes in anticipation of winter restocking, he said.
A Fujian-based trader said end-users had lowered their buying
price expectations as they had mostly finished stocking up.
“It is risky for importers to take positions now,” he said, adding a
continued rise in seaborne prices hinged on how domestic coal
prices moved.
He was offered an October-loading Supramax cargo of Indonesian
3,400 kcal/kg NAR coal at $28-$29/mt FOB.
Another trader in China received an offer for a prompt-loading
Supramax cargo of 3,400 kcal/kg NAR at $29/mt FOB.
He was also offered a Supramax cargo of 3,800 kcal/kg NAR coal at
$35/mt FOB and a Panamax shipment of 4,800 kcal/kg NAR coal at
$53/mt FOB, but said end-users might be willing to buy at $34/mt FOB
and less than $50/mt FOB respectively.
There were also offers heard for October- and November-loading
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
Spot dry bulk freight assessments, Aug 30
Platts symbol $/mt Chg
Capesize
Australia-China CDANC00 5.15 -0.05
Queensland-Japan CIGAJ00 5.40 -0.05
New South Wales-Korea CINAK00 5.40 -0.05
Bolivar-Rotterdam CIBCR00 5.00 -0.05
Roberts Bank-Japan CDRKJ00 5.95 -0.05
Richards Bay-Rotterdam CIRBN00 3.85 0.00
Virtual (CIF ARA-FOB Richards Bay) CSCCC00 -5.25 -0.05
Differential (Rotterdam Capesize-Virtual) CSCCE00 9.10 0.00
Panamax
Richards Bay-India West CSAKL00 7.85 0.00
Kalimantan-India West CSAKP00 6.10 +0.30
Richards Bay-India East CSAKN00 7.90 +0.15
Kalimantan-India East CSAKR00 5.10 +0.30
Richards Bay-Rotterdam CIRRN00 6.00 0.00
Richards Bay-Spanish Med CIRBT00 5.50 0.00
Richards Bay-Jorf Lasfar CIRBJ00 4.00 +0.10
Bolivar-Rotterdam CIBRN00 7.65 -0.10
USEC-India CDBUI00 17.50 0.00
USEC-Rotterdam CDBUR00 7.15 -0.10
USEC-Brazil CDBUB00 6.50 0.00
Mobile-Rotterdam CDMAR00 8.65 -0.10
Mobile-Taranto CDMAI00 10.15 -0.10
Roberts Bank-Japan CDRBK00 7.35 -0.10
Australia-China CDBFA00 7.10 -0.10
Australia-India CDBFAI0 8.10 -0.50
Platts physical thermal coal assessments, August 30
CV (kcal/kg) Window Platts symbol $/mt Yuan/mt Chg
Daily prompt prices
CFR South China 5,500 15-60 day AAVSZ00 65.80 +1.00
FOB Qinhuangdao 5,500 7-45 day AAVTN00 434.00 +10.00
Carbon-Adjusted CIF ARA 6,000 Prompt CSCCC00 70.35 +0.38
FOB ARA Barge 6,000 90-day AARCQ00 63.50 +1.00
Heat rate Btu/KWh %
Gas, UK 14,849 22.99
Gas, Germany 8,598 39.71
Coking coal swaps assessment, August 30
Platts symbol $/mt Chg % Chg
Platts Premium Low Vol FOB Australia
Sep-16 MCPLM01 140.000 +2.00 +1.45
Oct-16 MCPLM02 136.000 -2.00 -1.45
Nov-16 MCPLM03 135.000 -3.50 -3.50
Q4-16 MCPLQ01 135.000 -3.50 -2.53
Q1-17 MCPLQ02 135.000 -4.00 -2.88
Q2-17 MCPLQ03 136.000 -4.00 -4.00
2017 MCPLY01 137.000 -3.00 -2.14
Metallurgical coke
% CSR Platts symbol $/mt Chg % Chg
FOB North China 66/65 MCCNC00 222.00 +6.00 +2.78
FOB North China 62 AAWVL00 221.00 +6.00 +2.79
CFR India 62 MCCEI00 231.50 +6.00 +2.66
Yuan/mt
DDP North China (weekly) 62 AAWVJ00 1290.00 +60.00 +4.88
5
Coal Trader International Tuesday, August 30, 2016
cargoes of 5,000 kcal/kg NAR coal at $54-$56/mt FOB.
A Singapore-based trader said prices had risen too high, so he
preferred to wait and see if prices would ease in the next few weeks
before purchasing.
October cargoes of 4,700 kcal/kg NAR coal were being offered at
$50/mt FOB on a Supramax vessel basis, he added.
Offers for September-loading Supramax cargoes of 3,800 kcal/kg
NAR coal were at $34-$35/mt FOB and branded October shipments at
$35-$36/mt FOB, he said.
A market source in Singapore received a bid for a gearless cargo of
3,800 kcal/kg NAR coal with maximum 0.7% sulfur for loading in H2
October at $34.70/mt FOB.
The Hong Kong-based trader said he sold a September-loading
Panamax cargo of 4,700 kcal/kg NAR coal in the low $50s/mt FOB.
Prices rising steeply
The Singapore-based trader said a major Australian coal producer
was heard offering a Panamax vessel cargo of 5,500 kcal/kg NAR coal
for September loading at $58.75/mt FOB.
He said it has been difficult to lock in cargoes with prices rising steeply.
A second Singapore-based trader said he was offering a
November-loading Capesize cargo of Australian 5,500 kcal/kg NAR
coal at $59/mt FOB and bids were at $58-$58.50/mt FOB.
According to the China-based trader, trucking costs in China will rise
from September 1 due to stricter limitations in hauling volumes per truck.
“I don’t see any factors that will bring domestic coal prices in the
northern ports down. Prices may continue to rally in the short term,” he said.
The Singapore-based trader said he heard power plants were
buying spot 5,500 kcal/kg NAR coal at Yuan 510-520/mt FOB.
He noted that power plants have started lowering their capacity as
the temperature starts to fall.
The PCC 1 price of domestic thermal coal with a calorific value of 5,500
kcal/kg NAR traded at Qinhuangdao port was assessed at Yuan 505/mt
FOB Tuesday, up Yuan 10 from Monday, and the PCC 2 price of 5,000 kcal/
kg NAR domestic coal FOB Qinhuangdao basis at Yuan 460/mt, up Yuan 15.
The PCC 6 price of 3,800 kcal/kg NAR thermal coal delivered to
South China was assessed at $39/mt CFR South China, up 15 cents
on-day, and the PCC 7 price of 4,700 kcal/kg NAR imported thermal
coal at $54/mt on a delivered China basis, up $1.
The PCC 8 price of 5,500 kcal/kg NAR thermal coal was assessed
up $1 on-day at $65.75/mt CFR South China.
— Mia Corazon Aureus, Michelle Zhao, Jason Zhou
Well-supported CIF ARA
thermal spot up $1
London—The European-delivered spot market remained fundamentally
well-supported Tuesday, as a combination of loading issues in Colombia
and Asian demand continued to keep prices firm, sources said.
S&P Global Platts assessed the price of CIF ARA physical thermal
coal basis 6,000 kcal/kg NAR and for delivery within the next 15-60 day
period at $59.25/mt, up 95 cents on Friday’s close.
Coal-loading at Cerrejon’s Puerto Bolivar in Colombia is suspended
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 6
while the regional government reviews air pollution around the port.
“It will support prices in Europe in the short-term, but the market is
generally well-supported,” a European utility trader said.
“Asia is sucking up Colombian [coal], the European market is
balanced — not firm-firm, but balanced,” he added.
A second trader felt the effect of Puerto Bolivar’s loading issues on
European prices would be limited. “They’ve said it won’t affect
production or exports. Maybe a touch on sentiment, but not enough.”
The day saw five trades, all 50,000 mt multi-origin cargos with US
optionality and exchange of futures for physical (EFP) terms.
Three October-delivery cargoes traded, the first for delivery to
Amsterdam only for $57.75/mt, and a second for delivery to
Amsterdam or Rotterdam for $58.60/mt, both through globalCOAL. A
third cargo for delivery to Amsterdam or Rotterdam traded through
Atlantic Brokers for $61.50/mt.
A November-delivery cargo for delivery to Amsterdam only traded
for $59.35/mt, through globalCOAL. A second November-delivery
cargo traded through Atlantic Brokers for $59.80/mt.
After the 1700 GMT close for market assessments, a similar September
deal went through onscreen for delivery into Amsterdam at $58/mt.
The Richards Bay FOB market was quiet Tuesday with no reported
trades.
Platts assessed the FOB price of Richards Bay physical thermal
coal basis 6,000 kcal/kg NAR and for delivery within the next 7-45 day
period at $64.50/mt, up $1 on Friday’s close.
A 50,000 mt parcel for October delivery was bid at $65.90/mt FOB
and offered at $66.50/mt FOB. The same figures for a November-
loading cargo were $65.85/mt FOB and $66.50/mt FOB, respectively.
Futures follows physical higher
CIF ARA thermal coal futures gained over $1 Tuesday, which
sources primarily attributed to a stronger physical market.
S&P Global Platts assessed the CIF ARA the front-quarter Q4-16
contract at $62.15/mt and the year-ahead Cal-17 at $58.50/mt, both
rising $1.40 from Friday.
Sources said low liquidity had once again helped prices make
noticeable jumps during the session.
“Physical supported the entire curve” a Europe-based trader noted,
adding that spreads across the curve had been widening, with deferred
futures floundering briefly during the afternoon as crude oil tanked.
“[The] September-October [spread] is being offered to prop up
October, which is part of Q4-16, because people are long Q4-16-Cal-17.
Q1-17 is offered reasonably well to keep pressure on the Cal-17,” he added.
The differential between front-quarter and year-ahead contracts
closed steady from Friday at $3.65/mt, but had been around $4.05/mt
during the early afternoon.
The Cal-17 had also been marginally stronger than Q4-16 contracts
intraday, but the latter contract soon caught up as they were better bid
and the “spreads got paid,” the European trader noted.
Trading started relatively late Tuesday, with the Cal-17 contract
opening 10 cents higher from Friday’s close at $57.20/mt. It then
climbed to $58.25/mt during the afternoon and slipped back down to
$57.60/mt before gaining more towards market close.
Q4-16 futures opened 5 cents lower on the day at $60.70/mt and
Coal Trader International Tuesday, August 30, 2016

Platts daily metallurgical coal assessments, Aug 30

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 140.75 +7.25 HCCGC00 147.00 +7.25 HCCGI00 148.85 +6.75
Premium Low Vol PLVHA00 139.50 +7.00 PLVHC00 145.75 +7.00 PLVHI00 147.60 +6.50
HCC 64 Mid Vol HCCAU00 129.15 +6.35 HCCCH00 136.25 +6.25 HCCIN00 137.25 +5.85
Low Vol PCI MCLVA00 89.15 +2.85 MCLVC00 96.25 +2.75 MCLVI00 97.25 +2.35
Mid Tier PCI MCLAA00 86.90 +2.85 MCLAC00 94.00 +2.75 MCVAI00 95.00 +2.35
Semi Soft MCSSA00 83.40 +0.10 MCSSC00 90.50 0.00 MCSSI00 91.50 -0.40

Atlantic coking coal ($/mt)

Platts FOB US
symbol East Coast Change VM Ash S
Low Vol HCC AAWWR00 125.00 +4.00 19% 8% 0.80%
High Vol A AAWWS00 130.00 +5.00 32% 7% 0.85%
High Vol B AAWWT00 115.00 +1.00 34% 8% 0.95%

CFR NW Europe Change VM Ash S

PLV NetForward PLVHE00 146.40 +7.00 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
symbol symbol symbol
PCC Met Shanxi Premium Low Vol PCCMA04 730 PCCMB04 765 PCCMC04 975
PCC Met Shanxi High Sulfur Premium Low Vol PCCMD04 580 PCCME04 615 PCCMF04 825
PCC Met North China Fat Coal — — PCCMG04 810
PCC Met Shanxi PCI PCCMH04 530 PCCMI04 565 PCCMJ04 730
PCC Met Shandong Semi Soft PCCMK04 600 PCCML04 620 —

PCC Met Rail Freight Shanxi – Tangshan PCCMM04 230

PCC Met Truck Freight Shanxi – Tangshan PCCMO04 245
*Weekly (assessed August 24).

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 1090.00 AAWZO00 136.26
HCC 64 Mid Vol* AAWZP00 1020.00 AAWZQ00 127.26
*Weekly (assessed August 26), 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 64% 25.50% 9.00% 0.60% 0.05% 9.50% 1,700

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 69.75
Per 1% VM (air dried) 18-27% CPVPA00 0.50% CPVMP00 69.75
Per 1% TM (as received) 8-11% CPTPA00 1.00% CPTMP00 139.50
Per 1% Ash (air dried) 7-10.5% CPAPA00 1.50% CPPAP00 209.25
Per 0.1%S (air dried) 0.3-1% CPSPA00 1.00% CPSPV00 139.50

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 0.25% CPPBB00 0.31
40-49% CPPBC00 0.05% CPPBD00 0.06
Per 0.1% S 0.70-1.05% CPPBE00 0.75% CPPBF00 0.94
1.06-1.25% CPPBG00 0.75% CPPBH00 0.94
Per 1% TM (as received) 6-11% CPPBK00 1.00% CPPBL00 1.25
Per 1% Ash 5-10% CPPBI00 1.75% CPPBJ00 2.19
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.

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 7
Coal Trader International Tuesday, August 30, 2016

peaked at $61.80/mt during the mid-afternoon. They then also
dwindled slightly before jumping as the session came to a close.
The South African FOB Richards Bay paper market was quiet, with
the negative front-quarter implied freight spread narrowing 50 cents
from Friday to minus $4.35/mt.
The FOB Richards Bay Q4-16 contract was assessed at $66.50/mt,
up 90 cents on-day, and the Cal-17 at $62.80/mt, up $1.20.
— Cameron Carswell, Jacqueline Holman
Indonesia miners hold back cargoes
amid clouded outlook
“Take China out of the equation and the tightness would go
away,” he added.
Meanwhile, Chinese buyers had been going very slow, said a
Singapore-based source, adding that the pace of rise in prices was
also slowing.
There were limited offers as some miners were holding back, he
said. An Indonesia-based trader said he expected prices to stabilize at
current levels.
He said this week and the next would be crucial as they would
determine the strength of the Chinese buying. The second India-based
trader noted that prices were unlikely to see any drastic movement in
the weeks to come.

Singapore—Indonesian thermal coal miners were holding back offers as
sought clarity on the outlook for forward months, sources said Tuesday.
“They don’t want to offer anything beyond one month in advance,”
said an India-based trader.
He had received an offer for a late-September or an early-October
loading Supramax shipment of 4,200 kcal/kg GAR coal at $34/mt FOB.
“Miners these days are not quoting absolute numbers, they prefer
to link it [to an index],” he added.
Prices had risen about 10-15% over the past couple of months,
largely driven by Chinese buying, said another India-based trader.
Prompt market remains tight
Even Indonesian miners were skeptical about the outlook, thus they
were not offering for forward months yet, he added. The market for the
prompt window remained tight, the Indonesia-based trader said.
The rains earlier this year disrupted production, he said, adding
that a number of mines in Samarinda, East Kalimantan province, were
still flooded and miners were trying to gradually restore production.
“Miners said that once the rains stop they intend to optimize their
production,” he added.
Meanwhile, Indian buyers were still struggling to accept the surge

Platts daily Asia Pacific metallurgical coal relativities – August 30, 2016
August 30 Spread Spread
CSR VM TM Ash S P Fluidity Vit % CFR China vs PLV vs HCC 64
ad ar ad ad ad ddpm $/mt

Peak Downs 74 20.50 9.50 10.50 0.60 0.03 400 71 147.00* 100.86%
*Peak Downs FOB Australia (China netback) after accounting for Haypoint-Qingdao Panamax freight = $139.90/mt
Saraji 72 18.50 10.00 10.50 0.60 0.03 160 66 145.75 100.00%
Premium Low Vol 71 21.50 9.70 9.30 0.50 0.045 500 65 145.75** 100.00%
**Premium Low Vol FOB Australia (China netback) after accounting for Haypoint-Qingdao Panamax freight = $138.65/mt
German Creek 70 19.00 10.50 9.50 0.54 0.06 180 70 144.75 99.31%
Illawarra 73 23.50 10.00 9.50 0.45 0.06 2000 58 145.25 99.66%
Moranbah North 68 23.30 10.00 8.50 0.50 0.04 1800 58 144.75 99.31%
Oaky Creek 67 24.50 10.00 9.50 0.60 0.07 4000 80 144.75 99.31%
Goonyella 68 23.40 10.00 8.90 0.52 0.03 1100 62 144.75 99.31%
Goonyella C 70 23.50 10.00 9.80 0.55 0.04 1200 62 143.75 98.63%
Peak Downs North 68 22.80 10.50 9.80 0.51 0.05 900 63 143.50 98.46% 105.32%
Standard 70 22.50 9.00 9.50 0.45 0.06 150 53 140.25 96.23% 102.94%
Premium 70 25.50 9.00 8.80 0.50 0.07 300 56 140.25 96.23% 102.94%
Hail Creek 69 20.50 10.00 10.00 0.30 0.07 300 54 143.50 98.46%
HCC 64 Mid Vol 64 25.50 9.50 9.00 0.60 0.05 1700 55 136.25 93.48% 100.00%
Mavis Downs 63 22.00 10.00 8.00 0.35 0.05 75 136.25 100.00%
Lake Vermont HCC 62 21.50 11.00 7.50 0.44 0.07 120 50 136.25 100.00%
Carborough Downs 58 22.50 11.00 8.00 0.35 0.04 30 44 134.75 98.90%
Middlemount Coking 57 19.00 10.00 10.00 0.50 0.045 50 133.50 97.98%
Poitrel Semi Hard 45 24.00 12.00 8.00 0.43 0.05 300 54 125.00 91.74%
August 30 freight rates. Australia to China: Panamax = $7.10/mt Capesize = $5.15/mt
Notes: ad = air-dried; ar = as received; CSR = coke strength after reaction; ddpm = dial divisions per minute
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.
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: Platts

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 8
Coal Trader International Tuesday, August 30, 2016
in prices, said the first India-based trader. It was still raining in India
and power demand has been weak, keeping Indian demand for
thermal coal low.
Offers for Capesize shipments of 5,000 kcal/kg GAR coal with less
than 0.8% sulfur were at $50-$51/mt FOB for September or October
cargoes, he said. However, there was no one willing to buy at this level,
at least from India, he added.
The price of FOB Kalimantan 4,200 kcal/kg GAR coal was assessed
at $33.75/mt and FOB Kalimantan 3,800 kcal/kg GAR coal at $26.25/mt
Tuesday, up 25 cents from Monday.
The daily 90-day price of FOB Kalimantan 5,000 kcal/kg GAR coal
was assessed at $48.75/mt, up $1 day on day, and FOB Kalimantan
5,900 kcal/kg GAR at $60.25/mt, up 25 cents on-day.
— Arusha Das
High and volatile thermal coal prices
keep Indian buyers at bay
Singapore—High-priced Indonesian thermal coal and volatility in
South African prices have kept Indian buyers on the sidelines, sources
said Tuesday.
A West India-based end-user said he was looking to shift from
South African thermal coal to Indonesian material, but prices had risen
quite steeply in the recent months.
“Indonesian prices have risen because of China demand and
supply tightness,” he said. However, he expected prices to drop once
China slowed its winter restocking activities.
“We expect prices to drop in October or November,” he said, adding
there was talk about China easing its 276-workday policy, which would
improve domestic supply.
Offers for Indonesian 5,000 kcal/kg GAR coal were at about $50/mt
FOB, he said, adding that a couple of months back he had bought
South African coal with similar heating value at $50/mt, but on a
delivered-India basis.
A Dubai-based trader said even buyers in countries like Bangladesh
or Thailand were looking at options amid high prices.
“When you give a price, [buyers] look at various options,” he said.
“Deal making has become difficult nowadays.”
Indonesian supply was tight, he said, adding that September
cargoes were not available.
“Only October cargoes are being offered and that is also getting
tight,” he said. October-loading Supramax cargoes of Indonesian 5,500
kcal/kg GAR coal were being offered at $53-$54/mt FOB, he said.
Volatile South African coal price
Owing to current volatility in South African prices, there was not much
interest from Indian buyers, said a west India-based trader. He said offers
for South African 4,800 kcal/kg NAR coal were at $44-$45/mt FOB.
“How can someone show any interest when [prices] keep on
changing?” he asked.
Another west India-based trader noted that Indonesian prices had
gone up sharply and were almost on par with South African numbers.
“If there is any drop in South African prices, Indonesian coal will once
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
again lose its edge in the Indian market,” he added.
Offers for spot cargoes of South African 5,500 kcal/kg NAR coal are
at a discount of $6-$7/mt to the 6,000 kcal/kg NAR price, which is
hovering at $63-$65/mt FOB, the West India-based end-user said.
The price of 6,000 kcal/kg NAR coal has to come down to below
$60/mt FOB to trigger any buying interest in India, he said.
A Dubai-based trader said Indian buyers were hesitant to buy South
African coal because of both the level and volatility of prices.
Mozambique 6,000 kcal/kg NAR coal was hovering at about $53-
$54/mt FOB, which was very competitive compared with South
African material.
However, logistical issues for Mozambique were deterring deals in
India, he said, adding that the loading of some of his shipments were
also delayed. “Logistics issues are still there in Mozambique. The
suppliers want to fulfill their existing commitments, so they are not
offering,” he added.
The price of 30-60 day CFR India West 5,500 kcal/kg NAR was
assessed at $60.25/mt Tuesday, unchanged from Monday, and
30-60 day CFR India East 5,500 kcal/kg NAR at $60.20/mt, up
5 cents from Monday.
The price of 30-60 day CFR India West 6,000 kcal/kg NAR was
assessed at $69.60/mt and 30-60 day CFR India East 6,000 kcal/kg
NAR at $69.90/mt Tuesday, both down 5 cents day on day.
— Deepak Kannan, Arusha Das, Mia Corazon Aureus
Hindustan Newsprint seeks 40,000 mt
imported steam coal
New Delhi—Indian state-run paper manufacturer Hindustan Newsprint
Limited is seeking 40,000 mt of imported steam coal to be delivered to
its paper mill in Kottayam in Kerala, southern India.
Hindustan Newsprint wants coal with a heating value of 6,000-
6,200 kcal/kg GAD, maximum 16% total moisture as received,
maximum 12% ash air dried, 35-45% volatile matter and maximum 1%
sulfur air dried.
Bidders can also supply indigenous coal with similar specifications.
The price bids must be quoted on a for destination basis in
Indian rupees.
Delivery would start within 45 days of the order confirmation over a
four-month period. While 15,000 mt will have to be supplied in the first
month, 10,000 mt has to be supplied in each of the second and third
months and the balance of 5,000 mt in the fourth month.
Bids close on September 23.
— Sapna Dogra
India’s Malabar Cements tenders
for 20,000 mt imported steam coal
New Delhi—Indian state-owned Malabar Cements is seeking 20,000 mt
of imported steam coal to supply its factory at Walayar at Palakkad in
Kerala, southern India.
It is seeking coal with a minimum heating value of 6,300 kcal/kg
9
Coal Trader International Tuesday, August 30, 2016
GAD, maximum 12% moisture as received, maximum 15% ash
content air dried, 18-30% volatile matter air dried and maximum 1%
sulfur air dried.
Bids can be quoted on a delivered basis to the Walayar factory
premises or on a CFR Cochin west coast India basis.
Delivery must start immediately if the bid is quoted on a delivered
basis to the Walayar premises, or if on a CFR Cochin port basis, the
successful bidder has to supply the entire quantity promptly in a single
geared vessel shipment of 20,000 mt.
The last date for bid submissions is September 2.
— Sapna Dogra
Coal stocks at China’s key Bohai Sea ports
down 3.6% on-week
Hunan, China—Combined coal stocks at China’s key Bohai Sea ports
— Qinhuangdao, Caofeidian, Jingtang and Tianjin — totaled 10.53
million mt as of August 28, down 3.6% week on week from 10.921
million mt, according to data released Monday by port operator
Qinhuangdao Port.
Jingtang Port held 3.46 million mt of coal on August 28, followed
by Tianjin Port with 2.80 million mt, Qinhuangdao Port with 2.71 million
mt, and Caofeidian Port with 1.56 million mt.
Coal stocks at Jingtang Port and Tianjin Port rose week on
week, but stocks at Qinhuangdao Port and Caofeidian Port dropped
from last week, Qinhuangdao Port said, without giving specific
change rates.
Favorable weather conditions in the Bohai region and strong
downstream coal demand have resulted in a rise in southbound coal
shipments in the past week, causing the drop in combined coal stocks,
according to Qinhuangdao Port.
Elsewhere, coal stocks at Huanghua Port, Shenhua Group’s captive
coal port in northern China’s Hebei province, stood at 1.47 million mt as
of August 28, slightly down from 1.50 million mt a week earlier, figures
from Huanghua Port Authority showed.
— Reggie Le
Newcastle PWCS coal vessel queue falls
by two ships from 15-month high to 27
Sydney—The number of ships queuing at the Port Waratah Coal
Services terminals at Australia’s Newcastle port remained high in
comparison to recent months this week, easing back by just two ships
from last week’s 15-month high of 29, the logistics coordinator for the
Hunter Valley coal chain said Monday.
At 27, the queue as of Sunday is more than double the year-to-date
average of 13 ships shown weekly in the Hunter Valley Coal Chain
Coordinator’s reports.
A Port Waratah Coal Services spokesman last week said that a
surge in demand for coal was the reason for the longer queues, and
not industrial action and maintenance events on the connecting
Hunter Valley coal rail line throughout August. He also said that 2016
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 10
may end up a record year for exports from the terminal.
The Hunter Valley coal rail corridor saw pre-planned maintenance
last week from Tuesday to Thursday, and there were four days of strike
action from August 3-6.
Inbound receivals for the week to August 28 were 1.96 million mt,
down from 3.55 million mt in the week to August 21, HVCCC’s weekly
report said.
Planned delivery rates were 96,000 mt above target with actual
inbound performance 21,000 mt above the declared inbound
throughput, the coordinator said.
The next major Hunter Valley maintenance works period is
scheduled for October 11-14, the Australian Rail Track
Corporation said.
Centennial Coal, Rio Tinto, Peabody Energy and Whitehaven are
among coal shippers that use the Port Waratah coal terminals in the
Australian state of New South Wales.
Based on terminal demand, the queue at the end of August at the
140 million mt/year shipment capacity terminals is expected to be 28
ships, HVCCC said.
Port Waratah coal stocks finished the week at 1.10 million mt, down
from 1.34 million mt the previous week, it said.
Further north, the Dalrymple Bay Coal Terminal at Hay Point in
Queensland had two tankers loading and nine at anchor Monday,
compared with one loading and 12 at anchor a week ago, DBCT
Management said.
The RG Tanna coal terminal at the port of Gladstone, also in
Queensland, had three vessels at berth and six at anchor, Gladstone
Ports Corporation said, which compares to four at berth and eight at
anchor last Monday.
— Nathan Richardson
China’s coastal coal freight rates
extend fall in week to August 30
Hunan, China—Freight rates for shipping coal from northern China’s
Qinhuangdao port to the other Chinese ports of Zhangjiagang,
Shanghai and Guangzhou in eastern and southern China continued
to fall in the week to August 30, port operator Qinhuangdao Port
said Tuesday.
The freight rate from Qinhuangdao to Zhangjiagang in eastern
China’s Jiangsu province for 20,000-30,000 mt capacity vessels fell by
Yuan 2.30 week on week to Yuan 34.90/mt ($5.22/mt) on August 30,
Qinhuangdao Port said.
The rate from Qinhuangdao to Shanghai in eastern China for
vessels with a capacity of 40,000-50,000 mt fell by Yuan 2.80 over the
week to Yuan 30.30/mt. The rate from Qinhuangdao to Guangzhou in
southern China for 50,000-60,000 mt capacity vessels fell by Yuan
3.20 to Yuan 39.40/mt on August 30.
Lower coal demand from downstream power plants was the reason
behind the weaker coastal freight market, the port operator said.
Meanwhile, coal stocks at Qinhuangdao port stood at 2.62 million mt
on August 30, down from 3.04 million mt a week ago, port figures show.
— Reggie Le
Coal Trader International Tuesday, August 30, 2016
Adani clears another legal hurdle to build
Australia’s largest thermal coal mine
Sydney—India’s Adani Mining cleared a second legal hurdle for its
Galilee Basin Carmichael thermal coal project in Australia’s
Queensland, as the Federal Court on Monday dismissed an Australian
Conservation Foundation case against the mine.
“Adani welcomes today’s decision of the Federal Court, which
again reinforces the stringency of the strict, science and evidence-
based federal environmental approval process governing the
company’s planned mine at Carmichael,” Adani said Monday.
The AFC had claimed that the country’s former environment
minister Greg Hunt had failed to comply with environmental
requirements when approving Adani’s proposed construction on the
new mine, rail link and associated infrastructure for exporting coal.
The decision comes less than two weeks after a Native Title legal
challenge against Adani was also dismissed by the Federal Court.
The AFC said despite the court decision it will not give up its efforts
to stop the mine, which Adani says will be Australia’s largest producer
of thermal coal.
Project may remain on hold amid low prices
The Institute for Energy Economics and Financial Analysis Monday
said the Carmichael project will likely remain on hold for the
foreseeable future due to the low price environment for coal.
“IEEFA estimates the cash cost of Carmichael coal at A$33/mt [A$27/
mt ROM coal with an 80% yield] plus A$6/mt for port [charges], A$10-A$15/
mt for rail [A$10/mt if Adani owns the railway, $15/mt if the Northern
Australia Infrastructure Facility helps finance it as an external/independent
coal infrastructure project], plus A$1.50/mt for marketing. Adding in 7%
coal royalties, and the total cash cost is A$56-A$61/mt,” it said.
“The current spot price of thermal coal is $66/mt, with the 2022 futures
price at $61.50/mt. Using a currency conversion of 77 cents to the
Australian dollar, and deducting a 30% discount for exceptionally low-
energy content (4,950 kcal) and high ash content (26%) of the Carmichael
coal [relative to benchmark Australian thermal coal of 6,000 kcal NAR and
12%-14% ash material], means that Adani can expect a revenue of A$56/mt
using the forward curve, or A$60/mt at current spot price,” the group said.
As such, the project would lose A$4 for every mt of coal produced,
IEEFA said.
— Nathan Richardson
Ukraine’s coal stocks down 0.2%
on-week at 910,200 mt
Kiev—Coal reserves at Ukraine’s coal-burning power plants fell 0.2%
from August 21 to 910,200 mt as of Monday, transmission system
operator UkrEnergo, reported Tuesday.
Ukraine’s reserves of widely used anthracite coal rose 5.8% to
352,000 mt over the same period, while reserves of other types of
thermal coal fell by 3.7% to 558,200 mt, UkrEnergo said.
The current levels show Ukraine is lagging far behind schedule in
building up coal stocks and needs to accelerate accumulation within
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
the next one-and-a-half months to meet its targets.
Ukraine needs to store at least 2.5 million mt of coal in warehouses
at power plants by October 15, including at least 1 million mt of
anthracite, to survive the six-month high-demand season, according to
the Energy and Coal Ministry.
Ukraine’s largest power and mining group, privately-held DTEK, is
considering imports of anthracite coal from South Africa and Australia,
but also imports of thermal coal from Poland, to secure steady
operation of its power plants during the upcoming winter.
“We are holding talks [on Polish coal imports] to ensure
sufficient amount of coal at thermal power plants of DTEK
Zakhidenergo which is bearing increased load,” DTEK CEO Maksym
Tymchenko said in a statement.
All Ukraine’s anthracite producing coal mines are in the Donetsk
and Lugansk regions armed conflict areas, and supplies have been
repeatedly disrupted by the conflict.
DTEK said it will focus on steady supplies of anthracite to its power
plants instead of switching its anthracite-burning units to consumption
of thermal coal.
“If we face problems with anthracite, we will put more load on our
thermal-coal burning units, which have predictable supplies of fuel,”
Tymchenko said.
The coal inventories are now about 508,000 mt lower on the year,
according to UkrEnergo.
As of Monday, a total of 35 coal-burning units with total capacity of
6.43 GW were operating in Ukraine.
— Alexander Bor
HCC’s volatile price moves
show second-tier coal’s rise
London—The summer increase in coking coal prices has led to greater
volatility in spreads between grades, as second-tier coals were slow to
keep up with a surge led by premium coals.
PCI’s stable contract demand, longer-term pricing, and
alternatives for injection in China and markets outside may have
limited spot price gains.
Second-tier hard coking coal — assessed by S&P Global Platts as
HCC 64 reflecting weaker CSR than premium coals — saw prices
regain relative strength. This followed sudden daily increases tracked
since last week in the China CFR market.
Price increases for HCC 64 of $3.50 on Monday from Friday, and on
August 23 of $6.25, outpaced those Platts assessed the same day for
Premium Low Vol CFR China.
PLV was assessed Tuesday at $145.75/mt CFR China, up $7, and
HCC 64 at $136.25/mt CFR, up $6.25. Mid-tier PCI at $94/mt CFR, rose
$2.75 from Monday.
These moves contributed to HCC 64 valued Tuesday at 5.6% over
its 30-day trading history with PLV and mid-tier PCI, according to the
Platts China CFR Met Coal RSI Tracker.
The tracker generates daily indexes which are indicators of relative
strength and weakness for each coal type compared with peers,
against trading history.
11
Coal Trader International Tuesday, August 30, 2016
Meanwhile, mid-tier PCI was 6.9% below on a 30-day basis, while
PLV was pricing accordingly to recent price trends, with the RSI for PLV
CFR China scoring minus 0.02%, according to the Platts China CFR Met
Coal RSI Tracker.
The trend was more pronounced on a 60-day basis, suggesting HCC
64 and mid-tier PCI’s developing pricing pattern, at least based on spot
price history over the past three months, has led to more diversion from
historic relativities.
The Platts RSI indexes for HCC 64 and mid-tier PCI moving back toward
historic values will be dependent on sustained similar price spreads and/or
price moves reducing intragroup spreads, for one pair or for all three.
HCC 64 ratio
HCC 64 as a proportion of PLV has been strengthened by the recent
price increases. In the China market, a price premium of 6.51% for PLV
over HCC 64 seen Tuesday however supported PLV, after a sustained
trend for Chinese low ash seaborne demand contributed to a PLV price
premium over HCC 64 of 4.8% for the year to date.
Collectively, daily prices for the three imported met coal grades in
China have not posted a fall in over two months, and PLV’s price
premium over HCC 64 has ranged from 3-11% over that time.
The strength in HCC 64 could persist, given Chinese preference for
low ash coals and signs of restocking in the spot market, coupled with
wary contract buyers.
Some mills are moving to reduce procurement open for spot
volumes, and traditionally exposed second-tier coals more for spot.
The market was propped up so far this year by flooding and heavy
rain in Australia and China, and mine capacity closures.
It may now find renewed strength sourced more from the demand
side, coming after the last such round stemming from the spring steel
price spike.
On an FOB Australia basis, a similar analysis valuing daily met coal’s
relative strength showed Premium Low Vol’s price appeared weaker
relative to the 15-day through to 60-day history, and similarly HCC 64
above, and mid-tier PCI below the trading history.
As for PCI, the RSI on CFR China data indicates mid-tier PCI has been
relatively weak over the two HCC prices since June 1, and its spot price as
a proportion of PLV has slipped below 66%, from close to 80% on June 1.
Traders said PCI prices may may claw back strength, and an 81%
ratio in the Q3 benchmark would lead the contract PCI price to move
higher from spot levels, whatever the final outcome for the quarterly
HCC benchmark to be agreed for Q4.
— Hector Forster
International coking coal prices climb again
as non-Asian buyers enter market
Singapore—International coking coal spot price continued their
relentless ascent Tuesday with the entry of non-Asian end-users for
the first time in this rally.
“There is a global scarcity of material,” a trader said, adding end-
users from outside of Asia were coming to the market for material at
high prices. “End-users are desperate,” the source added.
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
Platts assessed Premium low vol prices up $7 day on day at $139.50/
mt FOB Australia and $145.75/mt CFR China Tuesday. The second-tier
market rose $6.25 over the same period to $136.25/mt CFR China.
Europe was seen as the key demand driver for prime hard material.
Several sources said the demand from Europe had been building for
weeks and Tuesday’s activity probably indicated buyers there could not
hold back any longer.
Three fixed price deals were reported in the premium and semi-
premium segments for October laycans, each for 75,000 mt; for an
Australian premium hard coking coal with above 72% CSR at
$140.75/mt, an Australian blended semi-premium coal with 67-70%
CSR at $138.50/mt, and for a premium mid-vol 67-69% CSR HCC
done late Monday at $139.50/mt, all on an FOB Australia basis.
The deals showed that international steel mills could match
Chinese’s insatiable appetite for seaborne coals, a market source said.
Asked whether there was a price gap between China and non-China in
competition for coal, a source said Chinese end-users would not be outbid.
One trader said the fact that end-users were picking such cargoes
at such prices indicated the uptick was not a bubble and had “end-
user backing.”
The futures market followed the strong showing in the physical
market, with 57,000 mt traded Tuesday in two deals; 15,000 mt at
$132.50/mt for Q1 2017 in Asian time, a swap between September and
Q1 2017 at $133/mt and $129.25/mt respectively for 15,000 mt each side,
and a swap between September and Q1 2017 at $140/mt and $135/mt
respectively for 6,000 mt each side.
“There’s real liquidity in swaps right now for Q1 and Q2 2017,” an
international trader said. Another source said Q1 2017 contracts were
“popular” and there are “more sellers now” with the steep rise in prices.
Two deals were heard done in the Chinese market, the first for an
Australian prime HCC with above 72% CSR for end-November laycan,
Panamax size, bought by a Chinese steel mill at a significant premium
to a floating price trade for an Australian premium low-vol HCC with
73-74% CSR. This was for an end November laycan cargo.
The second was for second-tier material of Australian 62-64% CSR
HCC at $130/mt FOB Australia. This was for a Capesize cargo for mid-
October laycan.
Semi-hard underperforms
In the semi-hard market, there was an offer for Russian below 20%
VM and around 45-50% CSR material at $118/mt CFR China, excluding
import duty.
The semi-hard markets in China and India were underperforming the
rest of the tier-two HCC complex due to end-user reluctance to purchase
lower quality coals of higher ash and weaker CSR, according to sources.
One major supplier said his Chinese customers were buying similar
quality domestic material at several dollars’ discount to seaborne
alternatives, adding he was finding it difficult to offer in line with tier-
too HCC prices.
“China is short of low-ash, second-tier HCC, but there’s plenty of
semi-hard material around,” he said.
In the PCI market, there was a spot offer for Australian 13-14% VM
and 8.5-10% ash material at $100/mt FOB Australia. This was for a
Panamax size cargo for October laycan. Indicative bids were at $87-
12
Coal Trader International Tuesday, August 30, 2016
$88/mt FOB Australia.
China’s largest metallurgical coal producer, Shanxi Coking Coal Group,
has raised its offers by Yuan 30-95 across a range of products, sources
said Tuesday. This comes after it kept list prices unchanged for August.
The latest move, said to be effective September 1, affected a series
of coal brands by varying degrees.
The price of the miner’s flagship prime hard coal, Tunlan, with
20-23% VM, less than 10% ash, less than 1% sulfur, more than 75 G-value
and 12-16 Y-value, was raised Yuan 80-90/mt.
Fat coal from Ma Lan with 24-28% VM and less than 1.3% sulfur
and Shuang Liu with 26-29% VM and under 0.8% sulfur were raised
Yuan 90/mt.
One-third coking coal prices were raised Yuan 90/mt for below 0.6%
sulfur, 35-37% VM, 9-10% ash Lv Lin company coals. Lean coals from Dong
Qu with 16-20% VM and less than 1.3% sulfur were raised Yuan 50/mt.
Domestic-seaborne gap
The increases will narrow the gap between domestic and seaborne
coals, but one Northeast China steelmaker said a second price
increase could still be on the cards if Chinese supply remained tight.
The domestic Chinese coke market saw its ninth price increase in
five weeks, by Yuan 70/mt, for a cumulative increase of Yuan 390.
There was also talk of further, larger increases in the near term.
A coke supplier said coke prices were expected to rise further in
September in the domestic market. “A Yuan 100/mt uptick” was likely
as mills had very little coke inventory, the source said.
Platts assessed Chinese coke 64/62% CSR up $6/mt day on day at
$221/mt FOB Tianjin Tuesday. Coke prices have surged 99.1% since
January 1.
A rollover in Japanese autosheet prices for the April-September
half year by Toyota and Nippon Steel & Sumitomo Metal Corp could
strengthen steelmakers’ demands for a lower-than-expected Q4 term
premium coal price, sources said.
Rising coking coal prices could take a bite out of mill margins with
auto steel prices seen little changed, according to an Australian mining
company. But a Japanese trader said the Japanese currency’s rapid
climb was beneficial for the import of raw materials.
— Kenneth Foo, Edwin Yeo, Jebsen Seo
Hard Coking Coal (Premium Low Vol) FOB
Australia Assessment Rationale
Singapore—Premium low-vol was assessed up $7 day on day at
$139.50/mt FOB Australia Tuesday. A premium low-vol with CSR 73-75%
trade was reported done Monday at $140.75/mt FOB Australia, for
75,000 mt plus/minus 10% for October 20-30 laycan. This was for a coal
assessed at $140.75/mt FOB Australia, $1.25/mt above Platts Premium
Low Vol FOB Australia. A deal was also reported done at $139.50/mt
FOB for a premium Mid-Vol CSR 67-69% coal on Monday at $139.50/mt
FOB Australia, for 75,000 mt plus/minus 10% on a Panamax for October
laycan. This coal brand was assessed at $139.50/mt, in line with Platts
Premium Low Vol FOB Australia. No data was excluded from this
assessement. The above rationale applies to Platts premium low vol
FOB Australia assessment, with the associated data code: PLVHA00
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
Coal-loadings suspended at Colombia’s
Cerrejon due to emissions ... from page 1
According to a company statement, a decree issued by the
regional government suspended all loadings at the port while local
airborne emissions levels are reviewed.
A ship which was part-loaded when the suspension became effective
was permitted to finish loading and leave, a company spokesman said,
adding that it expected no impact on annual export volumes.
Cerrejon — Colombia’s largest thermal coal miner — said it was
doing everything possible to resolve the matter.
The company statement said air emissions were below legal
thresholds and were not harmful to the health of local residents, and
Cerrejon was in the process of agreeing a plan with the authorities to
restart loading.
“Nobody knows how quickly it will come back. [They are] saying
they’ll come back quickly, [but] there are definitely no railings going
on,” a European utility trader said.
“There [is] no stock at the port,” he added. “Drummond were out
for about a month with a similar issue.”
According to shipping source Deep Blue, in the period January-July
2016, 18.13 million mt of thermal coal had been shipped from Puerto Bolivar.
— Cameron Carswell
Changes to Platts European gas, power, LNG and
global coal exchange rates
S&P Global Platts is proposing to amend the timestamp and source of the exchange
rates used to convert Platts European gas, power and LNG assessments and Platts
global coal assessments into foreign currency equivalents from September 30, 2016.
Platts proposes to publish foreign exchange data at 16:30 London time using Platts
assessments, moving from a 16:00 timestamp with data sourced from Tullett Prebon.
The foreign exchange codes which will be sourced from Platts 16:30
assessments are:
SFr-Eur AACOT00
GBP-Eur AACOW00
GBP-USD AACOO00
SFr-USD AACOK00
Eur-USD AACOP00
Platts will continue to publish the following remaining exchange rates from
Tullett Prebon:
NOK-USD AACOF00
SKr-USD AACOI00
DKK-USD AACOJ00
NOK-Eur AACOQ00
SKr-Eur AACOR00
DKK-Euro Spot AACOS00
Zloty-Eur AARWK00
TRY-Eur AAXQJ00
TRY-USD AAXQI00
The exchange rates are published on European Power Alert page 99, in European
Gas Daily, European Power Daily, and in Platts Market Data category ET.
Please send any comments and queries to power@spglobal.com with copy to
pricemethodology@spglobal.com by September 1, 2016.
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 available comments
not marked as confidential upon request.
13
Coal Trader International Tuesday, August 30, 2016
Subscriber Note: Singapore daily assessments, August 29
Due to the UK Bank Holiday on Monday, August 29, Platts Coal Trader International was not published. However, some thermal coal, metallurgical coal, metallurgical
coke and dry bulk freight daily assessments were conducted in Singapore on that day. The assessments have been published in this issue of Coal Trader International.
Daily prompt physical thermal coal assessments
CV (kcal/kg) Window Platts symbol $/mt Chg
Atlantic
CIF ARA 6,000 NAR 15-60 day CSARM01 NA NA
CIF ARA 6,000 NAR 90-day CSABG00 NA NA
FOB Richards Bay 6,000 NAR 7-45 day CSRBM01 NA NA
FOB Richards Bay 6,000 NAR 90-day CSACN00 NA NA
FOB Richards Bay 5,500 NAR 7-45 day AAXEX00 NA NA
Australia
FOB Newcastle 5,500 NAR 7-45 day AAVUW00 59.80 +0.30
FOB Newcastle Ash Differential AAVVA00 0.50
FOB Newcastle 6,300 GAR 7-45 day CSNCB00 NA NA
FOB Newcastle 6,300 GAR 90-day CSAGB00 NA NA
Indonesia
FOB Kalimantan (Geared Supramax) 4,200 GAR 7-45 day CSBKI00 33.50 0.00
FOB Kalimantan (Geared Supramax) 3,800 GAR 7-45 day CSCKJ00 26.00 0.00
FOB Kalimantan (Geared Supramax) 5,900 GAR 90-day CSAKH00 60.00 +0.50
FOB Kalimantan (Geared Supramax) 5,000 GAR 90-day CSAKI00 47.75 -0.25
India
CFR India West (Capesize) 6,000 NAR 30-60 day CIIWD00 69.65 -0.50
CFR India West (Gearless Panamax) 5,500 NAR 30-60 day CIWCI00 60.25 +0.15
CFR India West (Gearless Panamax) 5,000 GAR 30-60 day TCAKP00 54.35 -0.35
CFR India West (Gearless Panamax) 4,200 GAR 30-60 day TCAKT00 40.25 -0.10
CFR India West (Geared Supramax) 3,800 GAR 30-60 day TCAKR00 34.90 -0.20
CFR India East (Capesize) 6,000 NAR 30-60 day CIIED00 69.95 -0.50
CFR India East (Gearless Panamax) 5,500 NAR 30-60 day CIECI00 60.15 +0.10
CFR India East (Gearless Panamax) 5,000 GAR 30-60 day TCAKJ00 53.85 -0.35
CFR India East (Gearless Panamax) 4,200 GAR 30-60 day TCAKU00 39.60 -0.10
CFR India East (Geared Supramax) 3,800 GAR 30-60 day TCAKS00 33.80 -0.20
CV (kcal/kg) Window Platts symbol $/mt Chg
China
PCC 1 (FOB Qinhuangdao) 5,500 NAR 7-45 day PCCQH00 74.39* +0.62
PCC 2 (FOB Qinhuangdao) 5,000 NAR 7-45 day PCCPN00 66.88* +0.34
PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPQ00 38.85 0.00
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPP00 53.00 0.00
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSC00 64.75 +0.25
Yuan/mt
PCC 1 (FOB Qinhuangdao) 5,500 NAR 7-45 day PCCQG00 495.00* +5.00
PCC 2 (FOB Qinhuangdao) 5,000 NAR 7-45 day PCCPM00 445.00* +3.00
PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPR00 258.51 +0.45
PCC 6 (VAT included) 3,800 NAR 30-60 day PCCPS00 302.46 +0.53
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPO00 352.66 +0.61
PCC 7 (VAT included) 4,700 NAR 30-60 day PCCFB00 412.61 +0.71
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSD00 430.84 +2.40
PCC 8 (Duty & VAT included) 5,500 NAR 15-60 day PCCFA00 514.16 +2.86
*Includes VAT at 17%.
Platts China Coal – Physical Thermal Coal Benchmark Prices
August 29 CV (kcal/kg) Basis $/mt Chg Yuan/mt Chg
PCC 1 (FOB Qinhuangdao) 5,500 NAR 74.39 0.62 495.00* 5.00
PCC 2 (FOB Qinhuangdao) 5,000 NAR 66.88 0.34 445.00* 3.00
PCC 6 (CFR South China) 3,800 NAR 38.85 0.00 258.51 0.45
PCC 6 (VAT included) 3,800 NAR 302.46 0.53
PCC 7 (CFR South China) 4,700 NAR 53.00 0.00 352.66 0.61
PCC 7 (VAT included) 4,700 NAR 412.61 0.71
PCC 8 (CFR South China) 5,500 NAR 64.75 0.25 430.84 2.40
PCC 8 (Duty & VAT included) 5,500 NAR 514.16 2.86
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 14
Platts physical thermal coal assessments, August 29
CV (kcal/kg) Window Platts symbol $/mt Yuan/mt Chg
Daily prompt prices
CFR South China 5,500 15-60 day AAVSZ00 64.80 +0.20
FOB Qinhuangdao 5,500 7-45 day AAVTN00 424.00 +5.00
Carbon-Adjusted CIF ARA 6,000 Prompt CSCCC00 NA NA
FOB ARA Barge 6,000 90-day AARCQ00 NA NA
Heat rate Btu/KWh %
Gas, UK NA NA
Gas, Germany NA NA
Coking coal swaps assessment, August 29
Platts symbol $/mt Chg % Chg
Platts Premium Low Vol FOB Australia
Sep-16 MCPLM01 138.000 +5.00 +3.76
Oct-16 MCPLM02 138.000 +4.00 +2.99
Nov-16 MCPLM03 138.500 +4.50 +4.50
Q4-16 MCPLQ01 138.500 +4.50 +3.36
Q1-17 MCPLQ02 139.000 +5.50 +4.12
Q2-17 MCPLQ03 140.000 +7.00 +7.00
2017 MCPLY01 140.000 +7.00 +5.26
Metallurgical coke
% CSR Platts symbol $/mt Chg % Chg
FOB North China 66/65 MCCNC00 216.00 +10.00 +4.85
FOB North China 62 AAWVL00 215.00 +10.00 +4.88
CFR India 62 MCCEI00 225.50 +10.00 +4.64
Yuan/mt
DDP North China (weekly) 62 AAWVJ00 1290.00 +60.00 +4.88
Spot dry bulk freight assessments, Aug 29
Platts symbol $/mt Chg
Capesize
Australia-China CDANC00 5.20 -0.10
Queensland-Japan CIGAJ00 5.45 -0.10
New South Wales-Korea CINAK00 5.45 -0.10
Bolivar-Rotterdam CIBCR00 5.05 -0.05
Roberts Bank-Japan CDRKJ00 6.00 -0.10
Richards Bay-Rotterdam CIRBN00 3.85 -0.05
Virtual (CIF ARA-FOB Richards Bay) CSCCC00 NA NA
Differential (Rotterdam Capesize-Virtual) CSCCE00 NA NA
Panamax
Richards Bay-India West CSAKL00 7.85 +0.15
Kalimantan-India West CSAKP00 5.80 -0.10
Richards Bay-India East CSAKN00 7.75 +0.25
Kalimantan-India East CSAKR00 4.80 -0.10
Richards Bay-Rotterdam CIRRN00 NA NA
Richards Bay-Spanish Med CIRBT00 NA NA
Richards Bay-Jorf Lasfar CIRBJ00 NA NA
Bolivar-Rotterdam CIBRN00 NA NA
USEC-India CDBUI00 NA NA
USEC-Rotterdam CDBUR00 NA NA
USEC-Brazil CDBUB00 NA NA
Mobile-Rotterdam CDMAR00 NA NA
Mobile-Taranto CDMAI00 NA NA
Roberts Bank-Japan CDRBK00 7.45 -0.20
Australia-China CDBFA00 7.20 -0.05
Australia-India CDBFAI0 8.60 -0.25
Coal Trader International Tuesday, August 30, 2016

Platts daily metallurgical coal assessments, Aug 29

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 133.50 +1.50 HCCGC00 139.75 +1.50 HCCGI00 142.10 +1.25
Premium Low Vol PLVHA00 132.50 +1.50 PLVHC00 138.75 +1.50 PLVHI00 141.10 +1.25
HCC 64 Mid Vol HCCAU00 122.80 +3.55 HCCCH00 130.00 +3.50 HCCIN00 131.40 +3.30
Low Vol PCI MCLVA00 86.30 +0.55 MCLVC00 93.50 +0.50 MCLVI00 94.90 +0.30
Mid Tier PCI MCLAA00 84.05 +0.55 MCLAC00 91.25 +0.50 MCVAI00 92.65 +0.30
Semi Soft MCSSA00 83.30 +0.05 MCSSC00 90.50 0.00 MCSSI00 91.90 -0.20

Atlantic coking coal ($/mt)

Platts FOB US
symbol East Coast Change VM Ash S
Low Vol HCC AAWWR00 NA NA 19% 8% 0.80%
High Vol A AAWWS00 NA NA 32% 7% 0.85%
High Vol B AAWWT00 NA NA 34% 8% 0.95%

CFR NW Europe Change VM Ash S

PLV NetForward PLVHE00 139.40 +1.45 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
symbol symbol symbol
PCC Met Shanxi Premium Low Vol PCCMA04 730 PCCMB04 765 PCCMC04 975
PCC Met Shanxi High Sulfur Premium Low Vol PCCMD04 580 PCCME04 615 PCCMF04 825
PCC Met North China Fat Coal — — PCCMG04 810
PCC Met Shanxi PCI PCCMH04 530 PCCMI04 565 PCCMJ04 730
PCC Met Shandong Semi Soft PCCMK04 600 PCCML04 620 —

PCC Met Rail Freight Shanxi – Tangshan PCCMM04 230

PCC Met Truck Freight Shanxi – Tangshan PCCMO04 245
*Weekly (assessed August 24).

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 1090.00 AAWZO00 136.26
HCC 64 Mid Vol* AAWZP00 1020.00 AAWZQ00 127.26
*Weekly (assessed August 26), 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 64% 25.50% 9.00% 0.60% 0.05% 9.50% 1,700

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 66.25
Per 1% VM (air dried) 18-27% CPVPA00 0.50% CPVMP00 66.25
Per 1% TM (as received) 8-11% CPTPA00 1.00% CPTMP00 132.50
Per 1% Ash (air dried) 7-10.5% CPAPA00 1.50% CPPAP00 198.75
Per 0.1%S (air dried) 0.3-1% CPSPA00 1.00% CPSPV00 132.50

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 NA% CPPBB00 NA
40-49% CPPBC00 NA% CPPBD00 NA
Per 0.1% S 0.70-1.05% CPPBE00 NA% CPPBF00 NA
1.06-1.25% CPPBG00 NA% CPPBH00 NA
Per 1% TM (as received) 6-11% CPPBK00 NA% CPPBL00 NA
Per 1% Ash 5-10% CPPBI00 NA% CPPBJ00 NA
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.

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 15
Coal Trader International Tuesday, August 30, 2016

Platts daily Asia Pacific metallurgical coal relativities – August 29, 2016
August 29 Spread Spread
CSR VM TM Ash S P Fluidity Vit % CFR China vs PLV vs HCC 64
ad ar ad ad ad ddpm $/mt

Peak Downs 74 20.50 9.50 10.50 0.60 0.03 400 71 139.75* 100.72%
*Peak Downs FOB Australia (China netback) after accounting for Haypoint-Qingdao Panamax freight = $132.55/mt
Saraji 72 18.50 10.00 10.50 0.60 0.03 160 66 138.75 100.00%
Premium Low Vol 71 21.50 9.70 9.30 0.50 0.045 500 65 138.75** 100.00%
**Premium Low Vol FOB Australia (China netback) after accounting for Haypoint-Qingdao Panamax freight = $131.55/mt
German Creek 70 19.00 10.50 9.50 0.54 0.06 180 70 137.75 99.28%
Illawarra 73 23.50 10.00 9.50 0.45 0.06 2000 58 138.25 99.64%
Moranbah North 68 23.30 10.00 8.50 0.50 0.04 1800 58 137.75 99.28%
Oaky Creek 67 24.50 10.00 9.50 0.60 0.07 4000 80 137.75 99.28%
Goonyella 68 23.40 10.00 8.90 0.52 0.03 1100 62 137.75 99.28%
Goonyella C 70 23.50 10.00 9.80 0.55 0.04 1200 62 136.75 98.56%
Peak Downs North 68 22.80 10.50 9.80 0.51 0.05 900 63 136.50 98.38% 105.00%
Standard 70 22.50 9.00 9.50 0.45 0.06 150 53 133.50 96.22% 102.69%
Premium 70 25.50 9.00 8.80 0.50 0.07 300 56 133.50 96.22% 102.69%
Hail Creek 69 20.50 10.00 10.00 0.30 0.07 300 54 136.50 98.38%
HCC 64 Mid Vol 64 25.50 9.50 9.00 0.60 0.05 1700 55 130.00 93.69% 100.00%
Mavis Downs 63 22.00 10.00 8.00 0.35 0.05 75 130.00 100.00%
Lake Vermont HCC 62 21.50 11.00 7.50 0.44 0.07 120 50 130.00 100.00%
Carborough Downs 58 22.50 11.00 8.00 0.35 0.04 30 44 128.50 98.85%
Middlemount Coking 57 19.00 10.00 10.00 0.50 0.045 50 127.25 97.88%
Poitrel Semi Hard 45 24.00 12.00 8.00 0.43 0.05 300 54 122.75 94.42%
August 29 freight rates. Australia to China: Panamax = $7.20/mt Capesize = $5.20/mt
Notes: ad = air-dried; ar = as received; CSR = coke strength after reaction; ddpm = dial divisions per minute
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.
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: Platts

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 16
Coal Trader International Tuesday, August 30, 2016
Platts to rationalize Asia-Pacific Thermal Coal
market reporting
S&P Global Platts is seeking feedback on a proposal to rationalize its thermal
coal market reporting in the Asia-Pacific region. Specifically, Platts proposes to
discontinue its existing 5,500 kcal/kg NAR series centered on China which have
been superseded by the launch of Platts PCC series. If discontinued the last
publication in Coal Trader International and Platts Global Coal page 500 and 830,
would be on October 31, 2016.
The affected codes are:
Daily CFR South China 5,500 kcal/kg NAR – AAVSZ00 ($/mt), AAVTA00 (Yuan/mt)
FOB Qinhuangdao 5,500 kcal/kg NAR – AAVTM00 ($/mt), AAVTN00 (Yuan/mt)
Monthly averages
CFR South China 5,500 kcal/kg NAR – AAVSZ03 ($/mt), AAVTA03 (Yuan/mt)
FOB Qinhuangdao 5,500 kcal/kg NAR – AAVTM03 ($/mt), AAVTN03 (Yuan/mt)
Please send any comments and queries to PL_AsiaThermalCoal@spglobal.com
with copy to pricemethodology@spglobal.com by September 30, 2016.
For written comments, please provide a clear indication if the comments are
not intended for publication by Platts for public viewing.
Platts will consider all comments received and will make available comments
not marked as confidential upon request.
Platts proposes new US thermal coal netbacks
S&P Global Platts is proposing to revise the methodology for the thermal coal
netback for FOB US East Coast and plans to launch two new netbacks reflecting
the value for thermal coal FOB US Gulf Coast and FOB Vancouver.
For the FOB US East Coast netback (Platts symbol COUSC00), Platts intends to
change the heat content from 6,500 NAR kcal/kg to 12,500 Btu/lb GAR to better
reflect available US domestic thermal coals for export. In addition, Platts will
make the heat conversion from the delivered price minus freight. The heat
conversion is currently made from the delivered price.
FOB US Gulf Coast (basis 11,500 Btu/lb GAR, 5 lb SO2/MMBtu) will show the price
of thermal coal compared with CIF ARA coal (basis 6,000 kcal/kg NAR, 1%
sulfur) minus the Panamax freight rate from Mobile, Alabama to Rotterdam,
adjusted for heat and sulfur and converted to $/st.
The sulfur adjustment will be based on a new daily assessment that will be
published alongside the FOB US Gulf Coast netback. The sulfur assessment will
reflect the value of one tenth of one percent of sulfur per short ton for thermal
coal destined for Northern Europe.
FOB Vancouver (basis 8,800 Btu/lb GAR, 0.8 lb SO2/MMBtu) will show the price
of thermal coal compared with CIF Japan coal (basis 6,000 kcal/kg NAR, 1%
sulfur) minus the Panamax freight rate from Roberts Bank, British Columbia to
Japan, adjusted for heat and converted to $/st.
The netbacks will publish daily in Coal Trader and Coal Trader International, and
are scheduled to launch October 3.
Please address any questions or comments by September 2 to coal@platts.com
and pricegroup@platts.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.
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 17
Platts to launch arbitrage assessments for China PLV,
met coke indices
S&P Global Platts has decided to launch three arbitrage indicator assessments
based on existing China Premium Low Vol and metallurgical coke indices,
following market feedback.
Platts will launch the weekly price series from September 21, 2016.
The weekly assessments are:
1) A Premium Low Vol (PLV) Hard Coking Coal (HCC) CFR China (equivalent)
assessment that would be a net-forward from the existing domestic China
coking coal assessment, including various costs.
Following market feedback, Platts has ascertained market demand for greater
visibility on the price differential between the PLV HCC CFR China assessment
and its domestic China equivalent.
Its current domestic price assessment, on a DDP Tangshan basis, is published
every Wednesday, while the seaborne PLV CFR China price assessment is
published daily.
Platts DDP Tangshan assessment will be normalized to CFR China basis,
normalizing for payment terms, additional transportation and logistics costs,
exchange rate and specifications to reach a port-equivalent value.
The assessment will be published on an outright basis and as a price differential
to the PLV HCC CFR China price on Wednesday.
The new assessment will be published on the same day as the weekly domestic
China assessment, starting September 21, 2016.
2) A differential between the CFR Jingtang (equivalent) port stocks assessment
and the PLV HCC CFR China assessment.
Following market feedback, Platts has ascertained market demand for greater
visibility on the price differential between seaborne cargo prices and the port
stock market.
The port stock (CFR Jingtang) assessment is published on Fridays, while the
seaborne PLV CFR China price assessment is published daily.
The new assessment will be published every Friday, starting September 23, 2016.
3) A metallurgical coke Platts FOB North China (equivalent) assessment that
would be a net-forward from the existing domestic DDP China coke
assessment, including various costs.
Platts has ascertained market demand for greater visibility on the price
difference between domestic coke and China export values.
Platts domestic coke assessment is published on a DDP Tangshan basis
every Thursday.
This assessment would be normalized for payment terms, logistics cost,
exchange rate and specifications to FOB North China basis.
The assessment will be published on an outright basis and as a price differential
to the Platts 64/62% CSR Metallurgical Coke FOB North China assessment.
This will be published from September 22, 2016.
Please send any feedback to annalisa.jeffries@spglobal.com,
edwin.yeo@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
confidential available upon request.
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