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PLATTS COAL TRADER INTERNATIONAL
Volume 22 / Issue 145 / August 1, 2022
NEWS HEADLINES
Lack of buying interest weighs
on Kalimantan thermal coal sentiment
■ Chinese domestic prices stable at northern ports
■ Australian exports slump on month in July
■ Off-spec Russian coal offers surface for buyers
Lower price, currency flexibility
drive more Russian thermal coal to India
■ Russia edges out US, Australia to become third-largest supplier
■ Indonesia remains top supplier of thermal coal
■ Rising import costs make Russian coal more attractive
India prefers coal for its abundance,
availability, affordability: state-owned
producer
■ Coal based power generation accounted for 69.9%
■ Renewables not a threat to coal in immediate future
■ CIL’s production in FY 2021-22 hit record high
CHINA DATA: Emission allowance
price rises 1.8% on week to $8.60/mtCO2e
■ Trade volume at 361,731 mtCO2e over week ended July 29
■ Domestic voluntary carbon credits at around $9.90-$12.23/mtCO2e
www.spglobal.com/commodityinsights www.twitter.com/SPGCICoal
DAILY PROMPT PHYSICAL THERMAL COAL ASSESSMENTS, AUG 1
CV (kcal/kg) Window Platts symbol $/mt Chg
Asia-Pacific
Northeast Asia
Platts NEAT 5,750 NAR 15-60 day JKTCA00 248.15 0.00
South Asia
Platts SEAT 4,200 GAR 15-60 day CSEAA00 92.55 -0.10
CFR Pakistan 5,750 NAR 30-60 day TPKCA00 349.05 +35.00
CFR Bangladesh 5,000 GAR 30-60 day TCBAN00 132.25 -2.80
Sulfur Differential TCSDA00 0.30
China
PCC 6 (CFR South China)
PCC 7 (CFR South China)
3,800 NAR 30-60 day
4,700 NAR 30-60 day
PCCPQ00 93.20 -0.30
PCCPP00 128.25 -3.00
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSC00 157.00 -3.00
Yuan/mt
PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPR00 627.07 -0.47
PCC 6 (VAT included) 3,800 NAR 30-60 day PCCPS00 708.59 -0.53
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPO00 862.89 -18.02
PCC 7 (VAT included) 4,700 NAR 30-60 day PCCFB00 975.07 -20.36
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSD00 1056.33 -17.54
PCC 8 (Duty & VAT included) 5,500 NAR 15-60 day PCCFA00 1193.65 -19.82
Indonesia
FOB Kalimantan (Geared Supramax) 4,200 GAR 7-45 day CSBKI00 79.95 -0.30
FOB Kalimantan (Geared Supramax) 3,800 GAR 7-45 day
FOB Kalimantan (Geared Supramax) 5,900 GAR 90-day
CSCKJ00 66.50 0.00
CSAKH00 185.00 +1.00
FOB Kalimantan (Geared Supramax) 5,000 GAR 90-day
Kalimantan Floating Crane
CSAKI00 115.00 -3.00
AKFCA00 3.00
Australia
FOB Newcastle 20% Ash 5,500 NAR 7-45 day AAVUW00 210.35 0.00
FOB Newcastle 23% Ash 5,500 NAR 7-45 day AAVVB00 205.00 0.00
FOB Newcastle Ash Differential AAVVA00 1.79
India
CFR India West (Gearless Panamax) 5,500 NAR 30-60 day CIWCI00 165.00 -2.00
CFR India West (Gearless Panamax) 5,000 GAR 30-60 day TCAKP00 132.55 -3.00
CFR India West (Gearless Panamax) 4,200 GAR 30-60 day TCAKT00 97.50 -0.30
CFR India East (Gearless Panamax) 5,500 NAR 30-60 day CIECI00 165.80 -2.00
CFR India East (Gearless Panamax) 5,000 GAR 30-60 day TCAKJ00 130.90 -3.00
CFR India East (Gearless Panamax) 4,200 GAR 30-60 day TCAKU00 95.85 -0.30
Atlantic Basin
Europe
CIF ARA 6,000 NAR 15-60 day CSARM01 399.50 -13.95
European Blended Price (EBP) 6,000 NAR 15-60 day TEBPA00 311.45 -10.25
EBP/CIF ARA Differential 6,000 NAR 15-60 day TEBPB00 -88.05 +3.70
South Africa
FOB Richards Bay 5,500 NAR 7-45 day AAXEX00 242.90 +4.55
North America
FOB Baltimore 3%S 6,900 NAR 15-60 day CUATB04 275.00 -8.00
FOB Hampton Roads 1%S 6,000 NAR 15-60 day CUAEA04 237.75 0.00
FOB New Orleans 3%S 6,000 NAR 15-60 day CUAFA04 268.00 -8.00
FOB Long Beach 0.5%S 6,000 NAR 15-60 day CTLBA00 163.05 0.00
FOB Oakland 0.5%S 6,000 NAR 15-60 day CTOKA00 152.25 0.00
FOB Vancouver 0.5%S 5,000 NAR 15-60 day CTVCA00 60.10 0.00
Note: In the absence of transactional data, these assessments represent theoretical value
for export.
PLATTS COAL TRADER INTERNATIONAL AUGUST 1, 2022
Lack of buying interest weighs
on Kalimantan thermal coal sentiment
■ Chinese domestic prices stable at northern ports
■ Australian exports slump on month in July
■ Off-spec Russian coal offers surface for buyers
Lack of buying interest continued to weigh on Indonesian thermal coal
sentiment with supplies remaining stable, sources said Aug. 1.
“Demand is very weak now and supply [from Indonesia] is okay,” an
Indonesian miner said.
Inflow of Russian tonnages has hurt buying interest of traders in
India and China.
Traders expected exports to reduce in the September-December
period due to harsh winter conditions in the country.
According to data from Commodities at Sea-Dry Bulk by S&P Global
Commodities Insights, China received 2.9 million mt of non-coking coal
from Russia in July this year, while India received 120,000 mt.
Chinese domestic sentiment was heard remaining weak with spot
prices at northern ports remaining stable at levels seen in the week
ended July 29.
Spot price of 5,500 kcal/kg NAR hovered at around Yuan 1,160/mt
($171.73) while that of 5,000 kcal/kg NAR was heard to be around Yuan
1,020/mt, according to a source.
A Chinese state-run utility was expected to issue a tender for
prompt seaborne procurement in the week that started Aug. 1.
Asian supply sentiment
Market participants expected prices of mid to low-cv Indonesian
coal to soften further while high-cv prices to stay stable at
current levels.
© 2022 by S&P Global Inc. All rights reserved. 2
WEEKLY PROMPT PHYSICAL THERMAL COAL PRICES, JUL 29
Code Kcal/kg Basis Sulfur $/mt Change
CIF Med 75kt CTCMT04 6,000 NAR 0.8% 315.00 -15.00
CIF Med 45kt CTCMA04 6,000 NAR 0.8% 330.00 -20.00
FOB Colombia CSABZ00 6,000 NAR 0.8% 325.00 +15.00
FOB Russia Baltic CSAKC00 6,000 NAR 0.5% 120.00 -15.00
FOB Russia Pacific CSAKG00 6,300 GAR 0.3% 158.00 -2.00
PLATTS PHYSICAL THERMAL COAL NETBACKS, AUG 1
Code CV Basis Sulfur $/mt Chg
(kcal/kg)
Coal ($/mt)
CIF ARA CSARM01 6,000 NAR 1.0% 399.50 -13.95
Platts NEAT JKTCA00 5,750 NAR 1.0% 248.15 0.00
CFR India West CIWCI00 5,500 NAR 0.8% 165.00 -2.00
Panamax Freight ($/mt)
USEC-Rotterdam CDBUR00 20.75 0.00
Mobile-Rotterdam CDMAR00 26.25 0.00
Roberts Bank-Japan CDRBK00 22.40 -0.35
Richards Bay-India West CSAKL00 20.30 -0.55
Penalties & Premia ($/mt)
Per 0.1% Sulfur (USGC) COPAP00 5.53 -0.31
Total S discount (USGC) COPBP00 105.07 -5.89
Netbacks ($/st)
FOB US East Coast* COUSC00 12,500 GAR 1.0% 381.79 -14.06
FOB US Gulf Coast* COUGU00 11,500 GAR 2.9% 249.55 -7.55
FOB Vancouver* COVCU00 8,800 GAR 0.8% 164.23 +0.21
* CV = Btu/lb
Central Kalimantan was heard receiving rainfall, however mining
operations were not affected.
Some miners who need to make additional supplies to state-run
PLN this year will start doing so from September.
“We have our contracts and we have to make extra supplies to PLN.
So we have no tonnage to offer even if Europeans were interested,”
another Indonesian miner said.
PLATTS COAL TRADER INTERNATIONAL AUGUST 1, 2022

Unseasonal heavy rains in July disrupted supplies from Australia SPOT DRY BULK FREIGHT ASSESSMENTS, AUG 1
Platts symbol $/mt Chg
with miners running behind schedule. Capesize
According to Commodities at Sea data, Australian exports of non- Australia-China CDANC00 12.80 0.00
coking coal in July this year fell to 12.8 million mt against 18.10 million Queensland-Japan CIGAJ00 14.45 0.00

mt in June. New South Wales-Korea CINAK00 15.75 0.00

Indian sentiment
Indian buyers remained on the sidelines waiting for Indonesian coal
prices to ease in absence of Chinese buyers in the market, sources said.
Traders said that mid-CV Indonesian coal may draw demand if the
prices fall by another $10/mt. Mid-CV Indonesian coal prices have been
Bolivar-Rotterdam CIBCR00 15.05 0.00
Roberts Bank-Japan CDRKJ00 16.40 0.00
Panamax
Richards Bay-India West CSAKL00 20.30 -0.55
Kalimantan-India West CSAKP00 14.55 0.00
Richards Bay-India East CSAKN00 20.75 -0.55
Kalimantan-India East CSAKR00 12.15 0.00

under pressure due to availability of cheaper Russian coal.
Sources said that Russian coal prices were also easing to compete
with falling Indonesian coal prices.
“Off-spec Russian coal is also available cheaper than the branded
coal by an established company,” an Indonesia-based trader said.
Ventspils-Rotterdam CILTN00 11.00 0.00
USEC-India CDBUI00 47.25 0.00
USEC-Rotterdam CDBUR00 20.75 0.00
Mobile-Rotterdam CDMAR00 26.25 0.00
Roberts Bank-Japan CDRBK00 22.40 -0.35
Australia-China CDBFA00 18.40 0.00

“Indonesia and Russia will have to compete and this I expect will lower Australia-India CDBFAI0 21.00 0.00

prices even further in the coming weeks.” Supramax

Richards Bay-Port Qasim CRBPB00 24.05 0.00
Traders expect Indian demand to pick up in the second half
South Kalimantan-Krishnapatnam CISKK00 19.85 0.00
of August after end-users assess their requirement for post-
September period.
THERMAL COAL IMPLIED FREIGHT TABLE, AUG 1
— Rituparna Nath,Suyash Pande
Basis 5,500 kcal/kg NAR
Origin/delivery hub NE Asia SE Asia NW Europe India Med South China
FOB Newcastle (20% Ash) 27.01 -83.09 155.86 -44.55 78.40 -53.35
PODCAST FOB Kalimantan 58.85 -51.25 187.70 -12.71 110.24 -21.51
FOB Colombia -60.56 -170.66 68.29 -132.12 -9.17 -140.92
FOB Russia Baltic 127.36 17.26 256.21 55.80 178.75 47.00
FOB Russia Pacific 92.53 -17.57 221.38 20.97 143.92 12.17
FOB Richards Bay -5.54 -115.64 123.31 -77.10 45.85 -85.90
FOB Baltimore 18.16 -91.94 147.01 -53.40 69.55 -62.20
FOB New Orleans -8.31 -118.41 120.54 -79.87 43.08 -88.67
FOB Vancouver 171.25 61.15 300.10 99.69 222.64 90.89

PLATTS COAL TRADER INTERNATIONAL
ISSN: 1746-8914
Head of Global Coal – Pricing
Deepak Kannan: +91-124-612-7258, Deepak.Kannan@spglobal.com
Editors
Joseph Clarke: +44-7966-136431, Joseph.Clarke@spglobal.com
Sarah Matthews: +44-207-176-8531, sarah.matthews@spglobal.com
Rituparna Nath: +91-124-612-7086, rituparna.nath@spglobal.com
Suyash Pande: +91-124-612-7148, suyash.pande@spglobal.com
Pritish Raj; 91-124-612-7574; pritish.raj@spglobal.com
Anupam Chatterjee; +91-124-612-7251; anupam.chatterjee@spglobal.com
Global Head of Generating Fuels & Electric Power Pricing
Francis Browne
President of S&P Global Commodity Insights
Saugata Saha
Advertising Manager, Advertisement Sales
Tel: +1-720-264-6618 Bob Botelho
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© 2022 by S&P Global Inc. All rights reserved. 3

PLATTS COAL TRADER INTERNATIONAL AUGUST 1, 2022

RECENT HEARDS IN THE THERMAL COAL MARKET

Date Heard type Product (kcal/kg) Price (per mt) Volume size Delivery period Source Additional
reported (mt) (mt) notes notes

01/08/2022 Offer CIF ARA 6000 NAR $434 50000 September globalCOAL Non-Russian origin
01/08/2022 Offer FOB Richards Bay 6000 NAR $380 50000 September Braemar
01/08/2022 Bid FOB Richards Bay 6000 NAR $325 50000 September Braemar
01/08/2022 Bid CIF ARA 6000 NAR $365 50000 September Braemar Non-Russian origin
01/08/2022 Indication FOB Baltimore 6900 NAR $260.88 0 September Broker
01/08/2022 Indication FOB Baltimore 6900 NAR $275 0 September Broker
01/08/2022 Indication FOB NOLA 6000 NAR $251.88 0 September Broker
01/08/2022 Indication FOB NOLA 6000 NAR $280 0 September Broker
01/08/2022 Indication FOB Kalimantan 5500 NAR $185 55000/75000 Aug Producer Geared vessel
01/08/2022 Indication FOB Kalimantan 4700 NAR $125 55000/75000 Aug Producer Geared vessel
01/08/2022 Indication FOB Kalimantan 4200 GAR $80 55000/75000 Aug Producer Geared vessel
01/08/2022 Indication FOB Kalimantan 4200 GAR $ 79-80 55000/75000 Aug Trader Geared vessel
01/08/2022 Offer CFR China 5500 NAR $151 75000 Aug Trader Panamax
01/08/2022 Offer FOB Kalimantan 4900 GAR $115 75000 Aug Producer Panamax
01/08/2022 Offer FOB Kalimantan 4200 GAR $83 75000 Aug Trader Panamax
01/08/2022 Offer FOB Kalimantan 6000 GAR $240 75000 Aug Trader Panamax
01/08/2022 Indication FOB Kalimantan 5000 GAR $ 98-102 75000 Aug Trader Panamax
01/08/2022 Indication FOB Kalimantan 4200 GAR $78 75000 Aug Trader Panamax
01/08/2022 Indication CFR India 6000 NAR $175 130000 Aug Trader Capesize
01/08/2022 Indication FOB Kalimantan 4200 GAR $ 81-82 75000 Aug Trader Panamax
29/07/2022 Indication CIF Med 6000 NAR $315 75000 August Market
29/07/2022 Indication CIF Med 6000 NAR $317 75000 August Market
29/07/2022 Indication CIF Med 6000 NAR $327 45000 August Market
29/07/2022 Indication CIF Med 6000 NAR $330 45000 August Market
29/07/2022 Offer CIF ARA 6000 NAR $420 50000 August globalCOAL Non-Russian origin
29/07/2022 Offer CIF ARA 6000 NAR $407 50000 September globalCOAL Non-Russian origin
29/07/2022 Bid FOB Richards Bay 6000 NAR $290 50000 September globalCOAL
29/07/2022 Indication FOB Baltimore 6900 NAR $275 0 September Broker
29/07/2022 Indication FOB Baltimore 6900 NAR $263.38 0 September Broker
29/07/2022 Indication FOB NOLA 6000 NAR $254.38 0 September Broker
29/07/2022 Indication FOB NOLA 6000 NAR $280 0 September Broker
29/07/2022 Offer FOB Kalimantan 4200 GAR $83.5 75000 Aug Producer Panamax
29/07/2022 Trade FOB Kalimantan 5000 GAR $125 75000 Aug Producer Panamax
29/07/2022 Offer FOB Russia 6000 NAR $155 75000 Aug Trader Panamax
29/07/2022 Indication CFR India 6000 NAR $180-190 75000 Aug Trader Panamax
29/07/2022 Indication FOB Kalimantan 5000 GAR $120 75000 Aug Trader Panamax
29/07/2022 Indication FOB Kalimantan 5900 GAR $165 75000 Aug Trader Panamax
29/07/2022 Indication FOB Kalimantan 5100 GAR $125 55000/75000 Aug Producer Geared vessel
29/07/2022 Indication FOB Kalimantan 5900 GAR $195 55000/75000 Aug Producer Geared vessel
29/07/2022 Offer FOB Kalimantan 4200 GAR $86-87 75000 Aug Trader Panamax
29/07/2022 Bid FOB Kalimantan 4200 GAR $84-85 75000 Aug Trader Panamax
29/07/2022 Offer FOB Kalimantan 5800 GAR $230 75000 Aug Trader Panamax
29/07/2022 Indication CFR China 5500 NAR $155-160 75000 Aug Trader Panamax
29/07/2022 Indication CFR China 6000 NAR $200 75000 Aug Trader Panamax
29/07/2022 Indication CFR China 6000 NAR $175-180 75000 Aug Trader Panamax
29/07/2022 Indication CFR South Korea 6000 NAR $220-230 75000 Aug Trader Panamax
29/07/2022 Indication FOB Kalimantan 6500 GAR $250.35 55000/75000 Aug Producer Geared vessel
29/07/2022 Indication FOB Kalimantan 5800 GAR $170.25 55000/75000 Aug Producer Geared vessel
29/07/2022 Indication FOB Kalimantan 5000 GAR $120.75 55000/75000 Aug Producer Geared vessel
29/07/2022 Indication FOB Kalimantan 4200 GAR $83 55000/75000 Aug Producer Geared vessel
29/07/2022 Indication FOB Kalimantan 3400 GAR $53.9 55000/75000 Aug Producer Geared vessel
29/07/2022 Offer CFR China 5500 NAR $158 55000/75000 Aug Trader Geared vessel
29/07/2022 Offer FOB Kalimantan 4500 NAR $120 75000 Aug Trader Panamax
29/07/2022 Offer FOB Kalimantan 3800 NAR $86.5 75000 Aug Trader Panamax
29/07/2022 Offer FOB Kalimantan 3800 NAR $85 75000 Aug Trader Panamax
29/07/2022 Offer FOB Kalimantan 3700 NAR $86 75000 Aug Trader Panamax
29/07/2022 Indication FOB Kalimantan 3400 NAR $66.5 55000/75000 Aug Trader Geared vessel

© 2022 by S&P Global Inc. All rights reserved. 4

PLATTS COAL TRADER INTERNATIONAL AUGUST 1, 2022

Lower price, currency flexibility THERMAL COAL FORWARD CURVES, AUG 1

Bid Ask Midpoint* Platts symbol Change* % Change
drive more Russian thermal coal to India CIF ARA 6,000 NAR
Sep-22 352.85 353.15 353.00 CSAM001 -5.00 -1.40
■ Russia edges out US, Australia to become third-largest supplier
Oct-22 341.35 341.65 341.50 CSAM002 NA NA
■ Indonesia remains top supplier of thermal coal Q4-22 330.85 331.15 331.00 CSAQ001 -3.00 -0.90
■ Rising import costs make Russian coal more attractive Q1-23 303.35 303.65 303.50 CSAQ002 -3.50 -1.14
Q2-23 275.35 275.65 275.50 CSAQ003 -2.50 -0.90
Q3-23 259.85 260.15 260.00 CSAQ004 -4.55 -1.72
With India leveraging discounted Russian coal and banks adapting 2023 271.35 271.65 271.50 CSAY001 -2.50 -0.91
to facilitate trade in currencies other than the US dollar, data shows 2024 233.90 234.20 234.05 CSAY002 -1.95 -0.83
2025 213.85 214.15 214.00 CSAY003 -0.95 -0.44
that the influx of Russian material — which has been increasing
*Fields are calculated.
significantly — has eaten into the Indian import market of high-CV US,
South African and Australian coal and experts believe that the trend is
likely to continue.
According to data from S&P Global Commodities at Sea, Russia has
far surpassed Australia and the US to become the third-largest supplier
of thermal coal to India in July, following Indonesia and South Africa. The
data shows that 1.9 million mt of Russian thermal coal was discharged
at Indian ports in July, which is nearly three times the amount supplied
in July 2021. Thermal coal imports from South Africa fell 9% to 2 million
mt, while supplies from Australia and the US dropped 29% to 1 million mt
and 27% to 800,000 mt, respectively, over the same period.
“Initially when the Russians began selling heavily discounted coal
in India, the banks were not prepared to trade in rubles or Chinese
yuan, or any other currency beyond the US dollar,” a source based in
Europe told S&P Global Commodity Insights, adding that “in the last
four weeks the [Indian] banks have adapted, and now the increase in
Russian coal is pushing out US, South African, Australian, and some
higher CV Indonesian coal.”
The development takes place at a time when changes in trade
flows in the aftermath of the Russia-Ukraine conflict, which started on
Feb. 24, raised global coal prices. As per official figures, India’s total
coal import costs (including coking coal) grew 166.76% on the year to
$10.1 billion in April-May despite import volumes being 5.24% lower at
39.93 million mt. India’s financial year starts from April.
“Tonnages coming in from Russia will definitely impact tonnages
coming from Australia and Indonesia,” an Indian end-user said.
Another source told S&P Global that “Indian cement users are
preferring Russian coal and blending it with domestic coal to an extent
that it is competing with Venezuelan petcoke.”

Shifting sources
According to data from S&P Global Commodities at Sea, India
imported 5.3 million mt thermal coal from Russia in February-July,
which is 104% higher than volumes in February-July 2021.
South Africa remained the second-largest thermal coal supplier to
India in February-July, although supply volumes fell to 11.5 million mt
from 14.3 million mt during the same period in 2021.
Shifting trade dynamics seemed to have impacted thermal coal
supplies from Australia the most, with imports in February-July falling POWER PRICE FUNDAMENTALS
to 5.6 million mt from 10.9 million mt in the same period in 2021. 01-Aug-22 Change
Indonesia, which mainly supplies low and mid-CV thermal coal, has Brent oil (month ahead - $/b) AAYES00 99.450 -10.800
Coal CIF ARA (year ahead - $/mt) CSAY001 271.500 -2.500
not only retained its position as the top thermal coal supplier to India EEX EUA carbon (front December - Eur/mt) EADLP00 80.610 +2.080
but imports have in fact risen to 68.2 million mt in February-July from UK NBP gas (month ahead - p/th) NGAAE00 353.025 +48.025
38.5 million mt over the same period in the previous year. Dutch TTF gas (year ahead - Eur/MWh) GTFTZ00 157.850 +8.275

© 2022 by S&P Global Inc. All rights reserved. 5

PLATTS COAL TRADER INTERNATIONAL AUGUST 1, 2022

Thermal coal imports by India from the US fell 52% on the year to
3.4 million mt, helping Russia become the fourth largest supplier in
February-July.
“The fall in US exports to India though has improved the ability of
US exports to resupply Europe, as it looks for replacement tonnages
for Russian material ahead of the August ban and as coal is an integral
balancing fuel during this time of volatility,” according to Platts
Analytics.
Total thermal coal imports by India increased to 96.8 million mt in
this timeline from 75 million mt a year ago, as per data from S&P Global
Commodities at Sea.

Impact of prices
Significant drops in thermal coal imports from Australia and the US
coincided with surging prices. According to S&P Global data, the price
of Australian 5,500 kcal/kg NAR low-ash coal increased to $210.35/mt
July 29 from $163.4/mt FOB Feb. 24. The FOB price of Baltimore 6,900
kcal/kg NAR with 3% sulfur US coal increased 102% from $140.2/mt
Feb. 24 to $283/mt July 29.
The rise in Russian coal supplies is also a result of the price of
higher-grade Russian 6,300 kcal/kg GAR coal falling to $158/mt FOB
from $200/mt between Feb. 25 and July 29, amid spikes in coal prices
of other origins.
South African 5,500 kcal/kg NAR coal price rose from $231.9/mt
FOB since the beginning of the war to $238.35/mt July 29. The rise in
the price of Indonesian coal was mild compared to hikes in Australian
and US coal rates, with Indonesian 4,200 kcal/kg GAR price rising from
$79.05/mt FOB Feb. 24 to $80.25/mt July 29.
— Sarah Matthews,Rituparna Nath,Anupam Chatterjee,Pritish Raj
India prefers coal for its abundance,
availability, affordability:
state-owned producer
■ Coal based power generation accounted for 69.9%
■ Renewables not a threat to coal in immediate future
■ CIL’s production in FY 2021-22 hit record high
The entry of renewable energy sources should not be viewed as a threat
to coal’s standing at least in the immediate future as coal would continue
to fuel India’s electricity generation going by the current consumption
pattern, Coal India’s chairman and managing director Pramod Agrawal
said in the company’s latest annual report published July 30.
It was expected that the renewable energy sources will contribute
to the country’s fast expanding energy basket. From an environmental
perspective, this is a welcome move in view of the climate
commitments made by India in COP26 at Glasgow, Agrawal said in the
report. “But, till renewable energy starts contributing to the extent that
it could take over coal’s role, coal cannot be dethroned from its energy
pedestal.”
According to CIL’s data, India’s coal based generation accounted for
69.9% of the country’s overall electricity generation of 1,490.277 billion
units in fiscal year 2021-22 (April-March), a growth of 9.5% from a
year ago. The country’s electricity generation from renewable sources
was 11.4%, or 169.396 billion units, while coal based generation was
1,041.459 billion units.
“This amply underscores the importance of the need for judicious
energy transition from coal to renewables,” Agrawal said in the
annual report, adding that India is different from the rest of the world
where the rallying cry is to move away from coal. “What makes coal
a preferred energy fuel, in India, is its abundance, availability and
affordability.”
Coal, which holds a 55% share in the country’s primary commercial
energy, is the engine of growth for the energy sector, Agrawal
said. Over 70% of India’s power needs are met by coal, which has
underpinned the expansion of electricity generation, and remains the
largest single fuel in the energy mix.
Supply stability
Agrawal said that while international coal prices are much higher,
CIL continues to supply coal to Indian consumers at highly competitive
prices, with no price increases over the last four years.
Global thermal coal prices have remained elevated, hitting record
highs, as the Russia-Ukraine conflict since February disrupted trade
flows amid additional demand from Europe due to sanctions imposed
on Russia.
According to S&P Global Commodity Insights data, Platts CIF ARA
6,000 kcal/kg NAR physical coal was assessed at $413.45/mt on July
29, from $209/mt on Feb. 23, a day before Ukraine was invaded, and
not far from the all-time record high of $432.50/mt on June 23.

© 2022 by S&P Global Inc. All rights reserved. 6

PLATTS COAL TRADER INTERNATIONAL AUGUST 1, 2022

PLATTS DAILY METALLURGICAL COAL ASSESSMENTS, AUG 1

Asia-Pacific coking coal ($/mt)
Platts FOB Australia Change Platts CFR China Change Platts CFR Change
symbol symbol symbol India
HCC Peak Downs Region HCCGA00 190.50 -2.50 HCCGC00 208.90 -2.50 HCCGI00 211.50 -2.50
Premium Low Vol PLVHA00 188.50 -2.50 PLVHC00 299.00 -1.00 PLVHI00 209.50 -2.50
Low Vol HCC HCCAU00 167.50 -2.00 HCCCH00 262.00 -1.00 HCCIN00 188.50 -2.00
Low Vol PCI MCLVA00 180.50 -2.00 MCLVC00 169.00 0.00 MCLVI00 201.50 -2.00
Mid Vol PCI MCLAA00 178.50 -2.00 MCLAC00 167.00 0.00 MCVAI00 199.50 -2.00
Semi Soft MCSSA00 138.50 -2.00 MCSSC00 186.00 0.00 MCSSI00 159.50 -2.00
Premium Low Vol China Netback PLVHD00 280.60 -1.00

TSI coking coal indices ($/mt)

TSI Premium Hard (PHCC) FOB Australia TS01034 188.50 -2.50

Asia-Pacific brand relativities ($/mt)

Platts FOB Australia Spread Platts CFR China Spread Spread
symbol vs PLV symbol vs PLV vs Low Vol HCC
FOB Australia CFR China CFR China
Premium Low Vol PLVHA00 188.50 100.00% PLVHC00 299.00 100.00%
Peak Downs HCPDA00 190.50 101.06% MCBAA00 208.90 69.87%
Saraji HCSAA00 188.50 100.00% MCBAB00 206.90 69.20%
Oaky North HCOKA00 187.50 99.47% MCBAR00 205.90 68.86%
Illawarra HCIWA00 187.00 99.20% MCBAH00 205.40 68.70%
Moranbah North HCMOA00 187.00 99.20% MCBAG00 205.40 68.70%
Goonyella HCGOA00 187.00 99.20% MCBAE00 205.40 68.70%
Peak Downs North HCPNA00 184.00 97.61% MCBAJ00 202.40 67.69%
Goonyella C HCGNA00 184.00 97.61% MCBAI00 202.40 67.69%
Riverside HCRVA00 184.00 97.61% MCRVR00 202.40 67.69%
GLV HCHCA00 183.00 97.08% MCBAF00 201.40 67.36%
Low Vol HCC HCCCH00 262.00 87.63% 100.00%
Lake Vermont HCC MCBAN00 185.90 70.95%
Carborough Downs MCBAO00 183.90 70.19%
Middlemount Coking MCBAP00 175.90 67.14%
Poitrel Semi Hard MCBAQ00 172.90 65.99%
August 1 freight rates. Australia to China: Panamax = $18.40/mt Capesize = $12.80/mt.
For further information about these assessments, please refer to the specifications guide:
https://www.spglobal.com/platts/en/our-methodology/methodology-specifications/metals/metallurgical-coal-methodology or contact PL_CokingCoal@spglobal.com.

Atlantic coking coal ($/mt)

Platts FOB US
symbol East Coast Change VM Ash S
Low Vol HCC AAWWR00 228.00 -2.00 19.25% 8.25% 0.95%
High Vol A AAWWS00 245.00 0.00 32.25% 7.5% 0.95%
High Vol B AAWWT00 243.00 0.00 36.00% 8.00% 1.00%
Premium Low Vol
$/mt Change VM Ash S
Premium Low Vol HCC CFR NWE PLVHE00 209.15 -2.50 21.50% 9.30% 0.50%
Premium Low Vol FOB Australia PLVHA00 188.50 -2.50 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 2250 PCCMB04 2285 PCCMC04 2505 PLVHJ04 306.28
PCC Met Shanxi High Sulfur Premium Low Vol PCCMD04 1900 PCCME04 1935 PCCMF04 2155 PLVHD04 267.69
PCC Met North China Fat Coal PCCMG04 2350 PCCDG04 292.78
PCC Met Shanxi PCI PCCMH04 1450 PCCMI04 1485 PCCMJ04 1615 MCLCC04 198.19
PCC Met Shandong Semi Soft PCCMK04 1700 PCCML04 1720 MCSSD04 206.52

PCC Met Rail Freight Shanxi – Tangshan PCCMM04 200

PCC Met Truck Freight Shanxi – Tangshan PCCMO04 255
*Weekly (assessed July 27).

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 2600.00 AAWZO00 337.25
Low Vol HCC* AAWZP00 2300.00 AAWZQ00 297.89
*Weekly (assessed July 29), 20-day delivery from date. **Ex-stock price, net of port charges, import tax and VAT.

© 2022 by S&P Global Inc. All rights reserved. 7

PLATTS COAL TRADER INTERNATIONAL AUGUST 1, 2022

PLATTS DAILY METALLURGICAL COAL ASSESSMENTS (continued)

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
Low Vol HCC 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
Per 1% CSR 67-74% CPCSA00 0.00% CPCSP00 0.00
Per 1% VM (air dried) 18-27% CPVPA00 0.00% CPVMP00 0.00
Per 1% TM (as received) 8-11% CPTPA00 0.00% CPTMP00 0.00
Per 1% Ash (air dried) 7-10.5% CPAPA00 0.50% CPPAP00 0.94
Per 0.1%S (air dried) 0.3-1% CPSPA00 1.50% CPSPV00 2.83

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
Per 1% CSR 50-64% CPPBA00 0.20% CPPBB00 0.46
40-49% CPPBC00 0.20% CPPBD00 0.46
Per 0.1% S 0.70-1.05% CPPBE00 0.85% CPPBF00 1.94
1.06-1.25% CPPBG00 1.80% CPPBH00 4.10
Per 1% TM (as received) 6-11% CPPBK00 1.00% CPPBL00 2.28
Per 1% Ash 5-10% CPPBI00 1.75% CPPBJ00 3.99

US weekly brand relativities ($/mt), July 29

Platts FOB Spread vs US LV
symbol
Blue Creek No. 7 MCAPB04 240.00
Blue Creek No. 4 MCAPC04 220.00
Beckley MCAPD04 235.50 102.39%
Low Vol FOB USEC AAWWR00 230.00 100.00%
Windber MCAPE04 227.00 98.70%
Buchanan MCAPF04 235.00 102.17%
July 29 Panamax freight rates. Hampton Roads to Rotterdam = $20.75/mt, Hampton Roads to Brazil = $22.00/mt, Mobile to Rotterdam = $26.25/mt.
For further information about these assessments, please refer to the specifications guide:
https://www.spglobal.com/platts/en/our-methodology/methodology-specifications/metals/metallurgical-coal-methodology or contact PL_CokingCoal@spglobal.com.
Source: S&P Global Platts

COKING COAL DERIVATIVES ASSESSMENTS, AUG 1 METALLURGICAL COKE, AUG 1

Platts symbol $/mt Chg % Chg
TSI Premium Hard Coking Coal Australia Export FOB East Coast Port
Sep-22 MCPLM01 210.000 +8.000 +3.960
Oct-22 MCPLM02 223.500 +5.000 +2.288
Nov-22 MCPLM03 237.000 NANA NANA
Q4-22 MCPLQ01 237.000 +3.000 +1.282
Q1-23 MCPLQ02 259.000 +1.000 +0.388
Q2-23 MCPLQ03 255.000 +1.000 +0.394
2023 MCPLY01 253.750 +1.000 +0.396
2024 MCPLY02 244.750 +1.000 +0.410
PLATTS CHINA PLV, MET COKE PRICE DIFFERENTIALS, AUG 1
Price spreads Platts symbol $/mt
Seaborne
% CSR Platts symbol $/mt Chg % Chg
FOB North China 66/65 MCCNC00 449.00 0.00 0.00
65/63 MCCHB00 419.00 0.00 0.00
64/62 AAWVL00 383.00 0.00 0.00
62/60 MCCHA00 378.00 0.00 0.00
CFR India 66/65 MCCNI00 429.00 -2.00 -0.46
65/63 MCINB00 408.00 -2.00 -0.49
64/62 MCCEI00 397.00 -2.00 -0.50
62/60 MCINA00 392.00 -2.00 -0.51
Domestic
Yuan/mt
DDP North China (weekly) 62/60 AAWVJ00 2400.00 -200.00 -7.69

Import-Shanxi Premium Low Vol CFR China PLVHK04 -6.28 $/mt

Import-port stock Premium Low Vol CFR China PLVHL04 -37.25 FOB North China equivalent (DDP weekly) 62/60 PLVHM04 364.55 -28.27 -7.75
62/60% CSR coke export-domestic FOB North China P LVHN04 13.45

© 2022 by S&P Global Inc. All rights reserved. 8

PLATTS COAL TRADER INTERNATIONAL AUGUST 1, 2022
Platts last assessed FOB Baltimore 6,900 kcal/kg NAR coal for
August loading at $283/mt, averaging $206.05/mt so far this year, S&P
Global data showed. This is nearly three times the 2021 average of
$73.80/mt. Platts FOB Nola 6,000 kcal/kg NAR was assessed at $276/
mt, near record highs.
Platts FOB Richards Bay 5,500 kcal/kg NAR and FOB Kalimantan
4,200 kcal/kg GAR prices have eased after rising to record high levels
in March and April. FOB Richards Bay 5,500 kcal/kg NAR was assessed
at $238.35/mt on July 29, while the 7-45 day price of FOB Kalimantan
4,200 kcal/kg GAR coal was assessed at $80.25/mt, S&P Global
data showed
Production uptake amid robust demand
CIL’s production in FY 2021-22 rose to 622.63 million mt, highest
ever since the company came into being, up 4.4 % on the year. As
domestic demand shot up and prices of imports rose, India’s total coal
production rose to 777 million mt in FY 2021-22 from 716 million mt in
FY 2020-21, the coal ministry data showed.
Meanwhile, total coal production in the first quarter ended June
stood at 205.56 million mt, against 155.85 million mt in the previous
fiscal year. CIL produced 159.8 million mt coal in April-June, up 28.9%
on the year.
To increase production further, CIL and the boards of its
subsidiaries have approved 16 mining projects in FY 2021-22, having
sanctioned a capacity of 99.84 million mt/year, Agrawal said in the
report, adding that five mining projects with an overall capacity of
12.60 million mt/year were completed in FY 2021-22.
Agrawal said CIL plans to operationalize 14 mines through
engagement of Mine Developer cum Operators model, or MDO,
having a proposed capacity of 165.58 million mt/year. Of these, 10 are
opencast projects with total projected capacity of 161.50 million mt/
year and four underground projects with total capacity of 4.08 million
mt/year.
However, as many as 42 of its projects are running behind schedule
due to delay in clearances and land possession issues, according to
the annual report.
— Pritish Raj
CHINA DATA: Emission allowance
price rises 1.8% on week to $8.60/mtCO2e
■ Trade volume at 361,731 mtCO2e over week ended July 29
■ Domestic voluntary carbon credits at around $9.90-$12.23/mtCO2e
The China Emission Allowance (CEA) price in the national
compliance market was at Yuan 58.00/mtCO2 ($8.60/mtCO2e)
July 29, while the CEA trade volume for the week reached
361,731 mtCO2e, according to Shanghai Environment and Energy
Exchange (SEEE).
The CEA weekly trade volume rose 53.9% from 235,054 mtCO2e in
the previous week, driven by growths in block trade volumes. The CEA
price was up 1.8% week on week, in line with the growth in demand.
The CEA price and volume data are published on daily basis by
© 2022 by S&P Global Inc. All rights reserved. 9
WEEKLY AVERAGES FOR PLATTS THERMAL COAL PRICE
ASSESSMENTS ($/mt)
CV (kcal/kg) Basis Week ending Week ending Change
29-Jul 22-Jul
FOB Kalimantan 5,900 GAR 184.550 184.400 +0.150
FOB Kalimantan 5,000 GAR 120.650 126.590 -5.940
FOB Kalimantan 4,200 GAR 81.290 82.090 -0.800
FOB Kalimantan 3,800 GAR 66.330 65.400 +0.930
MONTHLY AND QUARTERLY AVERAGES FOR PLATTS FORWARD
BENCHMARK COAL PRICE ASSESSMENTS ($/mt)
CV (kcal/kg) Basis Jul-22 Jun-22 May-22 Q2-22 Q1-22
Platts SEAT 4,200 GAR 98.20 103.28 107.86 106.23 103.25
Platts NEAT 5,750 NAR 235.70 230.99 253.80 241.16 216.52
CFR Pakistan 5,750 NAR 348.20 349.40 354.69 343.75 269.27
CFR Bangladesh 5,000 GAR 147.34 160.30 166.92 163.88 146.67
Sulfur Differential 0.30 0.30 0.30 0.30 0.30
CIF ARA 6,000 NAR 395.11 371.01 327.88 339.38 233.90
European Blended Price 6,000 NAR 313.88 289.85 261.64 265.74 191.11
EBP Differential 6,000 NAR -81.22 -81.16 -66.24 -73.64 -42.79
FOB Richards Bay 5,500 NAR 254.60 259.40 262.78 257.49 205.67
FOB Newcastle 20% Ash 5,500 NAR 196.66 187.70 208.31 197.83 178.11
FOB Newcastle 23% Ash 5,500 NAR 191.63 182.92 202.99 192.79 173.57
FOB Kalimantan 5,900 GAR 186.29 193.38 198.61 194.38 165.23
FOB Kalimantan 5,000 GAR 128.12 136.76 143.84 141.43 126.05
FOB Kalimantan 4,200 GAR 83.35 86.04 89.96 88.97 86.52
FOB Kalimantan 3,800 GAR 66.46 68.22 70.45 71.17 70.09
CFR India West 5,500 NAR 186.06 213.16 233.44 222.08 199.53
CFR India West 5,000 GAR 147.03 158.63 165.22 161.87 143.44
CFR India West 4,200 GAR 102.26 107.91 111.34 109.41 103.91
CFR India East 5,500 NAR 186.30 212.36 232.64 221.28 198.63
CFR India East 5,000 GAR 145.18 156.41 163.14 159.85 141.81
CFR India East 4,200 GAR 100.41 105.68 109.26 107.39 102.28
CIF Med 75kt 6,000 NAR 305.00 262.00 257.50 265.75 204.92
CIF Med 45kt 6,000 NAR 324.60 280.00 276.50 289.67 225.04
FOB Baltimore 6,000 NAR 242.31 214.00 185.51 196.12 141.89
FOB Hampton Roads 6,000 NAR 225.63 209.13 192.53 195.99 140.20
FOB New Orleans 6,000 NAR 268.05 241.57 210.14 215.66 152.23
FOB Baltimore 6,900 NAR 278.65 246.10 213.33 225.53 163.18
FOB Colombia 6,000 NAR 302.53 270.27 290.73 285.14 212.25
Russia Baltic 6,000 NAR 160.00 195.00 200.00 201.25 219.42
Russia Pacific 6,300 GAR 161.60 179.00 170.00 173.54 201.21
SEEE, which currently hosts the online trading platform for China’s
compliance emission trading scheme. It does not provide information
on bids, offers and counterparties.
In the voluntary carbon market, the weekly trade volume of China
Certified Emission Reductions, or CCERs, totaled 324,967 mtCO2e in
the week ended July 29, up from 91,976 mtCO2e in the previous week,
according to Singapore-based digital exchange MetaVerse Green
Exchange (MVGX).
MVGX data showed Sichuan United Environment Exchange
continued to lead the voluntary market, contributing nearly half of the
weekly trade volume. For all CCERs traded in the Sichuan exchange
during the week, the weighted average price was Yuan 66.79/mtCO2e
(approx. $9.90/mtCO2e).
Based on available data, SEEE reported the highest weekly average
CCER price for the week, which was Yuan 82.5/mtCO2e (approx.
$12.23/mtCO2e), while the Shanghai exchange had a relatively low
weekly trade volume of 200 mtCO2e, MVGX said.
CCERs are considered eligible under the Carbon Offsetting and
Reduction Scheme for International Aviation (CORSIA). S&P Global
assessed the CORSIA-eligible carbon credit price at $2.95/mtCO2e
July 29.
PLATTS COAL TRADER INTERNATIONAL AUGUST 1, 2022
In the energy transition and carbon market, recent highlights
included –
■ On July 23, over 157 power plants and users in Yunnan, Guizhou and
Guangdong provinces completed the first batch of cross-provincial
spot transactions of electricity through the southern regional
power market trading platform, the state grid company China
Southern Power Grid said. This pilot program lays the foundation
for cross-provincial power trading and the establishment of a
uniform, national power market, which is crucial for China to further
boost renewable energy adoption and tackle the supply-demand
imbalance in different regions.
— Ivy Yin
Japan’s Osaka Gas slashes FY 2022-23 income
forecast on US Freeport LNG outage costs
■ Lifts 2.32 million mt/year Freeport LNG, accounts for 19%
handling volume
■ Freeport LNG scheduled to resume partial liquefaction operations
early Oct
Japan’s Osaka Gas said Aug. 1 it slashed its fiscal year 2022-23 (April-
March) income forecast as it has estimated an associated loss of Yen
79.5 billion ($599.6 million) incurring from an extended outage of the
US Freeport LNG project.
Osaka Gas now expects to post a net profit of Yen 31.5 billion for FY
2022-23, down 61.6% from the April 26 forecast of Yen 82 billion. The
company had posted a net profit of Yen 130.421 billion for FY 2021-22.
Osaka Gas attributed its downward income forecast revision to the
extended outage of the US Freeport LNG, where it lifts 2.32 million mt/
year of LNG, accounting for 19% of its total handling volume.
The Freeport LNG terminal’s operator has said it expects its
resumption of partial liquefaction operations will be early October
2022, following a June 8 fire at its liquefaction site, and target year-end
for a return to full production.
Osaka Gas said its incurring US Freeport LNG loss include from
alternative LNG procurements and other associated costs.
Of the Yen 79.5 billion loss, alternative LNG procurement costs
and the company’s cancellation of supplying and associated hedging
contracts for Freeport LNG to customers mostly account for roughly
Yen 65 billion, said an Osaka Gas spokesperson, adding that a portion
of the cancellations is greater than the LNG procurement costs.
The remaining Yen 14.5 billion loss came from reduced income as a
stakeholder in the Freeport LNG, the spokesperson added.
The extended outage at the US Freeport LNG terminal is worrisome
for some Japanese LNG importers, as any further delays in operational
resumptions could impact winter supply arrangements.
“Actual resumption of the Freeport LNG terminal operations
would largely depend on regulatory approvals from the Federal Energy
Regulatory Commission and the Pipeline and Hazardous Materials
Safety Administration,” said Takayuki Nogami, chief economist at
Japan Oil, Gas and Metals National Corp, or Jogmec.
“Depending on the progress of procedures with these regulators,
© 2022 by S&P Global Inc. All rights reserved. 10
operational resumption could be pushed back, which might create
needs for alternative LNG procurements for the winter natural gas
demand for heating.”
— Takeo Kumagai
Japan’s JERA shuts 243 MW
No. 3-7 Kawagoe gas-fired units on glitch
Japan’s largest power generation company JERA shut its 243 MW
No. 3-7 combined cycle gas-fired unit at 7:18 am local time (2218
GMT) Aug. 1 at the Kawagoe thermal power plant due to a glitch at its
turbine related facility, the company said in its filing to Hatsuden Joho
Kokai System.
The shutdown of the No. 3-7 Kawagoe unit follows JERA’s
shutdown of its No. 3-1 combined cycle gas-fired unit at 23:38 pm local
time on July 31 as a result of a glitch at its turbine related facility.
It remains unclear when both the Kawagoe gas-fired units will
restart.
The shutdown of JERA’s gas-fired units come amid an increasing
number of outages and issues at power plants in recent weeks in the
midst of the country’s peak summer power demand season.
The Japan Electric Power Exchange extended gains Aug. 1,
marking its 24-hour day-ahead price at Yen 33.20/kWh for Aug. 2, up
6.9% from Yen 31.07/kWh the previous day.
JEPX marked the day-ahead daytime (8 am-10 pm Japan Standard
Time) price at Yen 42.95/kWh, up 7.4% from Yen 39.98/kWh the
previous day, with the day-ahead peak having risen 5.5% to Yen 48.81/
kWh from Yen 46.27/kWh.
JERA restarted on July 30 the 1.1882-GW No. 7-1 combined cycle
gas-fired units at the Nishi Nagoya thermal power plant after shutting
it down on July 25 due to leakage of lubricant oil at a pipe of the
turbine.
— Takeo Kumagai
Czech hard coal miner OKD
extracts just over 500,000 mt in H1
■ Output slightly above H1 target
■ Full-year target at 1.3 million mt
■ Coal taken from reserves to meet demand
Czech hard coal miner OKD extracted 502,000 mt of coal during the
first half of 2022, 7,000 mt above its target, the state-owned company
said in its monthly Miner publication published July 29.
The company also processed around 200,000 mt of hard coal taken
from storage between mid-February and mid-April to meet hard coal
demand from customers, it said.
OKD previously put its full year 2022 target at 1.3 million mt of coal
from its two mines, with production usually divided equally between
coking coal and thermal coal.
The miner had been set to close down mid-2023, but it was
announced June 30 that operations would be extended until at least
PLATTS COAL TRADER INTERNATIONAL AUGUST 1, 2022
the end of 2023 and possibly to 2024 or 2025 due to high prices and
strong demand.
OKD also plans to produce 1.3 million mt in 2023, with around
880,000 mt likely to be used for heat and power production, due to the
shortage of Russian hard coal and traditional imports from Poland.
— Chris Johnstone
May utility coal deliveries
rise 10% on month: EIA
■ Spot deliveries climb 33.3%
■ Rail shipments increase 11.3%
■ Average subbituminous delivery cost at $37.52/st
Coal delivered to US power plants rose 10% on the month and 1.7% on
the year to 38.4 million st in May, US Energy Information Administration
data showed July 29.
Through the first five months of 2022, coal deliveries totaled 186.9
million st, up from 176.8 million st during the same period in 2021.
Most coal deliveries were contract shipments, purchases with a
term of one year or longer, at 33.6 million st. Contract coal purchases
rose 6% on the month and 2.4% on the year in May, EIA data showed.
Spot coal, or contract deliveries less than one year, accounted for
10.5% of May deliveries to power plants at 4 million st, up 33.3% from 3
million st the prior month, but down from 4.9 million st in May 2022.
Average delivery costs for subbituminous coals to regulated plants
was $37.52/st in May, compared with $36.54 in April and $31.70/st
in the year-ago month. For bituminous coals, average delivery costs
were $66.77/st, up from $64.10/st in April and $51.72/st in the year-
ago month.
Subbituminous shipments to US power plants were 21.7 million st
in May, up 10.2% from April and flat on the year. From January through
May 2022, subbituminous shipments were 107.6 million st, up from 97.1
million st in May 2021.
Bituminous shipments were 12.7 million st in May, up from 12.2
million st in April and 12.6 million st in the year-ago month. Through the
first five months of 2022, bituminous shipments were at 61 million st,
declining from 61.4 million st in the year-ago period.
Rail deliveries of coal to US power plants rose 11.3% on the month
to 26.7 million st in May, EIA data showed. Compared with the year-ago
month, rail coal deliveries were flat. Barge coal deliveries fell 2% on the
month and 8% on the year to 4.6 million st in May.
— Morgan Snook
US coal train loadings nearly flat on week: STB
■ ILB loads fewest coal trains
■ Total loadings fall 5.4% on year
Weekly US coal train loadings were nearly flat from the previous week
at 75.1 trains/day in the week ended July 22, according to Surface
Transportation Board data released July 29.
© 2022 by S&P Global Inc. All rights reserved. 11
The number of loadings was 0.2% lower on the month and 5.4%
lower on the year. It was slightly lower than the 2021 average number
of weekly coal train loadings at 75.3 trains/d.
The Northern Appalachia region decreased coal train loadings
by the most significant margin nationwide, down 39% on the week
to 5.5 trains/d. Compared with the year-ago week, NAPP coal train
loadings were 41.1% lower. The latest Platts assessment by S&P Global
Commodity Insights for prompt-quarter Northern Appalachia 13,000
Btu/lb rail coal was July 29 at $180.35/st, up $9.85 from the previous
week’s session.
The Illinois Basin loaded the fewest coal trains of any major coal-
producing region at 5.1 trains/d. The volume was 29.5% higher on the
week and 3.2% higher on the year. The latest Platts assessment for
prompt-quarter ILB 11,800 Btu/lb rail coal was July 29 at $177.40/st, up
$5.75 on the session.
The Powder River Basin, which consists primarily of Wyoming and
Montana, increased coal train loadings by 3.6% on the week to 45.7
trains/d. It was a 17-week high for PRB loadings. Compared to the year-
ago week, PRB coal train loadings were 1.9% lower. The latest Platts
assessment for prompt-quarter PRB 8,800 Btu/lb coal was July 29
at$17.25/st, down 20 cents on the session.
Central Appalachia increased coal train loadings by 9.9% on the
week and 2.5% on the year to 12.8 trains/d, which was a four-week
high. Platts assessed prompt-quarter Central Appalachia 12,500 Btu/lb
rail coal July 29 at $185/st, up $7.50 from the previous week’s session.
Coal train loadings in non-primary coal-producing regions fell
7.7% on the week to six trains/d in the latest week, STB data showed.
Compared with the year-ago week, non-primary loadings were flat.
— Morgan Snook
Asia met coal PLV CFR China prices fall
below $300/mt amid limited buying interest
■ China’s local coking coal market stabilizes, PLV CFR China weak
■ Buying interest seen in FOB Australia market at $167-$171/mt
Asia met coal PLV FOB prices edged downward amid supply pressures
Aug. 1 while delivered prices to China continued to rise despite a
stabilizing domestic coking coal market.
Premium low vol was assessed down $2.50/mt at $188.50/mt
PLATTS COAL TRADER INTERNATIONAL AUGUST 1, 2022

FOB Australia, and CFR China was down $1.00/mt at $299/mt CFR The best offer was heard at $80/mt FOB on Supramax basis for
China Aug. 1, according to the Platts assessment from S&P Global August-loading.
Commodity Insights. The above rationale applies to the FOB Kalimantan 4,200 GAR
Sentiment improved in China with most of Shanxi’s coking coal assessment, with the associated code: CSBKI00
auctions fetching results. Some of them concluded above the
starting prices in signs of stabilization in the coking coal market Platts Hard Coking Coal Premium Low Vol CFR China Daily
upon restocking demand as steel mills are expected to recover some Rationale
production in August, sources said. Premium low-Vol HCC was at $299/mt CFR China Aug. 1, down $1/
However, limited fixed price buying interest for imported prime mt on the day, according to Platts assessment from S&P Global
coking coals continued to be seen as buyers said domestic supply Commodity Insights.
was sufficient and that they would be more likely to engage in Tradable values were placed around $270-$320/mt CFR China for
opportunistic buying. US low vol Blue Creek No. 7 and Oak Grove, both normalized by a $2/mt
“We would only consider imported cargoes if the prices are discount to Platts PLV CFR China. The highest indicative bid was placed
attractive enough,” a Chinese end-user said. at $250/mt CFR China for the same type of coal.
Another Chinese end-user said that amid the current volatile Exclusions: No data was excluded from the Aug. 1 assessment.
coking coal market, a discount of “at least Yuan 200/mt” was needed The above rationale applies to Platts Premium Low Vol CFR China
to cushion the downside risks of imported cargoes with late arrival assessment (PLVHC00) & TSI Prem JM25 CFR Jingtang (TS01044).
laycans.
In China’s coke market, a Yuan 100/mt price increase was proposed Platts Hard Coking Coal Premium Low Vol FOB Australia
by merchant cokeries in the northwestern region and the possibility Daily Rationale
of price upticks in the Shanxi region was also discussed by market Premium low vol HCC was at $188.50/mt FOB Australia Aug. 1, down
participants, citing restocking needs amid low coking coal inventory, $2.50/mt on the day, in line with the bid and offer range reported for
sources said. the day, according to Platts assessment from S&P Global Commodity
“The current futures market opened a window of arbitrage Insights.
profits by purchasing current spot stocks and selling high in forward An offer was heard at $200/mt for 75,000mt of globalCOAL HCCLV
contracts, providing some upward pressure for the physical met coke Peak Downs, with a September laycan, normalized by a premium of $2/
prices,” a China-based coke trader said. mt to Platts PLV FOB Australia at $198/mt FOB Australia.
Another source said that with merchant cokeries operating at near Meanwhile, a bid was heard at $167/mt FOB Australia for the same
50% production capacity, talks of a possible near term supply squeeze type of coal.
might provide further support for price upticks. Exclusions: No data was excluded from the Aug. 1 assessment.
However, an international trader said that the downstream The above rationale applies to Platts Premium Low Vol FOB
steel demand was yet to improve significantly and that the positive Australia assessment (PLVHA00) & TSI Premium Hard Coking Coal
sentiments might be short-lived. Australia Export FOB East Coast Port (TS01034).
The FOB Australia market continued to see weak demand with
opportunistic buying interest at around $167-$171/mt FOB Australia for
Australian PHCC, while an offer was heard at $200/mt FOB Australia for SUBSCRIBER NOTES
75,000 mt of September-loading globalCOAL HCCLV Peak Downs.
“Genuine demand for coking coal seems to be lacking despite a Platts corrects July 22-29 TSI Premium HCC FOB Australia
slight recovery in the steel market,” an Indian trader said. derivative forward curve assessments
Another international trader said that supply pressure in terms of Platts, part of S&P Global Commodity Insights, has corrected
reselling interest from end-users would continue to weigh down the one of the TSI Premium HCC FOB Australia derivative forward curve
coking coal market in the short term. assessments for July 22, 25, 26, 27, 28 and 29.
— Staff The assessment concerned is TSI PREMIUM HCC FOB AUSTRALIA
DERIVATIVE FORWARD CURVE Q2 2023 (MCPLQ03).
The correct values are as follows:
ASSESSMENT RATIONALES
CORRECTED ORIGINAL
DESCRIPTION SYMBOL DATE
VALUE VALUE
TSI PREMIUM HCC FOB
Platts Thermal Coal Indonesia Daily Rationale AUSTRALIA DERIVATIVE MCPLQ03 278.00 281 July 22
Platts assessed the 7-45 day price of FOB Kalimantan 4,200 kcal/kg FORWARD CURVE Q2 2023
GAR coal at $79.95/mt on Aug 1, down $0.30/mt day on day, just below TSI PREMIUM HCC FOB
AUSTRALIA DERIVATIVE MCPLQ03 275.25 281 July 25
best offer amid weakening demand. FORWARD CURVE Q2 2023
No trades or bids were heard before the Platts Market on Close TSI PREMIUM HCC FOB
assessment process. AUSTRALIA DERIVATIVE MCPLQ03 260.50 281 July 26
FORWARD CURVE Q2 2023

© 2022 by S&P Global Inc. All rights reserved. 12

PLATTS COAL TRADER INTERNATIONAL AUGUST 1, 2022

TSI PREMIUM HCC FOB HCC Peak Downs

7 - 60 days 15 - 60 days HCCGA00
AUSTRALIA DERIVATIVE MCPLQ03 255.25 281 July 27 Region
FORWARD CURVE Q2 2023 Illawara 7 - 60 days 15 - 60 days HCIWA00
TSI PREMIUM HCC FOB Low Vol HCC 7 - 60 days 15 - 60 days HCCAU00
AUSTRALIA DERIVATIVE MCPLQ03 256.50 281 July 28 Low Vol PCI 7 - 60 days 15 - 60 days MCLVA00
FORWARD CURVE Q2 2023 Mid Vol PCI 7 - 60 days 15 - 60 days MCLAA00
TSI PREMIUM HCC FOB Moranbah North 7 - 60 days 15 - 60 days HCMOA00
AUSTRALIA DERIVATIVE MCPLQ03 254.00 281 July 29 Oaky North 7 - 60 days 15 - 60 days HCSAA00
FORWARD CURVE Q2 2023 Peak Downs 7 - 60 days 15 - 60 days HCPDA00
Peak Downs North 7 - 60 days 15 - 60 days HCPNA00
Premium Low Vol 7 - 60 days 15 - 60 days PLVHA00
Premium Low Vol
The values are published in SBB Steel Markets Daily, Coal Trader 7 - 60 days 15 - 60 days PLVHD00
China Netback
International, on the real-time Platts Steel and Raw Materials Alert on Riverside 7 - 60 days 15 - 60 days HCRVA00
Saraji 7 - 60 days 15 - 60 days HCSAA00
fixed page 1120 and in Platts Market Data. Semi Soft 7 - 60 days 15 - 60 days MCSSA00

Platts to change FOB Australia metallurgical coal timing
specifications to 15-60 days forward
Following industry consultation, Platts, part of S&P Global
Commodity Insights, will change the timing specifications of its
seaborne coking coal and PCI coal assessments basis FOB Australia to
15-60 days forward, effective Sept. 1, 2022.
The change from the current 7-60 days follows initial market
feedback that spot cargos loading in 7 days may be deemed too
prompt for vessel nomination. The change aims to reflect adequate
nomination time, and typical market practice. Under this change, spot
cargoes with a loading window outside of 15-60 days forward would
not be considered for the assessment process.
The proposal to change was published May 26 in a subscriber note
available here: https://www.spglobal.com/commodityinsights/en/our-
methodology/subscriber-notes/052622-platts-proposes-to-change-
fob-australia-metallurgical-coal-timing-specifications-to-15-60-days-
forward
The following metallurgical coal assessments would be affected:
Laycan
Current Proposed
GLV 7 - 60 days 15 - 60 days
Goonyella 7 - 60 days 15 - 60 days
Goonyella C 7 - 60 days 15 - 60 days
The assessments are published in SBB Steel Markets Daily, Coal
Trader International, on the real-time Platts Steel & Raw Materials Alert
on pages 205 and 1064, in Platts Dimensions Pro and in the Platts price
database under the symbols mentioned above.
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.
Singapore National Day publishing schedule for Platts Asia
thermal coal
S&P Global Commodity Insights’ office in Singapore will be closed
Tuesday, Aug. 9, 2022 as it is a gazetted public holiday for National
Day, and there will be no Asian thermal coal assessments on that
day.
Additionally, Platts in Asia will close its Market on Close assessment
process early on Aug. 8, and all assessments will be basis 12:30 pm
Singapore time (0430 GMT).
Normal Singapore publishing schedules will resume on Wednesday,
Symbol
Aug. 10.
For full details of Platts’ publishing schedule and services affected,
HCHCA00 refer to http://www.platts.com/HolidayHome. For queries, please
HCGOA00
HCGNA00 contact support@platts.com.

© 2022 by S&P Global Inc. All rights reserved. 13

PLATTS COAL TRADER INTERNATIONAL AUGUST 1, 2022

CURRENT VESSEL FIXTURES

Vessel Quantity (Mt) Origin/Destination Loading Dates Rate ($/mt) Charterer
Australia

TBN 75000 Hay Point/Vizag Aug 15-24 $24.15/mt SAIL

TBN 80000 Gladstone/Goseong Aug 16-20 $15.30/mt KEPCO
TBN 80000 Newcastle/Taiwan Sep 1-14 $19.50/mt TPC
TBN 80000 Dalrymple Bay Coal Terminal/Taiwan Sep 1-14 $17.40/mt TPC
TBN 80000 Dalrymple Bay Coal Terminal/Taiwan Sep 5-18 $17.31/mt TPC
TBN 80000 Gladstone/Taiwan Sep 12-25 $17.95/mt TPC
TBN 80000 Newcastle/Taiwan Sep 15-28 $19.50/mt TPC
TBN 75000 Abbot Point/Vizag Aug 10-19 $25.70/mt SAIL
TBN 75000 Dalrymple Bay Coal Terminal/Paradip Aug 11-20 $22/mt CNR
TBN 75000 Port Kembla/Vizag Aug 10-19 $27.95/mt SAIL
Canada

TBN 86500 Roberts Bank/Gangreung Aug 10-19 $22.80/mt KEPCO

TBN 170000 TM Vancouver, redel Far East Aug 1-10 RNR Richland
Kline TBN 167000 Neptune/Pohang Jul 16-25 RNR Posco
TBN 86500 Roberts Bank/Goseong Jul 10-19 $27.94/mt KEPCO
Fiveocean TBN 120000 Roberts Bank/Kangneung Jul 7-13 $31.13/mt KEPCO
Colombia

Mount Troodos 160000 Puerto Bolivar/Rotterdam Jul 20-29 $15/mt Oldendorff

Seattle Slew 160000 Puerto Drummond/Cenal Karabiga Jul 1-10 RNR Swissmarine
Olam TBN 160000 Puerto Bolivar/Rotterdam Jul 18-27 mid $15’s/mt Oldendorff
Secretariat 160000 Puerto Bolivar/Iskenderun Jun 10-19 $19/mt Oldendorff
TBN 160000 Puerto Bolivar/Skaw-Passero May 13-22 RNR Oldendorff
Indonesia

TBN 55000 Meulaboh/Hazira Aug 12-18 $14/mt CNR

CCX TBN 50000 Taboneo/Waigaoqiao Aug 13-17 $15.38/mt Shenergy
Cape Arola 150000 Tanjung Pemancingan/Mundra Jul 26-31 RNR Olam
TBN 60000 Bunati/Haimen Aug 5-9 $14/mt CNR
TBN 70000 East Kalimantan/Navlakhi Aug 4-10 mid-high $13/mt CNR
TBN 80000 Samarinda/Taiwan Aug 27-Sep 5 $9.48/mt TPC
TBN 80000 Samarinda/Taiwan Sep 10-19 $9.46/mt TPC
TBN 80000 Tanjung Bara/Taiwan Sep 12-21 $9.10/mt TPC
TBN 80000 Tanjung Bara/Taiwan Sep 21-30 $9.10/mt TPC
TBN 80000 Tanjung Bara/Taiwan Sep 23-Oct 2 $9.10/mt TPC
Latvia

Cosco TBN 70000 Klaipeda/Rotterdam Sep 20-23 high $5s/mt CNR

TBN 75000 Ventspils/Civitavecchia Sep 11-19 $12.50/mt Enel
Peney 81,886 dwt Riga/Nordenham Nov 21-25 $7.75/mt Jera
Norway

TBN 60000 Mo-I-Rana/Ijmuiden Nov 10-15 $7.25/mt TS Global

South Africa

TBN 50000 Durban/West coast India Aug 16-20 $31/mt ST Shipping

TBN 75000 Richards Bay Coal Terminal/east coast India July 21-30 around mid-$23/mt CNR
Panocean TBN 150000 Richards Bay/Hadong Aug 1-10 $23.35/mt KEPCO
C.Vision 150000 RBCT/Dhamra Jul 1-15 $14/mt Orissa Metaliks
Polaris TBN 140000 RBCT/ Youngheung + Samcheonpo Jul 16-25 $28.80/mt KEPCO
United States

Jag Alaia 125000 Baltimore/Gangavaram Aug 10-15 $37/mt Olam

TBN 75000 Newport News/Vizag Aug 20-29 $47.60/mt SAIL
TBN 68000 US Gulf/South China Aug 1-10 $71/mt ASL Bulk
Nuke TBN 125000 Baltimore/Gangavaram Jul 22-31 $34.50/mt Olam
TBN 140000 Newport News/ECI Jul 21-30 $42.60/mt SAIL

© 2022 by S&P Global Inc. All rights reserved. 14

PLATTS COAL TRADER INTERNATIONAL AUGUST 1, 2022

CURRENT VESSEL FIXTURES (Continued)

Vessel Quantity (Mt) Origin/Destination Loading Dates Rate ($/mt) Charterer

Mozambique

TBN 38000 Beira/east coast India Aug 4-9 $42.35/mt SAIL

TBN 38000 Beira/Gangavaram Jul 24-29 $37.85/mt RINL
TBN 70000 Nacala/Kandla Jul 27-30 $15.50/mt AL General Metals
TBN 70000 Nacala/Mundra DNR $14.50/mt AL General Metals
Brazil

Oldendorff TBN 180000 Ponta Da Madeira/Rotterdam Jun 20-Jul 3 $6.80/mt TKSE

Russia

TBN 80000 Vanino/Taiwan Aug 1-10 $17.58/mt TPC

Elena Ve 75750 Murmansk/Rotterdam Feb. 1-10 $8.75/mt FIO Suek
TBN 160000 Vanino/Taean Feb 1-7 mid-high $4’s/mt Pacbulk
Vietnam

TBN 55000 Vietnam/China early Feb $7.15/mt CNR

TBN=To be nominated. PPT=Prompt

© 2022 by S&P Global Inc. All rights reserved. 15

Sydney Commodity
Market Insights Forum

August 9, 2022 I Sydney, Australia

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