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Coal Trader International

Volume 23 / Issue 129 / July 7, 2023

News Headlines Daily prompt physical thermal coal assessments, Jul 7

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

Demand for mid-CV cargoes seen growing Asia-Pacific

in Asian thermal coal market Northeast Asia
Platts NEAT 5,750 NAR 15-60 day JKTCA00 111.12 +0.28
„Producers reluctant to lower prices South Asia
„Supply crunch for mid-CV coal expected Platts SEAT 4,200 GAR 15-60 day CSEAA00 57.75 -0.75
CFR Pakistan 5,750 NAR 30-60 day TPKCA00 99.35 +2.70
CFR Bangladesh 5,000 GAR 30-60 day TCBAN00 77.85 +0.20
Colombian coal miners prepare for government Sulfur Differential TCSDA00 0.30

control on operations amid droughts China

PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPQ00 59.15 -0.70
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPP00 78.20 +0.35
„Coal miners prepare potential mining operation reductions
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSC00 92.35 +0.35
„Glencore’s Cerrejón mine in La Guajira faces drought Yuan/mt
PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPR00 426.31 -5.76
PCC 6 (VAT included) 3,800 NAR 30-60 day PCCPS00 481.73 -6.51
India expects 6 new commercial coal mines PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPO00 563.61 +1.59
to be operational in FY 2023-24: minister PCC 7 (VAT included) 4,700 NAR 30-60 day PCCFB00 636.88 +1.80
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSD00 665.60 +1.43
PCC 8 (Duty & VAT included) 5,500 NAR 15-60 day PCCFA00 752.13 +1.62
„Captive, commercial mines output seen rising to 162 million mt
Indonesia
„Adani suspends two commercial coal projects FOB Kalimantan (Geared Supramax) 4,200 GAR 7-45 day CSBKI00 50.95 -0.55
FOB Kalimantan (Geared Supramax) 3,800 GAR 7-45 day CSCKJ00 41.30 +0.25
FOB Kalimantan (Geared Supramax) 5,900 GAR 90-day CSAKH00 88.00 0.00
Philippines’ First Gen awards invitation FOB Kalimantan (Geared Supramax) 5,000 GAR 90-day CSAKI00 70.00 +0.50
to bid for LNG cargo to Shell for Batangas project Kalimantan Floating Crane AKFCA00 2.50
Australia
„Supply of 154,000 cu m LNG cargo with Aug 1-Sep 30 FOB Newcastle 20% Ash 5,500 NAR 7-45 day AAVUW00 91.30 +0.50
delivery window FOB Newcastle 23% Ash 5,500 NAR 7-45 day AAVVB00 88.95 +0.45
FOB Newcastle Ash Differential AAVVA00 0.78
„Cargo to arrive at Subic Bay Freeport
India
„Gas-fired power plant needs of third parties, FGEN affiliates CFR India West (Gearless Panamax) 5,500 NAR 30-60 day CIWCI00 87.15 0.00
to be met CFR India West (Gearless Panamax) 5,000 GAR 30-60 day TCAKP00 80.15 +0.30
CFR India West (Gearless Panamax) 4,200 GAR 30-60 day TCAKT00 61.10 -0.75
CFR India East (Gearless Panamax) 5,500 NAR 30-60 day CIECI00 88.60 0.00
CFR India East (Gearless Panamax) 5,000 GAR 30-60 day TCAKJ00 79.50 +0.30
CFR India East (Gearless Panamax) 4,200 GAR 30-60 day TCAKU00 60.45 -0.75

Atlantic Basin
Europe
CIF ARA 6,000 NAR 15-60 day CSARM01 114.00 -8.00
European Blended Price (EBP) 6,000 NAR 15-60 day TEBPA00 97.05 -1.35
EBP/CIF ARA Differential 6,000 NAR 15-60 day TEBPB00 -16.95 +6.65
South Africa
FOB Richards Bay 5,500 NAR 7-45 day AAXEX00 83.90 +2.75
North America
FOB Baltimore 3%S 6,900 NAR 15-60 day CUATB04 80.75 -1.00
FOB Hampton Roads 1%S 6,000 NAR 15-60 day CUAEA04 112.80 0.00
FOB New Orleans 3%S 6,000 NAR 15-60 day CUAFA04 77.50 -1.00
FOB Long Beach 0.5%S 6,000 NAR 15-60 day CTLBA00 139.15 0.00
FOB Oakland 0.5%S 6,000 NAR 15-60 day CTOKA00 130.60 0.00
FOB Vancouver 0.5%S 5,000 NAR 15-60 day CTVCA00 55.50 -0.05
Note: In the absence of transactional data, these assessments represent theoretical value
for export.

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Coal Trader International July 7, 2023

Demand for mid-CV cargoes seen growing Weekly prompt physical thermal coal prices, Jul 7
Code Kcal/kg Basis Sulfur $/mt Change
in Asian thermal coal market CIF Med 75kt CTCMT04 6,000 NAR 0.8% 112.00 -5.00
CIF Med 45kt CTCMA04 6,000 NAR 0.8% 117.00 -5.00
„Producers reluctant to lower prices FOB Colombia CSABZ00 6,000 NAR 0.8% 105.00 -5.00
FOB Russia Baltic CSAKC00 6,000 NAR 0.5% 92.50 -5.00
„Supply crunch for mid-CV coal expected
FOB Russia Pacific CSAKG00 6,300 GAR 0.3% 85.00 -5.00

An increased number of inquiries for coal with medium calorific Platts physical thermal coal netbacks, Jul 7
value from China was said to be driving demand in the Asian Code CV Basis Sulfur $/mt Chg
thermal coal market July 7, according to sources. (kcal/kg)
Coal ($/mt)
Market participants pointed out that a limited supply of mid-
CIF ARA CSARM01 6,000 NAR 1.0% 114.00 -8.00
CV grades may pose a challenge for buyers, potentially driving up Platts NEAT JKTCA00 5,750 NAR 1.0% 111.12 +0.28
prices in the upcoming trading sessions. Additionally, miners were CFR India West CIWCI00 5,500 NAR 0.8% 87.15 0.00
also said to be increasing their offer prices, indicating a shift in Panamax Freight ($/mt)
market dynamics. USEC-Rotterdam CDBUR00 10.50 0.00
Mobile-Rotterdam CDMAR00 14.25 0.00
“Several inquiries are coming for September delivery, as Roberts Bank-Japan CDRBK00 13.65 -0.25
Chinese domestic stock, although coming down, is still high,” an Richards Bay-India West CSAKL00 12.55 -0.05
Indonesia-based producer said. Penalties & Premia ($/mt)
Stocks at China’s Caofeidian port stood at 11.68 million mt Per 0.1% Sulfur (USGC) COPAP00 1.16 -0.37
Total S discount (USGC) COPBP00 22.04 -7.03
as of July 6, up from 11.89 million mt on June 28, according to a
China-based trader, while those at the Jingtang port were at 6.93 Netbacks ($/mt)
FOB Vancouver CTVCB00 5,750 NAR max 1% 97.45 +0.50
million mt, down from 7.06 million mt on June 28.
Netbacks ($/st)
Another Indonesia-based producer said that many Chinese
FOB US East Coast* COUSC00 12,500 GAR 1.0% 104.33 -8.07
buyers are actively floating tenders. Not many Indonesian miners FOB US Gulf Coast* COUGU00 11,500 GAR 2.9% 72.17 -1.02
are readily offering coal in the spot market, as the current FOB Vancouver* COVCU00 8,800 GAR 0.8% 70.70 +0.52
low-CV prices are deemed unfavorable for them. The market * CV = Btu/lb

participant anticipated that demand for low-CV cargoes will stay

at the existing level until September or until there is a significant
increase in power consumption.
Market participants also pointed out that there is demand
from Bangladesh, but producers are cautious due to concerns
over the buyers’ credit profile. While demand remains stable in
Thailand, it is gradually picking up in Vietnam and Malaysia.
An India-based trader said that there seemed to be an upturn
in demand, with many buyers believing that prices have bottomed
out, leading to increased interest in seaborne coal procurement.
Requirements from the Indian power sector, however,

© 2023 by S&P Global Inc. All rights reserved. 2

Coal Trader International July 7, 2023

remained low due to an abundance of domestic coal supply. Spot dry bulk freight assessments, Jul 7
Platts symbol $/mt Chg
The coastal power plants, which have sufficient old stocks, are Capesize
currently not facing significant demand due to the relatively mild Australia-China CDANC00 9.50 0.00
summers this year, the trader added. Queensland-Japan CIGAJ00 10.60 0.00
Coal stockpiles at Indian power plants stood at 35.88 million New South Wales-Korea CINAK00 11.40 0.00
Bolivar-Rotterdam CIBCR00 8.85 -0.05
mt July 5, sufficient for more than 12 days of coal burn, according
Roberts Bank-Japan CDRKJ00 10.60 0.00
to the latest data by the Central Electricity Authority of India.
Panamax
Platts is part of S&P Global Commodity Insights. Richards Bay-India West CSAKL00 12.55 -0.05
— Shriparna Saha, Srija Basu Roy Kalimantan-India West CSAKP00 7.65 -0.20
Richards Bay-India East CSAKN00 12.65 -0.10
Colombian coal miners prepare for government Kalimantan-India East CSAKR00 6.30 -0.20
Ventspils-Rotterdam CILTN00 7.75 0.00
control on operations amid droughts
USEC-India CDBUI00 28.25 0.00
USEC-Rotterdam CDBUR00 10.50 0.00
„Coal miners prepare potential mining operation reductions
Mobile-Rotterdam CDMAR00 14.25 0.00
„Glencore’s Cerrejón mine in La Guajira faces drought Roberts Bank-Japan CDRBK00 13.65 -0.25
The Colombian coal mining industry expects the country’s Australia-China CDBFA00 11.30 -0.25
Australia-India CDBFAI0 12.75 -0.30
government to soon implement controls on mining operations
in the La Guajira department that may reduce capacity due to Supramax
Richards Bay-Port Qasim CRBPB00 15.00 -0.45
recent droughts, market sources said July 7.
South Kalimantan-Krishnapatnam CISKK00 9.95 -0.25
The Colombian government previously declared a national
economic and social emergency in the department in the north
Thermal coal implied freight table, Jul 7
of the country on June 30 due to recent droughts. The area
Basis 5,500 kcal/kg NAR
is currently facing warnings of unprecedented drought and Origin/delivery hub NE Asia SE Asia NW Europe India Med South China
malnutrition, Colombian President Gustavo Petro announced in FOB Newcastle (20% Ash) 14.99 -11.89 13.20 -2.70 11.37 1.05
FOB Kalimantan 21.38 -5.50 19.59 3.69 17.76 7.44
the declaration to state-owned media. FOB Colombia 10.04 -16.84 8.25 -7.65 6.42 -3.90
So far in the week ended July 7, nothing specific had yet been FOB Russia Baltic 21.50 -5.38 19.71 3.81 17.88 7.56
FOB Russia Pacific 28.37 1.49 26.58 10.68 24.75 14.43
reported as to government controls on mining activity, according
FOB Richards Bay 22.39 -4.49 20.60 4.70 18.77 8.45
to sources. Some sources said the market will have to wait and FOB Baltimore 41.92 15.04 40.13 24.23 38.30 27.98
see the impact this crisis will have on coal supply. FOB New Orleans 35.25 8.37 33.46 17.56 31.63 21.31
FOB Vancouver 45.24 18.36 43.45 27.55 41.62 31.30
However, a US-based coal trader said Colombia’s president

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Coal Trader International July 7, 2023

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

07/07/2023 Indication CIF Med 6000 NAR $117 45000 July Trader Russian-origin only
07/07/2023 Indication CIF Med 6000 NAR $112 75000 July Trader Non-Russian origin
07/07/2023 Indication FOB Colombia 6000 NAR $100-110 50000 July Trader
07/07/2023 Indication FOB Colombia 6000 NAR $105 50000 July Trader
07/07/2023 Indication FOB Russia Baltic 6000 NAR $92.5 50000 July Trader
07/07/2023 Bid CIF ARA 6000 NAR $113.5 50000 August Trader Non-Russian origin
07/07/2023 Offer CIF ARA 6000 NAR $116 50000 August Trader Non-Russian origin
07/07/2023 Bid CIF ARA 6000 NAR $113.5 50000 September Trader Non-Russian origin
07/07/2023 Offer CIF ARA 6000 NAR $114 50000 September Trader Non-Russian origin
07/07/2023 Trade CIF ARA 6000 NAR $114 50000 September Trader Non-Russian origin
07/07/2023 Bid FOB Richards Bay 6000 NAR $97 50000 August Trader
07/07/2023 Offer FOB Richards Bay 6000 NAR $104 50000 August Trader
07/07/2023 Bid FOB Richards Bay 6000 NAR $95 50000 August Trader
07/07/2023 Bid FOB Richards Bay 6000 NAR $97 50000 August Trader
07/07/2023 Offer FOB Richards Bay 6000 NAR $104 50000 August Trader
07/07/2023 Bid FOB Richards Bay 6000 NAR $95 50000 August Trader
07/07/2023 Indication FOB Kalimantan 6500 GAR $121 75000 Jul Producer Panamax
07/07/2023 Indication FOB Kalimantan 5800 GAR $86.95 75000 Jul Producer Panamax
07/07/2023 Indication FOB Kalimantan 5000 GAR $67.45 55000 Jul Producer Supramax
07/07/2023 Indication FOB Kalimantan 4200 GAR $51.45 55000 Jul Producer Supramax
07/07/2023 Indication FOB Kalimantan 3800 GAR $42 55000 Jul Producer Supramax
07/07/2023 Indication FOB Kalimantan 3400 GAR $31 55000 Jul Producer Supramax
07/07/2023 Bid FOB Kalimantan 4200 GAR $50 55000 Jul/aug Trader Supramax
07/07/2023 Offer FOB Kalimantan 4200 GAR $52 55000 Jul/aug Trader Supramax
07/07/2023 Indication FOB Kalimantan 4200 GAR $50.75 55000 Jul Trader Supramax
07/07/2023 Indication FOB Kalimantan 5000 GAR $64 75000 Jul Trader Panamax, blended cargo
07/07/2023 Indication FOB Kalimantan 4500 NAR $63.25 75000 Jul Trader Panamax
07/07/2023 Trade FOB Kalimantan 5200 NAR $83 75000 Jul Trader Panamax, high sulfur
07/07/2023 Offer FOB Kalimantan 4200 GAR $51 55000 Jul Producer Supramax
07/07/2023 Offer FOB Kalimantan 3400 GAR $30 55000 Jul Producer Supramax
07/07/2023 Offer FOB Kalimantan 3800 GAR $43 55000 Jul Producer Supramax
07/07/2023 Offer FOB Kalimantan 5000 GAR $72 55000 Jul Producer Supramax
07/07/2023 Offer FOB Newcastle 5500 NAR $89 130000 Jul Producer Capesize
07/07/2023 Bid FOB Newcastle 5500 NAR $86 130000 Jul Producer Capesize
07/07/2023 Offer FOB Kalimantan 5800 GAR $90 55000 Jul Producer Supramax
07/07/2023 Trade CFR India 6000 NAR $102 75000 Jul/aug Trader Panamax, russian origin
07/07/2023 Indication FOB Kalimantan 5000 GAR $72 55000 Jul Producer Supramax
07/07/2023 Indication FOB Kalimantan 5900 GAR $90 55000 Jul Producer Supramax
07/07/2023 Offer FOB Kalimantan 3800 NAR $51-52 55000 Jul/aug Producer Supramax
07/07/2023 Bid FOB Kalimantan 3800 NAR $48-49 55000 Jul/aug Producer Supramax
07/07/2023 Indication FOB Kalimantan 5000 GAR $62-64 55000 Jul/aug Producer Supramax
07/07/2023 Indication FOB Kalimantan 5900 GAR $81-82 55000 Jul/aug Producer Supramax
07/07/2023 Offer FOB Kalimantan 5400 GAR $78.5 55000/75000 Jul Buyer Geared vessel
07/07/2023 Indication FOB Kalimantan 5300 NAR $88 55000/75000 Jul Buyer Geared vessel
07/07/2023 Indication FOB Kalimantan 4300 NAR $65 55000/75000 Jul Buyer Geared vessel
07/07/2023 Indication FOB Kalimantan 3800 NAR $55 55000/75000 Jul Buyer Geared vessel
07/07/2023 Indication FOB Kalimantan 3400 NAR $45 55000/75000 Jul Buyer Geared vessel
07/07/2023 Indication FOB Kalimantan 4100 GAR $51 55000/75000 Jul Buyer Geared vessel
07/07/2023 Indication FOB Kalimantan 3400 NAR $44 55000/75000 Jul Buyer Geared vessel
07/07/2023 Indication FOB Kalimantan 3800 NAR $52 55000/75000 Jul Buyer Geared vessel
07/07/2023 Indication FOB Kalimantan 4700 NAR $69.3 55000/75000 Jul Buyer Geared vessel
07/07/2023 Indication FOB Kalimantan 5500 NAR $86.6 75000 Jul Buyer Panamax
07/07/2023 Indication FOB Newcastle 5500 NAR $86.7 130000 Jul Buyer Capesize
07/07/2023 Bid FOB Kalimantan 3400 GAR $29 55000 Aug Trader Supramax
07/07/2023 Offer FOB Kalimantan 3400 GAR $30-31 55000 Aug Trader Supramax
07/07/2023 Bid FOB Kalimantan 3600 NAR $47 55000 Aug Trader Supramax
07/07/2023 Indication CFR China 5500 NAR $97.5 75000 Jul Buyer Panamax

© 2023 by S&P Global Inc. All rights reserved. 4

Coal Trader International July 7, 2023

has blamed water shortages on miners before, and thus the Thermal coal forward curves, Jul 7
Bid Ask Midpoint* Platts symbol Change* % Change
industry is expecting controls. This potential drought may not
negatively impact coal supply, however, according to a Colombia- CIF ARA 6,000 NAR
Aug-23 112.80 113.10 112.95 CSAM001 -2.50 -2.17
based trader. Sep-23 112.85 113.15 113.00 CSAM002 -2.25 -1.95
“Causes cited [for the state of emergency] are malnutrition, Q4-23 113.85 114.15 114.00 CSAQ001 -1.95 -1.68
inequality, water availability and El Niño,” the Colombia-based Q1-24 117.75 118.05 117.90 CSAQ002 -1.55 -1.30
Q2-24 117.10 117.40 117.25 CSAQ003 -1.05 -0.89
trader said. “For a lot of local observers, the decree has no real Q3-24 120.00 120.30 120.15 CSAQ004 -0.55 -0.46
support and likely will be battled in court. In the meantime, 2024 119.35 119.65 119.50 CSAY001 -0.60 -0.50
Cerrejón is in state of alert waiting to see how the measures to be 2025 118.85 119.15 119.00 CSAY002 0.00 0.00
2026 112.10 112.40 112.25 CSAY003 0.00 0.00
announced could affect them.”
*Fields are calculated.
The Glencore-owned Cerrejón coal mine is based in the La
Guajira department and is one of the largest surface coal mining
operations in the world, according to market sources.
“[The] Cerrejón [mine] secures, treats and manages the water
it needs from its operation,” the Colombia-based trader added.
Cerrejón declined in requests for comment on the situation.
Platts, part of S&P Global Commodity Insights, assessed
the FOB Colombia 6,000 kcal/kg NAR 90 days at $105/mt on
July 7, down $5 on the week from $110/mt on June 30, when the
government degree was announced. On a year-on-year basis, the
July 7 price was 64% lower, according to data from S&P Global.
— Maria Choudhury

India expects 6 new commercial coal mines

to be operational in FY 2023-24: minister
„Captive, commercial mines output seen rising to 162 million mt
„Adani suspends two commercial coal projects
India expects six new commercial coal mines to be operational
in the financial year 2023-24 (April-March), federal coal minister
Pralhad Joshi said July 6, raising output from commercial coal
blocks to 12.2 million mt from FY 2022-23’s 7.12 million mt.
This comes as the coal ministry plans to allocate 25
commercial coal mines to successful bidders in FY 2023-24. India
introduced commercial mining in November 2020 mainly to meet
the demand of the non-captive industry and also to help reduce
imports.
Out of 86 coal mines that have been auctioned since the
launch of the commercial mining, 73 blocks with cumulative peak
rated capacity (PRC) of 149.30 million mt per annum have been
allotted to successful bidders as of June 8.
The PRC indicates a mine’s maximum annual output after
a few years of operation. Although more than 200 coal mines
have been put up for auction by the government through the
commercial mining route, most of the coal blocks could not be
allocated due to inadequate interest from miners.
Meanwhile, Adani Enterprises has suspended its operations at
the Jhigador and Khargaon coal mines in the central Indian state
of Chhattisgarh after their winning mining rights via commercial Power price fundamentals
auctions, it said in its latest annual report. It has written to the 07-Jul-23 Change
federal coal ministry seeking the relinquishment of these two Brent oil (month ahead - $/b) AAYES00 77.570 +2.310
Coal CIF ARA (year ahead - $/mt) CSAY001 119.500 -0.600
coal blocks. EEX EUA carbon (front December - Eur/mt) EADLP00 86.160 +0.200
UK NBP gas (month ahead - p/th) NGAAE00 81.300 +1.775
Dutch TTF gas (year ahead - Eur/MWh) GTFTZ00 54.675 +1.500

© 2023 by S&P Global Inc. All rights reserved. 5

Coal Trader International July 7, 2023

Coal output
Coal output from commercial coal mines in FY 2022-23 was at
7.12 million mt, with supplies coming in from four commercial coal
blocks, namely Sulyari and Gotitoria located in Madhya Pradesh,
as well as Garepalma IV/1 and Garepalma IV/7 in Chhattisgarh.
India plans to increase the country’s coal production from
captive and commercial mines by 39% on the year to 162.14
million mt in the ongoing FY 2023-24. Unlike commercial mines,
captive coal blocks are linked with specific end-use power plants,
but they can sell up to 50% of their output to other consumers
in the open market after meeting the requirements of their
respective end-use projects.
Through commercial mining, producers are allowed to sell coal
anywhere without any ceiling price restrictions.
The country also plans an output of 1.01 billion mt in FY 2023-
24 with the state-run Coal India Ltd tasked to produce 780 million
mt. For FY 2022-23, the coal ministry had set a target of 911
million mt, of which the actual production stood at 892.74 million
mt, recording an annual growth of 14.72%.
— Vaibhav Chakraborty, Anupam Chatterjee

Philippines’ First Gen awards invitation

to bid for LNG cargo to Shell for Batangas project
„Supply of 154,000 cu m LNG cargo with Aug 1-Sep 30
delivery window
„Cargo to arrive at Subic Bay Freeport
„Gas-fired power plant needs of third parties, FGEN affiliates
to be met
Shell Eastern Trading is set to supply an LNG cargo of 154,000
cu m to First Gen Corporation’s wholly owned subsidiary First
Gen Singapore Pte. Ltd, after Shell won an invitation to bid that
successfully concluded July 6, FGEN Chief Commercial Officer
Jon Russell told S&P Global Commodity Insights July 7.
The LNG cargo, subject to an operational tolerance of +/-
3%, will be supplied to FGEN within the Aug. 1- Sept. 30 delivery
window on a DES basis at Subic Bay Freeport, Province of
Zambales, the Philippines, Russell said.
The cargo will be utilized by FGEN’s existing gas-fired power
plants in the First Gen Clean Energy Complex in Batangas, he said.
Shell declined to comment.
FGEN has a portfolio of four existing gas-fired power plants
with a combined capacity of 2,017 MW — 1,920 MW baseload
and 97 MW peak shaving — that have been supplied for many
years with gas from the Malampaya field, an indigenous offshore
gas field.
However, the depleting Malampaya reserve has made it
critical to secure alternative supplies such as LNG to ensure
domestic energy security.
FGEN, via its subsidiary First Gen Singapore, intends to source
a mixture of term supplies and short-term strips and spot LNG
cargoes to meet that requirement, Russell said.
Meanwhile, another wholly owned subsidiary of FGEN — FGEN
LNG Corporation or FGEN LNG — has constructed an interim
offshore LNG receiving terminal.
It has also executed a five-year time charter party for the
charter of the FSRU — BW Batangas — that is now deployed to
the First Gen Clean Energy Complex in Batangas City, to provide
LNG storage and regasification services as part of the project,
Russell said.
In June, Russell told S&P Global that FGEN was aiming to start
commercial operations at its inaugural offshore LNG receiving
terminal in Batangas in early October.
“The project will accelerate the ability to introduce LNG to
the Philippines, to serve the natural gas requirements of existing
and future gas-fired power plants of third parties and FGEN’s
affiliates,” Russell said.
“FGEN believes the project will play a critical role in ensuring
the energy security of the Luzon Grid and the Philippines,
particularly as the indigenous Malampaya natural gas resource
continues to decline.”
FGEN LNG and BW LNG, a wholly owned subsidiary of the
BW Group, entered a charter agreement for BW Batangas in
April 2022.
The BW Batangas, which was previously identified as the
BW Paris, can store 162,524 cu m of LNG and regasify up to 500
MMcf/d, enabling LNG to be utilized to supplement the depletion
of natural gas reserves from Malampaya, FGEN had said in a
LinkedIn post recently.
— Surabhi Sahu

© 2023 by S&P Global Inc. All rights reserved. 6

Coal Trader International July 7, 2023

Platts daily metallurgical coal assessments, Jul 7

Asia-Pacific coking coal ($/mt)
Platts FOB Australia Change Platts CFR China Change Platts CFR Change
symbol symbol symbol India
HCC Peak Downs Region HCCGA00 231.50 -2.50 HCCGC00 242.80 -2.75 HCCGI00 244.25 -2.80
Premium Low Vol PLVHA00 229.00 -1.00 PLVHC00 224.00 +1.00 PLVHI00 241.75 -1.30
Low Vol HCC HCCAU00 197.00 0.00 HCCCH00 189.00 +1.00 HCCIN00 209.75 -0.30
Low Vol PCI MCLVA00 179.00 -1.00 MCLVC00 150.00 0.00 MCLVI00 191.75 -1.30
Mid Vol PCI MCLAA00 175.50 -1.00 MCLAC00 145.00 0.00 MCVAI00 188.25 -1.30
Semi Soft MCSSA00 165.00 0.00 MCSSC00 138.00 +2.00 MCSSI00 177.75 -0.30
Premium Low Vol China Netback PLVHD00 212.70 +1.25
TSI coking coal indices ($/mt)
TSI Premium Hard (PHCC) FOB Australia TS01034 229.00 -1.00
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 229.00 100.00% PLVHC00 224.00 100.00%
Peak Downs HCPDA00 231.50 101.09% MCBAA00 242.80 108.39%
Saraji HCSAA00 229.00 100.00% MCBAB00 240.30 107.28%
Oaky North HCOKA00 230.50 100.66% MCBAR00 241.80 107.95%
Illawarra HCIWA00 231.50 101.09% MCBAH00 242.80 108.39%
Moranbah North HCMOA00 231.50 101.09% MCBAG00 242.80 108.39%
Goonyella HCGOA00 231.50 101.09% MCBAE00 242.80 108.39%
Peak Downs North HCPNA00 230.00 100.44% MCBAJ00 241.30 107.72%
Goonyella C HCGNA00 230.00 100.44% MCBAI00 241.30 107.72%
Riverside HCRVA00 230.00 100.44% MCRVR00 241.30 107.72%
GLV HCHCA00 224.00 97.82% MCBAF00 235.30 105.04%
Low Vol HCC HCCCH00 189.00 84.38% 100.00%
Lake Vermont HCC MCBAN00 208.30 110.21%
Carborough Downs MCBAO00 206.30 109.15%
Middlemount Coking MCBAP00 198.30 104.92%
Poitrel Semi Hard MCBAQ00 195.30 103.33%
July 7 freight rates. Australia to China: Panamax = $11.30/mt Capesize = $9.50/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 223.00 0.00 19.25% 8.25% 0.95%
High Vol A AAWWS00 212.00 0.00 32.25% 7.5% 0.95%
High Vol B AAWWT00 203.00 0.00 36.00% 8.00% 1.00%
Premium Low Vol
$/mt Change VM Ash S
Premium Low Vol HCC CFR NWE PLVHE00 242.15 -1.30 21.50% 9.30% 0.50%
Premium Low Vol FOB Australia PLVHA00 229.00 -1.00 21.50% 9.30% 0.50%
Detailed methodology and specifications are found here: http://platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/metcoalmethod.pdf.

PCC Met (Platts China Coal – Metallurgical) (Yuan/mt)*

Platts Ex-washplant Platts Free-on-Rail Platts DDP Tangshan Platts CFR China
symbol symbol symbol symbol equivalent ($/mt)
PCC Met Shanxi Premium Low Vol PCCMA04 1650 PCCMB04 1685 PCCMC04 1880 PLVHJ04 214.07
PCC Met Shanxi High Sulfur Premium Low Vol PCCMD04 1400 PCCME04 1440 PCCMF04 1630 PLVHD04 188.34
PCC Met North China Fat Coal PCCMG04 1650 PCCDG04 190.76
PCC Met Shanxi PCI PCCMH04 1125 PCCMI04 1160 PCCMJ04 1265 MCLCC04 144.13
PCC Met Shandong Semi Soft PCCMK04 1325 PCCML04 1345 MCSSD04 148.94

PCC Met Rail Freight Shanxi – Tangshan PCCMM04 200

PCC Met Truck Freight Shanxi – Tangshan PCCMO04 230
*Weekly (assessed July 5).

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 1800.00 AAWZO00 217.39
Low Vol HCC* AAWZP00 1550.00 AAWZQ00 186.68
*Weekly (assessed July 7), 20-day delivery from date. **Ex-stock price, net of port charges, import tax and VAT.

© 2023 by S&P Global Inc. All rights reserved. 7

Coal Trader International July 7, 2023

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 ($/mt)
Within Platts % of Premium Low Vol FOB Platts Net value
min-max symbol Australia assessment price symbol
Per 1% CSR 67-74% CPCSA00 0.50% CPCSP00 1.15
Per 1% VM (air dried) 18-27% CPVPA00 0.00% CPVMP00 0.00
Per 1% TM (as received) 8-11% CPTPA00 0.00% CPTMP00 0.00
Per 1% Ash (air dried) 7-10.5% CPAPA00 -0.50% CPPAP00 -1.15
Per 0.1%S (air dried) 0.3-1% CPSPA00 0.00% CPSPV00 0.00
US Low Vol HCC Penalties & Premia; Differentials ($/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 0.30% CPPBB00 0.67
40-49% CPPBC00 0.40% CPPBD00 0.89
Per 0.1% S 0.70-1.05% CPPBE00 0.85% CPPBF00 1.90
1.06-1.25% CPPBG00 1.80% CPPBH00 4.01
Per 1% TM (as received) 6-11% CPPBK00 1.00% CPPBL00 2.23
Per 1% Ash 5-10% CPPBI00 1.75% CPPBJ00 3.90
US weekly brand relativities ($/mt), July 7
Platts FOB Spread vs US LV
symbol
Blue Creek No. 7 MCAPB04 226.75
Blue Creek No. 4 MCAPC04 207.00
Beckley MCAPD04 224.25 100.56%
Low Vol FOB USEC AAWWR00 223.00 100.00%
Windber MCAPE04 215.00 96.41%
Buchanan MCAPF04 210.00 94.17%
July 7 Panamax freight rates. Hampton Roads to Rotterdam = $NA/mt, Hampton Roads to Brazil = $NA/mt, Mobile to Rotterdam = $NA/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 Commodity Insights

Coking coal derivatives assessments, Jul 7 Metallurgical coke, Jul 7

Platts symbol $/mt Chg % Chg Seaborne
TSI Premium Hard Coking Coal Australia Export FOB East Coast Port % CSR Platts symbol $/mt Chg % Chg
Aug-23 MCPLM01 227.500 +4.500 +2.018 FOB North China 66/65 MCCNC00 312.00 +1.00 +0.32
Sep-23 MCPLM02 227.500 +4.500 +2.018 65/63 MCCHB00 298.00 +1.00 +0.34
Oct-23 MCPLM03 233.500 +4.000 +1.743 64/62 AAWVL00 288.00 +1.00 +0.35
Q4-23 MCPLQ01 239.000 +2.500 +1.057 62/60 MCCHA00 283.00 +1.00 +0.35
Q1-24 MCPLQ02 248.500 -0.500 -0.201 CFR India 66/65 MCCNI00 331.00 0.00 0.00
Q2-24 MCPLQ03 244.500 -0.500 -0.204 65/63 MCINB00 314.00 0.00 0.00
2024 MCPLY01 245.250 0.000 0.000 64/62 MCCEI00 304.00 0.00 0.00
2025 MCPLY02 233.250 0.000 0.000 62/60 MCINA00 299.00 0.00 0.00
Domestic
Yuan/mt
Platts China PLV, met coke price differentials, Jul 7 DDP North China (weekly) 62/60 AAWVJ00 1950.00 +25.00 +1.30
Price spreads Platts symbol $/mt $/mt
Import-Shanxi Premium Low Vol CFR China PLVHK04 8.93 FOB North China equivalent (DDP weekly) 62/60 PLVHM04 278.48 +3.46 +1.24
Import-port stock Premium Low Vol CFR China PLVHL04 6.61
62/60% CSR coke export-domestic FOB North China PLVHN04 3.52

© 2023 by S&P Global Inc. All rights reserved. 8

Coal Trader International July 7, 2023

China launches new batch of power capacity Weekly Averages for Platts Thermal Coal Price
Assessments ($/mt)
to meet peak summer demand
CV (kcal/kg) Basis Week ending Week ending Change
07-Jul 30-Jun
„State-owned power producers gear up to meet FOB Kalimantan 5,900 GAR 88.550 87.875 +0.675
domestic demand FOB Kalimantan 5,000 GAR 69.450 68.525 +0.925
FOB Kalimantan 4,200 GAR 51.250 51.363 -0.113
„Heat waves put pressure on power supply capacity FOB Kalimantan 3,800 GAR 41.240 42.038 -0.798

„Power plants’ coal stocks at record high of 187 mil mt

China has launched a new batch of power generation projects Monthly and Quarterly Averages for Platts Forward
Benchmark Coal Price Assessments ($/mt)
to meet rising domestic power demand amid continuous heat
CV (kcal/kg) Basis Jun-23 May-23 Apr-23 Q2-23 Q1-23
waves, state-owned Assets Supervision and Administration Platts SEAT 4,200 GAR 62.76 76.59 79.77 73.05 84.39
Commission, or SASAC, said on its social media platform July 7. Platts NEAT 5,750 NAR 109.89 136.12 147.53 131.07 152.41
CFR Pakistan 5,750 NAR 102.42 105.90 107.67 105.15 138.63
Power generation projects that started operations recently CFR Bangladesh 5,000 GAR 83.77 101.68 106.21 97.22 108.00
include Hubei provincial government-owned Hubei Energy’s Sulfur Differential 0.30 0.30 0.30 0.30 0.30
CIF ARA 6,000 NAR 120.19 118.14 143.07 126.37 147.25
Xiangyang ultra-supercritical coal-fired power plant; state- European Blended Price 6,000 NAR 98.02 106.28 123.19 108.32 140.07
owned China Huadian Corporation Sichuan Branch’s coal-fired EBP Differential 6,000 NAR -22.17 -11.86 -19.88 -18.05 -7.18
FOB Richards Bay 5,500 NAR 86.42 91.28 109.93 95.09 111.86
units; state-owned China Three Gorges Renewables’ 16-MW FOB Newcastle 20% Ash 5,500 NAR 88.80 112.73 121.38 107.58 127.57
offshore wind turbine in Fujian province; and state-owned China FOB Newcastle 23% Ash 5,500 NAR 86.53 109.85 118.28 104.83 124.31
FOB Kalimantan 5,900 GAR 92.86 112.00 119.00 107.90 133.36
Energy Investment Corporation’s Yalong River Hydropower Kela FOB Kalimantan 5,000 GAR 75.24 92.23 95.68 87.73 98.57
Photovoltaic Power Station phase 1 project, according to SASAC. FOB Kalimantan 4,200 GAR 55.51 69.03 71.06 65.23 76.31
FOB Kalimantan 3,800 GAR 47.13 59.24 60.70 55.73 62.86
The Xiangyang coal-fired power plant has an annual power CFR India West 5,500 NAR 91.75 118.59 130.85 113.61 139.99
generation capacity of around 9 TWh, while Huadian Sichuan CFR India West 5,000 GAR 86.08 103.61 108.62 99.42 110.04
CFR India West 4,200 GAR 66.35 80.40 84.00 76.92 87.78
Branch’s coal-fired units can generate as much as 87 million kWh CFR India East 5,500 NAR 93.24 120.19 132.43 115.17 140.96
of electricity on a daily basis, SASAC noted. CFR India East 5,000 GAR 85.35 102.79 107.62 98.58 109.14
CFR India East 4,200 GAR 65.62 79.59 82.99 76.07 86.88
Meanwhile, Three Gorges Renewables’ offshore wind turbine in CIF Med 75kt 6,000 NAR 118.00 130.00 130.00 125.38 150.46
Fujian can produce more than 66 million kWh/year of electricity, CIF Med 45kt 6,000 NAR 116.00 117.75 112.50 115.46 124.15
FOB Baltimore 6,000 NAR 71.05 83.71 94.13 82.62 109.97
and the Kela Photovoltaic Power Station phase 1 project has an FOB Hampton Roads 6,000 NAR 120.56 135.83 139.48 131.78 166.94
average annual power generation capacity of 2 TWh, SASAC said. FOB New Orleans 6,000 NAR 78.54 89.68 101.13 89.42 121.41
FOB Baltimore 6,900 NAR 81.71 96.27 108.26 95.02 126.46
In addition, state-owned China Huaneng Group put its FOB Colombia 6,000 NAR 107.55 110.81 121.00 112.69 131.68
Shangdu Wind Power Base into operations June 30. It has an Russia Baltic 6,000 NAR 92.60 105.56 106.25 100.79 101.92
Russia Pacific 6,300 GAR 98.00 120.88 123.63 112.92 131.38
annual power generation capacity of 6.5 TWh, the National Energy
Administration said on the social media platform July 6.
State-owned State Power Investment Corporation also started
operations at a new batch of photovoltaic and wind power and high temperatures also led to power supply shortages in
projects at the end of June, raising its total installed capacity to Sichuan province in August 2022.
237 GW, up from 212 GW at the end of 2022, the company said Affected by the heat waves, the peak power load of the North
late July 4. China Power Grid reached 281.54 GW on June 24, a new high
since the beginning of this summer, up 5.3% from the same
Heat waves pressure capacity period last year, a report from state television CCTV showed
Since July 5, temperature at China’s 13 observation stations June 25.
have hit a record for July, and four of them hit all-time records, In South China, peak load in the China Southern Power Grid
the Central Meteorological Observatory said on its social media has reached 222 GW, close to the all-time high, while power loads
platform July 7. in Guangxi and Hainan provinces hit record highs numerous times
Heat waves have swept through northern China since mid- this year, according to a report from state-owned Xinhua News
June and temperatures in many observation stations had Agency June 19.
previously hit record highs, according to CMO. Peak power load in the operating areas of the State Grid
The recent heat waves have pushed up the power reached 860 GW, up 7.77% year on year, but overall power supply
consumption in China’s Beijing-Tianjin-Hebei region, which not and demand in the entire network was still balanced, Xinhua said.
only puts pressure on the power grid, but tests China’s power “Under normal weather conditions, China’s peak power load
supply capacity after two rounds of power shortages in 2021 and is expected to be about 1,370 GW in 2023, up around 80 GW from
2022, market sources said. 2022. If there is a long-term and large-scale extreme heat, the
In 2021, more than a dozen provinces, including Guangdong, peak power load may increase by around 100 GW year on year,”
Jiangsu, Zhejiang and Liaoning, conducted power rationing Xinhua quoted said Wang Yixuan, a senior official with the China
measures successively over May-September, and severe drought Electricity Council, as saying.

© 2023 by S&P Global Inc. All rights reserved. 9

Coal Trader International July 7, 2023
Wang predicted that the supply-demand balance in the peak
summer season would be tight, especially during peak hours in
some places such as the South, East and Central regions.
Stocking up
Huaneng’s south branch has secured 750 million cu m of
term-contract natural gas for its gas-fired power plants this year,
of which 230 million cu m will be supplied during July-September,
Huaneng said June 25.
Huaneng’s south branch has also increased purchases of
thermal coal, raising its stocks to about 1 million mt, more than
20 days of use, Huaneng said, adding that the company has also
locked in long-term imported coal to ensure stable supply.
SPIC has also signed an annual contract to secure a total of
185 million mt of coal for 2023, up 24 million mt year on year, and
the company’s coal stocks reached 14.39 million mt, up 730,000
mt from a year ago, and equivalent to 32 days of usage, a report
from SASAC showed June 19.
Coal storage at power plants under government unified
management reached a record high of 187 million mt, providing a
solid foundation for the peak power demand this summer, Meng
Wei, spokesperson of the National Development and Reform
Commission, said at a press conference June 16.
— Staff
Need for Southeast Asia LNG price reference,
trading hub garners attention: sources
„Regional focus on surging energy needs, new LNG terminals
„Spot procurement activity lends impetus
„Regional benchmark to reflect shipping rate impact
The need for a Southeast Asia LNG trading hub and regional
price reference is likely imminent as gas demand soars in the
region and new terminals start up to cater to industrial and
power demand while also helping emerging Asian markets
expedite their energy transition journey, industry sources told
S&P Global Commodity Insights.
Like the current liquid trading hub of JKTC, sources said
that the collective import potential of Thailand, Vietnam, the
Philippines and Singapore could engender optionality where
buyers can divert cargoes flexibly to terminals within the region.
“There certainly is a need for one [Southeast Asia pricing
reference] but it is a little premature,” Michael Stoppard, global
gas strategy lead and special advisor with S&P Global Commodity
Insights, said recently.
“The JKM has become extremely well-established; there is
also an uptick in WIM. Over time I expect a third market price to
emerge [for Asia].”
Some industry sources have also expressed the need for such
a Southeast Asia price reference, pointing out that Northeast
Asian prices were sometimes higher than those of spot cargoes
delivered into Thailand, Vietnam, the Philippines and Singapore.
Prices of Southeast Asian cargoes could be lower than the
© 2023 by S&P Global Inc. All rights reserved. 10
JKM due to lower shipping rates from Australia, Malaysia and
Indonesia, an industry source in Malaysia said.
An Australia-Singapore single-way voyage would take about
three fewer days than an Australia-Japan one, resulting in cost
saving of $220,500, or 6.5 cents/MMBtu, based on Platts July 6
TFDE assessments.
Thailand’s spot procurement
An analyst at an Australian-headquartered firm told S&P
Global that it was “definitely useful” to have a price reference,
referring to spot trade volumes being carried out by countries
such as Thailand, even when prices were high.
In 2022, Thailand’s main LNG importer PTT continued to
import spot LNG at prices in excess of $35/MMBtu to sustain
domestic demand. So far this year, it has been one of the largest
spot importers due to falling spot LNG prices.
Thailand’s power demand has been rising by around 2%-5%/
year on the back of steady economic growth, and grew by 3.5% in
2022 to 197.3 TWh, a growth rate not seen since 2016.
Thailand’s power mix is unique in Asia because unlike most of
its peers in the region that rely predominantly on coal, it relies on
natural gas for more than half of its power generation.
PTT has issued multiple tenders this year, with weaker prices
aiding its quest for LNG supplies. The firm has frequently linked
its cargoes to monthly average JKM prices, preferring to award
cargoes at discounts to the benchmark.
In April, PTT was heard to have awarded a spot tender for
around seven cargoes for delivery from May to July. One cargo for
the May 28-29 window was awarded at around $11-$12/MMBtu,
while two cargoes for June 19-20 and June 27-28 were awarded at
around $12.5/MMBtu and two cargoes for delivery in July 1-2 and
July 24-25 were awarded at around $13.5/MMBtu.
More recently, PTT was heard to have awarded two out of
three cargoes that it was seeking for September and October.
PTT was heard to have awarded the September cargo in the high-
$13s/MMBtu and the October cargo in the low-$14s/MMBtu.
Platts, part of S&P Global, assessed the JKM August at $11.7/
MMBtu on July 7.
New LNG terminals
Meanwhile, the commissioning of new LNG terminals
such as those in the Philippines and Vietnam will also give
LNG procurement more impetus and generate the need for a
Southeast Asian reference price.
“The JKM is more for Northeast Asia. So, we can consider
another index,” Atsunori Takeuchi, executive officer and senior
general manager of LNG business department at Tokyo Gas said
recently, when asked about the need for another regional price
reference point.
Tokyo Gas has invested in First Gen Corp’s LNG terminal
project in Batangas, the Philippines.
In an interview with S&P Global in June, First Gen Corp
company Chief Commercial Officer Jon Russell said it was aiming
to start commercial operations at its inaugural offshore LNG
Coal Trader International July 7, 2023
receiving terminal in Batangas in early October.
The construction of the LNG facility by AG&P International Pte.
Ltd. and Linseed Field Power Corp., in the Philippines was also
completed this year.
Meanwhile, state-controlled Vietnam Gas Corporation, or PV
Gas, is preparing to receive its first LNG cargo for the Thi Vai
terminal on July 10.
The Son My import terminal, where PV Gas is a co-owner with
majority capital contribution, is also under development.
Earlier this year, Vietnam said it had approved a new power
development plan known as PDP8, which signaled a strong push
for gas as the country aims to achieve net-zero carbon emissions
by 2050.
PDP8, which covers the period of 2021-2030 with a vision to
2050, identifies the share of LNG-fueled power to be above 14.9%
of the total national installed capacity by 2030.
It also envisages 13 new LNG power plants with a total
capacity of 22.4 GW by 2030, with two more plants of 3,000 MW
each to come online by 2035, to cater to regional needs in the
North, North Central Coast and the South.
The plan also calls for co-firing coal power plants with
ammonia or biomass after 20 years of operation. Those that fail
to make the transition will be forced to retire after 40 years of
operation.
— Ying ting Lew, Surabhi Sahu, Kenneth Foo
Japan’s Kansai Electric shuts two
Himeji gas-fired units on glitch
„Restarting 713 MW No. 6 Himeji Daiichi unit July 13
„486.5 MW No. 6 Himeji Daini unit shut until Aug. 31 for repairs
„Restarting Takahama No. 1, No. 2 nuclear reactors
Japan’s Kansai Electric shut two gas-fired units at the Himeji
Daiichi and Daini power plants in western Japan as a result
of glitches, the company said in filings to the Hatsuden Joho
Kokai System.
In a July 7 filing to the HJKS, Kansai Electric said it plans to
restart the 713 MW No. 6 gas-fired unit at the Himeji Daiichi power
plant July 13, having shut the unit July 6 due to works carried out
at the power generator.
Kansai Electric also plans to restart the 486.5 MW No. 6 gas-
fired unit at the Himeji Daini power plant Aug. 31, having shut
the unit July 5 as a result of works at the power generator, the
company said in a filing late July 6.
The shutdown of the Himeji Daiichi and Daini gas-fired units
came as Japan is in the middle of peak summer power demand
season. Kansai Electric, however, has sufficient electric supply
capacity as it is restarting the 826 MW No. 1 and 826 MW No. 2
Takahama nuclear reactors.
Kansai Electric now plans to restart the No. 1 Takahama
nuclear reactor July 28 and resume power generation Aug. 2, with
its No. 2 Takahama reactor set to be restarted Sept. 15 and power
output to be resumed Sept. 20.
© 2023 by S&P Global Inc. All rights reserved. 11
The restart of Takahama No. 1 and No. 2 reactors would
mean that Kansai Electric will operate all of its seven operable
nuclear reactors for the first time under Japan’s new regulatory
standards introduced in 2013, following shutdowns for scheduled
maintenance in 2011.
Other outages
JERA, meanwhile, plans to restart July 9 the 854 MW No. 2
gas-fired unit at the Chita Daini thermal power plant in central
Japan, following a July 4 shutdown as a result of a glitch at
a turbine-related facility and subsequent repair works, the
company said in filings to the HJKS.
However, it remains unclear when JERA would be able to
restart the 243 MW No. 4-3 gas-fired unit at the Kawagoe thermal
power plant in Mie prefecture after a July 5 shutdown due to a
glitch at a boiler-related facility.
Electric Power Development Co., or J-POWER, has also not
released its outlook for restarting the 1.05 GW No. 2 coal-fired
unit at the Tachibanawan thermal power plant in Tokushima
prefecture, in Shikoku, western Japan, after a July 5 shutdown as
a result of a glitch at a power generation facility.
LNG inventory held by Japan’s major power utilities fell to
its lowest level in 50 weeks at 2.10 million mt July 2, down 6.7%
on the week from 2.25 million mt, data released July 5 by the
Ministry of Economy, Trade and Industry showed, as the country
started summer demand season.
The LNG stocks were last lower at 1.95 million mt on July 17,
2022, according to the METI data.
— Takeo Kumagai
US coal production drops to 21-week low: EIA
„NAPP output declines by steepest margin
„Q4 CAPP barge coal falls 60 cents on session to $67.15/
st: Platts
Weekly US coal production fell to a 21-week low of 10.5 million
st in the week ended July 1, according to US Energy Information
Administration data released July 6.
The decline in US coal production follows high utility coal
stockpiles and sub-$3/MMBtu NYMEX Henry Hub futures,
a demand-dampening combination for US domestic coal
production.
Power sector coal stocks rose to the highest level in over
two years at 119.1 million st in April, the most recent month of
available data released by the EIA June 27. The Henry Hub natural
gas futures contract settled at $2.657/MMBtu July 6, CME Group
data showed.
US coal production was 4.5% lower on the week and 4.8%
lower on the year. Jan. 1 through July 1 US coal production was
286.2 million st, which was 0.4% higher than the year-ago period.
All major US coal production regions decreased output
compared with the week before, with Northern Appalachian
production falling by the steepest margin.
Northern Appalachia produced 1.6 million st, down 5.5% on
Coal Trader International July 7, 2023
the week and 6.6% on the year. Jan. 1 through July 1 NAPP coal
production was 42.9 million st, up 0.1% from the year-ago term.
As part of the Weekly Price Survey, Platts June 30 assessed
Northern Appalachia Upper Ohio River 12,500 Btu/lb barge coal
unchanged from the previous session at $51/st.
Fourth quarter-delivered Central Appalachia produced 1.4
million st, down 3.5% on the week and 0.4% on the year. For the
Jan. 1 through July 1 period, CAPP coal production totaled 36.6
million st, up 8.7% from the year-ago period.
Prompt-quarter Central Appalachia 12,000 Btu/lb barge coal
fell 60 cents on the session June 30 to $67.15/st, according to the
Platts Weekly Price Survey.
Illinois Basin coal production was 1.6 million st in the latest
week, down 2.6% on the week and 1.6% on the year. Jan. 1
through July 1 ILB coal production was 40.9 million st, which was
at a 6.7% gain to the 2022 term.
Illinois Basin 11,800 Btu/lb barge coal for Q4 delivery declined
30 cents from the previous session to $52.65/st June 30.
The Powder River Basin produced 4.9 million st of coal in week
26, down 4.9% from the week before. Compared with the year-ago
week, PRB coal production was 5.5% lower. For Jan. 1 through
July 1, the Powder River Basin produced 127.4 million st, which
was 1.5% lower than the year-ago period.
Prompt-quarter Powder River Basin 8,800 Btu/lb coal was
unchanged from the previous Weekly Price Survey June 30 at
$14.30/st.
Platts is part of S&P Global Commodity Insights.
— Morgan Snook
Asia met coal PLV FOB prices fall
as buyers seek clarity, CFR China rises
„Muted trades as buyers move to sidelines
„Jingtang port prices move up; Aus PHCC heard available after
extended period
„Chinese met coke rises following weeks of negotiations
Asia-Pacific metallurgical coal PLV HCC FOB prices edged
down July 7, as market participants remained on the sidelines
awaiting price clarity, while the delivered price inched up amid
© 2023 by S&P Global Inc. All rights reserved. 12
firmer cues from end-users.
Platts assessed the benchmark Premium Low-Vol Hard Coking
Coal $1/mt lower on the day at $229/mt FOB Australia July 7,
while the delivered CFR China price was assessed $1/mt higher at
$224/mt CFR China.
In the FOB Australia market, PLV prices moved marginally
lower amid lukewarm buying interest, with both traders and end-
users retreating to the sidelines gauging price directions.
End-users are mostly in a wait-and-see mode following
volatility after the latest trade levels this week. Besides, there is
ample supply of July/August-loading Australian PHCC cargoes, so
end-users are not under pressure, while traders took a step back
without actively offering their cargoes, an international trader
source said.
An Indian steelmaker — heard issuing a buy-tender for
September-arrival, 25,000 mt of HCC — was later learnt to have
withdrawn the same, according to sources.
Market views were mixed, with several Indian end-users saying
that they have no requirement and are covered for monsoon
while some traders said that there were pockets of demand from
end-users.
Australian PHCC heard available
At China’s Jingtang port, Australian PHCC materials were
heard available and attracting interest from prospective buyers,
who said that its been an extended period since the Australian
materials were last available at the Chinese port. Buying
indications strengthened over the week amid stable domestic
coking coal prices, but a wide gap persisted between the end-
users and the seller.
Platts assessed the PLV ex-stock Jingtang Yuan 50/mt higher
on the week at Yuan 1,800/mt July 7, equivalent to $217.39/mt
CFR Jingtang, and Low Vol HCC ex-stock Jingtang was assessed
steady on the week at Yuan 1550/mt, equivalent to $186.68/mt
CFR Jingtang.
In the CFR China market, some of the end-users reported
higher buying indications on the day citing stability in the Yuan/
US dollar exchange rates in recent days. Domestic coking coal
prices saw some volatility over the week but remained relatively
stable, with some grade of coking coal seeing a slight rebound,
which should support seaborne material prices, one of the
steelmakers said.
Another major steelmaker source, however, said he would
keep buying indications steady at $210/mt CFR China for
Australian PLV for now, despite slight rebound in domestic prices.
Besides, the exchange rate is not yet fully stable, the same
source said.
In the Chinese met coke market, major steelmakers in Hebei
and Shandong provinces were heard having accepted the price
uptick by Yuan 50-60/mt, effective July 7, marking the end of
this round of price hike — which was first proposed by major
merchant cokeries June 20 citing increased cost pressures.
It took weeks for this price uptick to land, given the tug-of-war
between the coke producers and the mills, and it is unlikely that
Coal Trader International July 7, 2023
merchant cokeries will propose another round of adjustment
anytime soon, a major coke producer said.
Seaborne trades remained muted in the Indian metcoke
market with participants staying on the sidelines.
Platts is part of S&P Global Commodity Insights.
— Staff
Assessment Rationales
Platts Thermal Coal Indonesia Daily Rationale
Platts assessed the seven- to 45-day price of FOB Kalimantan
4,200 kcal/kg GAR coal at $50.95/mt on July 7, down 55 cents on
the day, on lower demand fundamentals.
Two offers were heard at $51/mt FOB on a Supramax basis for
loading a cargo over July-August, while a higher offer was heard
at $52/mt for a similar cargo with the same loading period.
The best bid was heard at $50/mt FOB on a Supramax basis
for a July/August loading cargo, while lower bids were heard at
$49/mt and $48/mt for a similar cargo with the same loading
period.
No trades were heard before the Platts Markets on Close
assessment process.
Platts is a part of S&P Global Commodity Insights.
The above rationale applies to the FOB Kalimantan 4,200 kcal/
kg GAR assessment, with the associated code: CSBKI00
Coal EMEA CIF ARA Daily
Platts assessed the 15- to 60-day price of CIF ARA 6,000 kcal/
kg NAR coal at $114/mt on July 7, down $8/mt on the day.
A bid and offer were heard at $113.50/mt and $116/mt,
respectively, for August-loading cargo on a Supramax basis.
Another bid and offer were heard at $113.50/mt and $114/mt,
respectively, on a Supramax basis for September-loading cargoes.
A trade was heard at $114/mt for a September-loading cargo
on a Supramax basis.
Platts is part of S&P Global Commodity Insights.
The above rationale applies to the CIF ARA 6,000 kcal/kg NAR
assessment, with the associated code: CSARM01
Coal EMEA FOB Richards Bay Daily
Platts assessed the FOB Richards Bay 5,500 kcal/kg NAR at
$83.90/mt July 7, up $2.75/mt on the day.
As no bids, offers or trades were heard for the FOB Richards
Bay 5,500 kcal/kg NAR coal price, an index-linked discount was
applied to the FOB Richards Bay 6,000 kcal/kg price.
A trade for FOB Richards Bay 6,000 kcal was heard at $106.50/
mt. The FOB Richards Bay 6,000 kcal/kg NAR index to the
physical 5,500 kcal/kg NAR grade was $15/mt. After applying
the discount, the price was converted to account for the heat
difference between 6000 kcal/kg NAR and 5500 kcal/kg NAR.
The above rationale applies to the FOB Richards Bay 5,500
kcal/kg NAR assessment, with the associated code: AAXE00
© 2023 by S&P Global Inc. All rights reserved. 13
Coal EMEA CFR Pakistan Daily
Platts assessed the 30- to 60-day price of CFR Pakistan 5,750
kcal/kg NAR coal at $99.35/mt on July 7, up $2.70/mt on the day.
As no bids, offers or trades were heard for the CFR Pakistan
5,750 kcal/kg NAR coal price, a FOB Richards Bay 5,500 kcal/
kg NAR plus Richards Bay, South Africa to Port Qasim, Pakistan
freight rate calculation was applied.
Platts assessed the FOB Richards Bay 5,500 kcal/kg NAR at
$83.90/mt and the freight rate to move 50,000 mt of coal from
Richards Bay Coal Terminal in South Africa to Port Qasim in
Pakistan at $15.45/mt.
Platts is part of S&P Global Commodity Insights.
The above rationale applies to the CFR Pakistan 5,750 kcal/kg
NAR assessment, with the associated code: TPKCA00
Platts Hard Coking Coal Premium Low Vol CFR China
Daily Rationale
Premium Low-Vol HCC was assessed $1/mt higher on the day
at $224/mt CFR China July 7, in line with tradable levels reported.
The tradable levels were heard at $215-$230/mt CFR China
for Australian Premium Low-Vol coal, at parity to Platts PLV
CFR China, based on current brand price relativity. One Chinese
steelmaker reported a tradable level at $225/mt CFR China for
Australian Premium Low-Vol Peak Downs, normalized down by
$2.5/mt to $222.5/mt to account for Peak Downs’ premium to
Platts PLV CFR China, based on current brand price relativity.
Exclusions: No market data was excluded from the
assessment process.
Platts is part of S&P Global Commodity Insights.
The above rationale applies to Platts Premium Low Vol CFR
China assessment (PLVHC00) & TSI Prem JM25 CFR Jingtang
(TS01044).
Platts Hard Coking Coal Premium Low Vol FOB Australia
Daily Rationale
Platts assessed Premium Low-Vol $1/mt lower on the day at
$229/mt FOB Australia July 7, reflecting lower tradable levels
reported.
Tradable levels were reported at $220-$238/mt FOB Australia
for Australian Premium Mid-Vol Goonyella, normalized down $2.5/
mt to $217.5-$235.5/mt to account for Goonyella’s premium to
Platts PLV FOB Australia, based on current brand price relativity.
Brand relativity of Peak Downs to Platts PLV was adjusted
down based on both tradable levels for Peak Downs, as well as
brand spreads.
Exclusions: No market data was excluded from the
assessment process.
Platts is part of S&P Global Commodity Insights.
The above rationale applies to Platts Premium Low Vol FOB
Australia assessment (PLVHA00) & TSI Premium Hard Coking Coal
Australia Export FOB East Coast Port (TS01034).
Coal Trader International July 7, 2023
Subscriber Notes
Platts updates sulfur range, typical specification
for CIF Turkey petcoke assessment July 3
Platts, part of S&P Global Commodity Insights, has updated the
range and typical specification of sulfur in petcoke for the CIF
Turkey assessment (CPAGH00) from 4%-5.5% to 5%-6.5%, and
from 5% to 5.5%, respectively, effective July 3, 2023. Petcoke with
sulfur content outside this range will be normalized to this new
standard for assessment purposes.
The changes capture a more reflective range and typical
specification of sulfur, being continuously observed in the market,
for petcoke imported and consumed in Turkey.
The assessment is published along with all our weekly petcoke
assessments, heards, news and analysis in the Petcoke Weekly
supplement to Coal Trader on Wednesdays and Coal Trader
International on Thursdays.
Platts opened a formal proposal on April 3, 2023, in a
subscriber note available here:
https://www.spglobal.com/commodityinsights/en/our-
methodology/subscriber-notes/040323-platts-proposes-to-
update-sulfur-range-and-typical-specification-for-cif-turkey-
petcoke-assessment
Platts published a formal decision on May 12, 2023, in a
subscriber note available here:
https://www.spglobal.com/commodityinsights/en/our-
methodology/subscriber-notes/051223-platts-to-update-sulfur-
range-typical-specification-for-cif-turkey-petcoke-assessment
Please send any questions, comments, or feedback to
coal@spglobal.com and pricegroup@spglobal.com.
For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
viewing.
Platts will consider all comments received and will make
comments not marked as confidential available upon request.
Platts launches new FOB Vancouver thermal coal price
effective June 28, 2023
Platts, part of S&P Global Commodity Insights, has launched a
daily thermal coal FOB Vancouver netback price (basis 5,750 kcal/
kg NAR, max 1% sulfur) effective June 28, 2023.
The netback reflects the price of North American thermal
coal compared to Platts North East Asian thermal coal price
assessment - NEAT - minus the Panamax freight rate from
Roberts Bank, British Columbia, to Japan, in USD per metric
ton, based on loading 15 to 60 days forward from the date
of publication. The netback normalizes calorific values from
5,400 kcal/kg NAR to 6,200 kcal/kg NAR and cargo volumes at
75,000 mt +/- 10%. The netback follows the US daily publishing
schedule, reflecting the market as of 11:30 am ET. Platts opened
a formal proposal on May 9, 2023, in a subscriber note available
here: https://www.spglobal.com/commodityinsights/en/our-
methodology/subscriber-notes/050923-platts-proposes-to-
launch-fob-vancouver-5750-kcalkg-nar-netback
© 2023 by S&P Global Inc. All rights reserved. 14
The netback will be published in Platts Coal Trader, Platts Coal
Trader International, and on Platts North American Coal Alert
page GCN0230.
Platts proposed to discontinue the existing FOB Vancouver
8,800 Btu/lb netback (COVCU00) and 5,000 kcal/kg NAR
assessment (CTVCA00) effective August 21, 2023, in a subscriber
note May 23, 2023, available here: https://www.spglobal.
com/commodityinsights/en/our-methodology/subscriber-
notes/052323-platts-proposes-to-discontinue-fob-vancouver-
5000-kcalkg-assessment-and-8800-btulb-netback-effective-
aug-21-2023
Platts invites any questions and feedback to
coal@spglobal.com and pricegroup@spglobal.com. For written
comments, please provide a clear indication if comments are not
intended for publication by Platts for public viewing. Platts will
consider all comments received and will make comments not
marked as confidential available upon request.
Platts proposes FOB Black Sea thermal coal assessment
Platts, part of S&P Global Commodity Insights, proposes to
launch a weekly assessment for FOB Black Sea thermal coal,
effective Aug. 11, 2023.
The proposed assessment would reflect the value of thermal
coal based on spot transactions for cargoes loading 30 to 60
days forward from the date of publication. The assessment would
be basis 6,000 kcal/kg NAR, normalized to a 50,000-mt cargo
size, and use Taman Dry Bulk Terminal as a basis port, although
coal loading at other Black Sea ports will be considered.
Platts would also consider cargo sizes from 30,000-150,000
mt for normalization, and also consider coals with calorific value
of 5,800-6,100 kcal/kg NAR for normalization. The assessment
would consider coals with typical sulfur value of 0.5%, typical ash
value of 10%, and typical moisture value of 10%. Maximum sulfur
value of 1%, maximum ash value of 16% and maximum moisture of
14% will also be considered.
The assessment would be published on a dollar per metric
ton basis and would follow the London weekly publishing
schedule time stamp with the market close at 4:30 pm London
time, every Friday. Please send all comments or questions to
coal@spglobal.com and pricegroup@spglobal.com by July
14, 2023.
For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
viewing.
Platts will consider all comments received and will make
comments not marked as confidential available upon request.
Platts corrects Chinese domestic PCC Met coal Shanxi high
sulfur premium low vol DDP Tangshan assessments
Platts, part of S&P Global Commodity Insights, has corrected
its weekly PCC Met coal Shanxi High Sulfur Premium Low Vol
DDP Tangshan Yuan/mt assessments (PCCMF04) from May 10 to
June 28.
The PCC Met coal Shanxi High Sulfur Premium Low Vol DDP
Coal Trader International July 7, 2023

Tangshan Yuan/mt Weekly assessments should read as follows: Shanxi CFR China $/mt Equivalent (PLVHD04) and its monthly
CORRECTED VALUE (Yuan/mt) DATE average (PLVHD03).
1485 May 10
1495 May 17
The full list of corrected calculations is available on request to
1600 May 24 support@platts.com.
1595 May 31
1560 Jun 7 The values are published in SBB Steel Markets Daily, Coal
1555 Jun 14 Trader International, Coal EU Daily and Coal US Daily on the real-
1655 Jun 21
1650 Jun 28 time Platts Steel and Raw Materials Alert on fixed pages PMA/
STL/GCC1050 and in Platts Market Data.
The correction also affect the calculations for PCC Met Shanxi For comments and questions please contact
High Sulfur Premium Low Vol DDP Tangshan monthly average PL_CokingCoal@spglobal.com and pricegroup@spglobal.com.
in Yuan/mt (PCCMF03) and Met Coal Prem Low Vol High Sulfur

© 2023 by S&P Global Inc. All rights reserved. 15

Coal Trader International July 7, 2023

Current Vessel Fixtures

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

Tata NYK TBN 80,000/10 Newcastle/Taiwan Jul 25-31 high-$12s/mt Smart Gain
TBN 130,000/10 Newcastle/Mailiao Jul 20-29 mid $10’s/wmt Oldendorff
TBN 130,000/10 Newcastle/Mailiao Jul 5-14 $10.75/mt Oldendorff
Pacifist 181,000 dwt TCT via Abbot Point+Hay Point, Jul 10-14 RNR Panocean
DOP Jingtang, Redel Dangjin
TBN 170,000/10 TCT via Newcastle to China Jul 5-14 RNR Richland
TBN 170,000/10 Abbot point,ReDOP China Jul 1-10 RNR Deyesion
TBN 175,000 dwt Abbot point,Redel Boryeong Jul 6-10 RNR Fiveocean
Panocean TBN 166,000/10 Abbot Point+Hay Point/Dangjin Jul 10-14 RNR Hyundai Glovis
Oldendorff TBN 75,000/10 Hay Point/Port Talbot July 25-29 $19.50/mt CNR
TBN 88000 Gladstone/Gangreung July 15-24 $12.53/mt KEPCO
BIT TBN 80,000/10 Newcastle/Taiwan Nov 1-14 $12.18/mt TPC
BIT TBN 80,000/10 Newcastle/Taiwan Dec 1-14 $11.70/mt TPC
Fiveocean TBN 130,000/10 Abbot Point/Boryeong Jul 6-10 $10.38/mt Kepco
TBN 75,000/10 DBCT/Hon Mieu and Cam Pha July 1-10 sub-$13/mt Welhunt
Canada

TBN 140,000/10 Roberts Bank/Kaohsiung Jul 26-30 RNR CSE

TBN 55,000-60,500 Sangkulirang/Tieshan July 7-10 $7.55/mt China Baigui
Colombia

Edwin 160,000/10 Bolivar/Eren Jul 6-15 $11.25/mt ST Shipping

Berge Nimba 175,000/10 Puerto Bolivar/Eren Jul 6-15 $11.25/mt St Shipping
Indonesia

TBN 50,000/10 Muara Berau/Putian Jul 16-19 $7.20/mt CNR

TBN Supramax East Kalimantan/Bhavnagar prompt $10.25/mt excluding CNR
PDA at discharge port
TBN 55,000/10 Muara Berau/Navlakhi Jul 15-24 $10/mt CNR
TBN 75,000/10 Taboneo/Karaikal Jul 10-15 mid-high-$7s/mt CNR
TBN 75,000/10 East Kalimantan/Gangavaram+Haldia mid-Jul $8.95/mt CNR
TBN 80,000/10 Banjarmasin/Taiwan Jul 21-30 $5.52/mt TPC
TBN 80,000/10 Tanjung Bara/Taiwan Aug 11-20 $5.12/mt TPC
TBN 80,000/10 Adang Bay/Taiwan Aug 18-27 $5.32/mt TPC
TBN 80,000/10 Tanjung Bara/Taiwan Aug 25- Sept 3 $5.25/mt TPC
TBN 50,000/10 Taboneo/Taicang Jul 18-21 low-mid-$9s/mt Anhui Technology
Import and Export
Co. Ltd.,
TBN Supramax Muara Banyuasin/Bhavnagar Jul 17-23 $8.40/mt, excluding CNR
PDA at discharge port
TBN 55,000/10 Kaliorang/Tuticorin Jul 15-21 around $10/mt CNR
TBN 150,000/10 Samarinda/Mundra Jul 15-21 $5.50/mt LSSOT
TBN 75,000/10 Muara Berau/Ennore Jul 10-19 $6.70/mt CNR
South Africa

Lila Hangzhou 150,000/10 RBCT/Dhamra Jul 21-30 RNR Deyesion

TBN Supramax RBDBT/Vizag 1H Aug high-$16s/mt CNR
TBN 75,000/10 RBCT/Paradip July 10-19 $12.35/mt CNR
United States

TBN 170,000/10 Baltimore/Tuna Aug 1-10 $25/mt Libra

MV Nan May 70,000/10 CMT/Safi July 15-21 $14.50/mt Vitol
Mozambique

TBN 55,000/10 Maputo/New Mangalore Jul 17-23 around $12/mt CNR

TBN 55,000/10 Maputo/Rotterdam Jul 17-23 $16.50/mt Mercuria
Russia

TBN 160,000/10 Taman/Caofeidian Jul 5-20 high $20’s/mt ELSI

TBN 130,000/10 Vanino/Boryeong Jul 1-5 $6/mt Blacksands

© 2023 by S&P Global Inc. All rights reserved. 16