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Coal Trader International

Volume 23 / Issue 110 / June 12, 2023

News Headlines Daily prompt physical thermal coal assessments, Jun 12

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

Asian thermal coal market sees fewer Asia-Pacific

inquiries but sentiment still bearish Northeast Asia
Platts NEAT 5,750 NAR 15-60 day JKTCA00 110.33 +0.01
„ Sellers unwilling to lower prices South Asia
„ Inquiries heard from China Platts SEAT 4,200 GAR 15-60 day CSEAA00 65.15 -0.40
CFR Pakistan 5,750 NAR 30-60 day TPKCA00 114.00 +2.40
CFR Bangladesh 5,000 GAR 30-60 day TCBAN00 87.05 -0.20
South Africa’s Thungela expects drop Sulfur Differential TCSDA00 0.30

in profitability on declining coal prices, rail issues China

PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPQ00 66.30 -0.25
PCC 7 (CFR South China) 4,700 NAR 30-60 day 86.80 0.00
„ Earnings to plummet 66%-75% on year PCCPP00
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSC00 99.00 -0.50
„ Rail issues lead to 300,000 mt loss for Thungela Yuan/mt
PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPR00 471.77 -0.59

VIETNAM DATA: May coal imports soar

PCC 6 (VAT included) 3,800 NAR 30-60 day PCCPS00 533.10 -0.67
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPO00 617.64 +1.56
87% on year to 5.06 mil mt PCC 7 (VAT included) 4,700 NAR 30-60 day PCCFB00 697.93 +1.76
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSD00 704.45 -1.78
PCC 8 (Duty & VAT included) 5,500 NAR 15-60 day PCCFA00 796.03 -2.01
„ Imports from Indonesia, Australia, Russia surge in May
Indonesia
„ Imports from Russia drop Jan-May FOB Kalimantan (Geared Supramax) 4,200 GAR 7-45 day CSBKI00 58.45 -0.25
FOB Kalimantan (Geared Supramax) 3,800 GAR 7-45 day CSCKJ00 50.00 -0.25
CHINA DATA: Compliance emission FOB Kalimantan (Geared Supramax) 5,900 GAR 90-day
FOB Kalimantan (Geared Supramax) 5,000 GAR 90-day
CSAKH00
CSAKI00
93.00 -0.50
78.95 0.00
allowance price steady at $8.23/mtCO2e Kalimantan Floating Crane AKFCA00 2.50
Australia
„ Weekly compliance allowance trade volume down 16% at FOB Newcastle 20% Ash 5,500 NAR 7-45 day AAVUW00 89.30 0.00
104,560 mtCO2e FOB Newcastle 23% Ash 5,500 NAR 7-45 day AAVVB00 87.00 0.00
FOB Newcastle Ash Differential AAVVA00 0.76
„ State Council working towards completing legislative
India
framework for emission trading CFR India West (Gearless Panamax) 5,500 NAR 30-60 day CIWCI00 93.75 -0.25
„ Environment ministry to kick off project on enhancing CFR India West (Gearless Panamax) 5,000 GAR 30-60 day TCAKP00 89.25 0.00
CFR India West (Gearless Panamax) 4,200 GAR 30-60 day TCAKT00 68.75 -0.25
emission data supervision CFR India East (Gearless Panamax) 5,500 NAR 30-60 day CIECI00 95.25 -0.25
CFR India East (Gearless Panamax) 5,000 GAR 30-60 day TCAKJ00 88.60 0.00
CFR India East (Gearless Panamax) 4,200 GAR 30-60 day TCAKU00 68.10 -0.25

Atlantic Basin
Europe
CIF ARA 6,000 NAR 15-60 day CSARM01 126.50 +0.50
European Blended Price (EBP) 6,000 NAR 15-60 day TEBPA00 99.05 -0.30
EBP/CIF ARA Differential 6,000 NAR 15-60 day TEBPB00 -27.45 -0.80
South Africa
FOB Richards Bay 5,500 NAR 7-45 day AAXEX00 88.25 -8.25
North America
FOB Baltimore 3%S 6,900 NAR 15-60 day CUATB04 83.00 +0.50
FOB Hampton Roads 1%S 6,000 NAR 15-60 day CUAEA04 126.30 0.00
FOB New Orleans 3%S 6,000 NAR 15-60 day CUAFA04 80.00 +0.50
FOB Long Beach 0.5%S 6,000 NAR 15-60 day CTLBA00 149.05 0.00
FOB Oakland 0.5%S 6,000 NAR 15-60 day CTOKA00 134.80 0.00
FOB Vancouver 0.5%S 5,000 NAR 15-60 day CTVCA00 60.95 0.00
Note: In the absence of transactional data, these assessments represent theoretical value
for export.

www.spglobal.com/commodityinsights www.twitter.com/SPGCICoal
Coal Trader International June 12, 2023

Asian thermal coal market sees fewer Weekly prompt physical thermal coal prices, Jun 9
inquiries but sentiment still bearish CIF Med 75kt
Code
CTCMT04
Kcal/kg Basis
6,000 NAR
Sulfur
0.8%
$/mt Change
121.00 +3.00
CIF Med 45kt CTCMA04 6,000 NAR 0.8% 117.00 +6.00
„ Sellers unwilling to lower prices FOB Colombia CSABZ00 6,000 NAR 0.8% 105.00 -0.25
FOB Russia Baltic CSAKC00 6,000 NAR 0.5% 93.75 +6.50
„ Inquiries heard from China
FOB Russia Pacific CSAKG00 6,300 GAR 0.3% 105.00 -5.00

The Asian thermal coal market saw pockets of inquiries June Platts physical thermal coal netbacks, Jun 12
12 amid soaring temperatures in China, but firm deals were still Code CV Basis Sulfur $/mt Chg
unheard of, as buyers preferred to stay on a wait-and-watch (kcal/kg)
Coal ($/mt)
mode, sources said.
CIF ARA CSARM01 6,000 NAR 1.0% 126.50 +0.50
While the industrial requirement for coal remained muted Platts NEAT JKTCA00 5,750 NAR 1.0% 110.33 +0.01
in China, sources said continued strong domestic production CFR India West CIWCI00 5,500 NAR 0.8% 93.75 -0.25
kept buyers on the back foot as port stocks remain at Panamax Freight ($/mt)
comfortable levels. USEC-Rotterdam CDBUR00 11.25 0.00
Mobile-Rotterdam CDMAR00 14.75 -0.25
“There are some inquiries from China, but their bid amount Roberts Bank-Japan CDRBK00 15.00 0.00
is too low for any deal to happen,” an Indonesia-based miner Richards Bay-India West CSAKL00 11.95 0.00
said. Hotter temperatures in China could potentially spur Penalties & Premia ($/mt)
demand, nevertheless, domestic supply remains ample, leading Per 0.1% Sulfur (USGC) COPAP00 1.68 0.00
Total S discount (USGC) COPBP00 31.92 0.00
to uncertainties regarding the extent of Chinese buying, the
miner added. Netbacks ($/st)
FOB US East Coast* COUSC00 12,500 GAR 1.0% 116.18 +0.51
Stocks at China’s Caofeidian port stood at 13.17 million mt as FOB US Gulf Coast* COUGU00 11,500 GAR 2.9% 74.30 +0.70
of June 8, down from 14.27 million mt June 1, according to the FOB Vancouver* COVCU00 8,800 GAR 0.8% 69.34 +1.19
source. Stocks at the Jingtang port were at 7.65 million mt, up * CV = Btu/lb
from 7.46 million mt June 1.
Another Indonesia-based trader, however, said even though Singapore-based trader said, adding that due to poor industrial
the industrial requirement is sluggish due to a slowdown in demand in China, the domestic output is likely to be sufficient.
economic activities, rising demand for power in China is likely to Some miners in South Kalimantan were heard to have been
reduce the domestic inventory, which might bring the buyers to facing operational issues due to heavy rains, which impacted low-
the spot market. CV coal supply, but operations were largely normal in other parts
Some key producers in Indonesia were reluctant to reduce of the country, the Indonesia miner said.
their offers, as they believed prices have bottomed out already, a Meanwhile, some buyers from India were looking for cargoes

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

Coal Trader International June 12, 2023

for delivery between late June and early July amid an increase in Spot dry bulk freight assessments, Jun 12
Platts symbol $/mt Chg
temperatures in the northern part of the country. Capesize
Coal stockpiles at Indian power plants stood at 37 million mt Australia-China CDANC00 10.10 -0.15
June 7, sufficient for more than 13 days of coal burn, according Queensland-Japan CIGAJ00 11.30 -0.15
to latest data by the Central Electricity Authority of India. Stocks New South Wales-Korea CINAK00 12.15 -0.20
Bolivar-Rotterdam CIBCR00 8.60 0.00
were at 37.14 million mt June 5.
Roberts Bank-Japan CDRKJ00 11.45 -0.25
— Srija Basu Roy, Shriparna Saha, Shivangi Mittal
Panamax
Richards Bay-India West CSAKL00 11.95 0.00
South Africa’s Thungela expects drop Kalimantan-India West CSAKP00 7.80 0.00
in profitability on declining coal prices, rail issues Richards Bay-India East CSAKN00 12.10 0.00
Kalimantan-India East CSAKR00 6.45 0.00
„ Earnings to plummet 66%-75% on year Ventspils-Rotterdam CILTN00 7.25 0.00
USEC-India CDBUI00 28.75 0.00
„ Rail issues lead to 300,000 mt loss for Thungela
USEC-Rotterdam CDBUR00 11.25 0.00
Mobile-Rotterdam CDMAR00 14.75 -0.25
Thungela Resources Ltd., a spinoff of Anglo-American and one of Roberts Bank-Japan CDRBK00 15.00 0.00
South Africa’s largest coal producers, has warned stakeholders Australia-China CDBFA00 12.60 0.00
Australia-India CDBFAI0 13.85 0.00
it expects earnings to drop further this year following “a sharp
decline in coal prices and continued rail underperformance by Supramax
Richards Bay-Port Qasim CRBPB00 15.10 0.00
Transnet Freight Rail (TFR).”
South Kalimantan-Krishnapatnam CISKK00 10.15 -0.20
Benchmark coal prices have averaged $135/mt this year so far
compared to $270.87/mt in 2022, the company said June 12.
Thermal coal implied freight table, Jun 12
“Seaborne coal prices have receded from record highs in 2022
Basis 5,500 kcal/kg NAR
and have fallen sharply since the start of the year,” CFO Deon Origin/delivery hub NE Asia SE Asia NW Europe India Med South China
Smith said. FOB Newcastle (20% Ash) 16.23 0.28 26.66 5.95 21.62 9.70
FOB Kalimantan 15.79 -0.16 26.22 5.51 21.18 9.26
Coal prices plummeted this year following a milder winter in FOB Colombia 9.28 -6.67 19.71 -1.00 14.67 2.75
Europe and competitive gas prices, Thungela said. FOB Russia Baltic 19.59 3.64 30.02 9.31 24.98 13.06
FOB Russia Pacific 9.28 -6.67 19.71 -1.00 14.67 2.75
Coal volumes were redirected to the Asian market due to
FOB Richards Bay 17.28 1.33 27.71 7.00 22.67 10.75
elevated European coal and gas stocks. “This added significant FOB Baltimore 39.37 23.42 49.80 29.09 44.76 32.84
supply to Asian markets which also showed signs of weaker FOB New Orleans 32.20 16.25 42.63 21.92 37.59 25.67
FOB Vancouver 38.48 22.53 48.91 28.20 43.87 31.95
demand, especially from China.”

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Coal Trader International June 12, 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

12/06/2023 Offer CIF ARA 6000 NAR $119 50000 August Trader Non-russian origin
12/06/2023 Bid FOB Richards Bay 6000 NAR $99 50000 July Trader
12/06/2023 Bid FOB Richards Bay 6000 NAR $99 50000 August Trader
12/06/2023 Bid FOB Richards Bay 6000 NAR $99 50000 July Trader
12/06/2023 Bid FOB Richards Bay 6000 NAR $99 50000 August Trader
12/06/2023 Bid CIF ARA 6000 NAR $119 50000 July Trader Non-russian origin
12/06/2023 Offer CIF ARA 6000 NAR $134 50000 July Trader Non-russian origin
12/06/2023 Offer CIF ARA 6000 NAR $119 50000 August Trader Non-russian origin
12/06/2023 Bid CFR Pakistan 6000 NAR $114 50000 July Trader Mozambique origin
12/06/2023 Indication FOB Kalimantan 4200 GAR $61-62 55000 Jun/Jul Trader Supramax
12/06/2023 Indication FOB Kalimantan 4200 GAR $57-58 55000 Jun/Jul Trader Supramax
12/06/2023 Bid FOB Newcastle 5500 NAR $82 75000 Jun/Jul Trader Panamax
12/06/2023 Indication FOB Kalimantan 4200 GAR $56 55000 Jun/Jul Trader Supramax
12/06/2023 Indication FOB Kalimantan 5000 GAR $74 55000 Jun/Jul Trader Supramax
12/06/2023 Offer FOB Kalimantan 4200 GAR $61 75000 Jun Producer Panamax
12/06/2023 Offer FOB Kalimantan 5000 GAR $84 75000 Jun Producer Panamax
12/06/2023 Offer FOB Kalimantan 5500 NAR $104 75000 Jun Producer Panamax
12/06/2023 Offer FOB Newcastle 5500 NAR $91 75000 Jun Producer Panamax
12/06/2023 Bid FOB Newcastle 5500 NAR $86 75000 Jun Producer Panamax
12/06/2023 Indication FOB Kalimantan 3400 GAR $37 55000 Jun Trader Supramax
12/06/2023 Indication FOB Kalimantan 3400 GAR $37-38 55000 Jun/Jul Trader Supramax
12/06/2023 Indication FOB Kalimantan 4200 GAR $55-57 55000 Jun/Jul Trader Supramax
12/06/2023 Indication FOB Kalimantan 5000 GAR $74-75 55000 Jun/Jul Trader Supramax
12/06/2023 Indication FOB Kalimantan 5900 GAR $94-95 55000 Jun/Jul Trader Supramax
12/06/2023 Indication FOB Kalimantan 4200 GAR $61-62 55000 Jun/Jul Trader Supramax
12/06/2023 Bid FOB Kalimantan 4200 GAR $57-58 55000 Jun/Jul Trader Supramax
09/06/2023 Indication CIF Med 6000 NAR $117-120 45000 July Trader russian origin
09/06/2023 Indication CIF Med 6000 NAR $121-125 75000 July Trader Non russian origin
09/06/2023 Indication FOB Colombia 6000 NAR $100-110 75000 July Trader Non russian origin
09/06/2023 Bid FOB Richards Bay 6000 NAR $99 50000 July Trader
09/06/2023 Bid FOB Richards Bay 6000 NAR $99 50000 August Trader
09/06/2023 Bid CIF ARA 6000 NAR $121 50000 July Trader Non russian origin
09/06/2023 Offer CIF ARA 6000 NAR $131 50000 July Trader Non russian origin
09/06/2023 Offer FOB Richards Bay 2800 NAR $-13 50000 July Trader Index-linked
09/06/2023 Offer FOB Richards Bay 2800 NAR $-13.25 50000 August Trader Index-linked
09/06/2023 Offer FOB Richards Bay 2800 NAR $-13.5 50000 Q323 Trader Index-linked
09/06/2023 Offer FOB Richards Bay 5500 NAR $-8.5 50000 Q323 Trader Index-linked
09/06/2023 Offer FOB Richards Bay 5500 NAR $-8.75 50000 August Trader Index-linked
09/06/2023 Offer FOB Richards Bay 5500 NAR $-8.25 50000 July Trader Index-linked
09/06/2023 Offer FOB Richards Bay 5700 NAR $-5.5 50000 July Trader Index-linked
09/06/2023 Offer FOB Richards Bay 5700 NAR $-5.5 50000 August Trader Index-linked
09/06/2023 Offer FOB Richards Bay 5700 NAR $-5.5 50000 Q323 Trader Index-linked
09/06/2023 Indication FOB NOLA 6000 NAR $72 0 July Broker
09/06/2023 Indication FOB Baltimore 6900 NAR $73 0 July Broker
09/06/2023 Indication FOB Baltimore 6900 NAR $83 0 July Broker
09/06/2023 Indication FOB NOLA 6000 NAR $78 0 July Broker
09/06/2023 Indication FOB Kalimantan 4200 GAR $62 55000 Jun Trader Supramax
09/06/2023 Indication FOB Kalimantan 5000 GAR $76-78 55000 Jun/Jul Trader Supramax
09/06/2023 Indication FOB Kalimantan 3800 NAR $69-71 55000 Jun/Jul Trader Supramax
09/06/2023 Indication FOB Kalimantan 3800 NAR $59-59.50 55000 Jun/Jul Trader Supramax
09/06/2023 Indication FOB Kalimantan 3800 NAR $56-57 55000 Jun/Jul Trader Supramax
09/06/2023 Indication FOB Kalimantan 5000 GAR $84 55000 Jun/Jul Trader Supramax
09/06/2023 Indication FOB Kalimantan 5900 GAR $104 55000 Jun/Jul Trader Supramax
09/06/2023 Trade FOB Newcastle 5500 NAR $87 130000 Jun/Jul Trader Capesize
09/06/2023 Indication FOB Kalimantan 4200 GAR $60 55000 Jun/Jul Trader Supramax
09/06/2023 Indication FOB Kalimantan 4200 GAR $56-57 55000 Jun/Jul Trader Supramax
09/06/2023 Offer FOB Kalimantan 5000 GAR $79 55000 Jul Trader Supramax

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

Coal Trader International June 12, 2023

Competitively priced, discounted Russian coal is also being Thermal coal forward curves, Jun 12
Bid Ask Midpoint* Platts symbol Change* % Change
supplied into this region, Thungela said.
Nevertheless, it said as LNG prices are starting to find CIF ARA 6,000 NAR
Jul-23 111.85 112.15 112.00 CSAM001 -1.95 -1.71
support, coal may become “more competitive as a fuel source Aug-23 108.40 108.70 108.55 CSAM002 -2.20 -1.99
towards the end of the year as the European winter approaches.” Q3-23 108.85 109.15 109.00 CSAQ001 -2.50 -2.24
State-owned rail company TFR has continued to struggle with Q4-23 107.10 107.40 107.25 CSAQ002 -2.25 -2.05
Q1-24 108.60 108.90 108.75 CSAQ003 +0.20 +0.18
derailments on key rail lines over 2023, including transport for the Q2-24 106.65 106.95 106.80 CSAQ004 +0.15 +0.14
Richards Bay Coal Terminal. TFR’s underperformance led to “a 2024 107.85 108.15 108.00 CSAY001 -3.00 -2.70
loss of approximately 300,000 mt in railed volumes for Thungela,” 2025 103.90 104.20 104.05 CSAY002 -3.00 -2.80
2026 103.90 104.20 104.05 CSAY003 -3.00 -2.80
following two derailments in May, according to the company.
*Fields are calculated.
“By early May 2023, TFR performance had stabilised at
approximately 48Mtpa for the industry following a very weak
start to the year,” it said. “For Thungela to achieve the upper end
of our export salable production guidance range (i.e. 12.5Mt) we
require an industry run rate of 53Mtpa in the second half of the
year. Thungela and the industry continue to work closely with
TFR on a series of on-going interventions aimed at improving rail
performance.”
Thungela expects EPS to be between Rand 17 and Rand 23 for
the first half of the year ending June 30, resulting in a decrease of
between 66% and 75% year on year.
Platts assessed the FOB Richards Bay 5,500 kcal/kg NAR at
$88.25/mt June 12, down $8.25 day on day and down 62% from
$231/mt on the year, .
The FOB Richards Bay 6,000 kcal/kg NAR index to the physical
5,500 kcal/kg NAR grade was at $8.50/mt June 12, according to
S&P Global.
—

VIETNAM DATA: May coal imports soar

87% on year to 5.06 mil mt
„ Imports from Indonesia, Australia, Russia surge in May
„ Imports from Russia drop Jan-May

Vietnam imported 5.06 million mt of coal in May, comprising

mainly thermal coal and coking coal, an increase of 87.1% year on
year, according to preliminary data released by Vietnam Customs
on June 9.
The import value in the month was $679.5 million, down 5.1%
year on year.
Indonesia was the biggest supplier of coal in May with 2.29
million mt, up 94.4% year on year, followed by Australia with 1.76
million mt, up 42.1% year on year, and Russia with 316,687 mt,
skyrocketing 3.4 times from a year earlier.
Vietnam imported 17.02 million mt of coal in the first five
months, up 39.9% year on year, mainly from Australia (8.14 million
mt, up 40.9% year on year), Indonesia (5.88 million mt, rising
40.7% year on year), and Russia (1.26 million mt, falling 9.6% year Power price fundamentals
on year). Coal imports in the first five months were worth $2.69 12-Jun-23 Change
billion, down 13.6% year on year. Brent oil (month ahead - $/b) AAYES00 72.610 -3.540
Coal CIF ARA (year ahead - $/mt) CSAY001 108.000 -3.000
Vietnam’s Deputy Minister of Industry and Trade Do Thang EEX EUA carbon (front December - Eur/mt) EADLP00 87.820 +1.030
Hai said at a press briefing on June 3 that prolonged sweltering UK NBP gas (month ahead - p/th) NGAAE00 74.925 -5.300
heat has resulted in rising power consumption in May and Dutch TTF gas (year ahead - Eur/MWh) GTFTZ00 47.225 -0.625

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

Coal Trader International June 12, 2023

June, causing power shortages at households and businesses

in various areas. State utility EVN has had to implement rolling
power cuts, particularly in the northern region.
On June 8, Deputy Prime Minister Tran Hong Ha said
operations at coal power units totaling 2,600 MW were being
suspended due to some incidents. He asked the investors of
the plants to try to resume operations at the units as soon as
possible to increase power supply to the system.
State-owned Vinacomin said June 5 that it produced 16.83
million mt of coal in the first five months, down 10% year on year.
In June, Vinacomin will raise imports of coal, which will be mixed
with domestic coal for thermal power plants.
— Staff, Newsdesk-Vietnam

CHINA DATA: Compliance emission

allowance price steady at $8.23/mtCO2e
„ Weekly compliance allowance trade volume down 16% at
104,560 mtCO2e
„ State Council working towards completing legislative
framework for emission trading
„ Environment ministry to kick off project on enhancing
emission data supervision

The daily weighted average price of China’s compliance

emission allowance or CEA was at Yuan 58.50/mtCO2e ($8.23/
mtCO2e) on June 9, the same as last week’s level, Shanghai
Environment and Energy Exchange data showed.
Trade volume of CEAs was at 104,560 mtCO2e for the week
ended June 9, down by 16% from 125,141 mtCO2e a week ago,
SEEE data showed.
The CEA price and trade volume data are published daily by
SEEE, which hosts the trading system of China’s compliance
carbon market. It does not provide information on bid, offers or
counterparties.
New moves of regulators
The State Council, the chief administrative authority of China,
announced its 2023 legislative matters working plan on June
6, which included constructing an interim set of regulations on
the administration of carbon emissions trading, the government
website showed.
This set of regulations marks a crucial move to complete the
nation’s legislative framework for its carbon market, especially
punishments for malpractice such as falsification of emission data.
Meanwhile, the Ministry of Ecology and Environment of China,
which oversees the nation’s carbon market, kicked off a policy
study project on June 5 for strengthening quality management of
the nation’s emissions data, the ministry’s website showed.
MEE has appointed its environmental development
center to work on the project, which aims to develop a long-
term mechanism for better governance of data reported by
participants in the nation’s carbon market.
— Ivy Yin
Japan’s Hokkaido Electric shuts 600 MW
coal-fired unit as earthquake hits
„ Magnitude 6.2 temblor rocks offshore Urakawa
„ No. 2 Tomato-atsuma unit outage may affect summer power,
demand balance
Japan’s Hokkaido Electric shut its 600 MW No. 2 coal-fired
unit at the Tomato-atsuma power plant unexpectedly at 18:55
local time (09:55 GMT) on June 11 around the time when a major
earthquake rocked nearby offshore Urakawa.
In a June 11 updated filing to the Hatsuden Joho Kokai System,
Hokkaido Electric said the shutdown was triggered by the
earthquake.
Hokkaido Electric added it plans to restart the plant on
June 11.
A magnitude 6.2 earthquake rocked nearby offshore Urakawa
at 18:55, according to the Japan Meteorological Agency.
On June 9, Japan decided to undertake voluntary electricity
savings in the Tokyo area over July-August amid a severe summer
supply and demand outlook.
The Tokyo area’s reserve power supply capacity ratio is
expected to be only 3.1% in July due to extended repair works at
some power plants.
The Ministry of Economy, Trade and Industry earlier has said
that the Tokyo area has secured a 3.1% reserve power supply
capacity ratio over the 10-year high demand in July, just above the
minimum requirement of 3%.

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

Coal Trader International June 12, 2023

Platts daily metallurgical coal assessments, Jun 12

Asia-Pacific coking coal ($/mt)
Platts FOB Australia Change Platts CFR China Change Platts CFR Change
symbol symbol symbol India
HCC Peak Downs Region HCCGA00 228.00 -1.00 HCCGC00 240.60 -1.00 HCCGI00 241.85 -1.00
Premium Low Vol PLVHA00 228.00 -1.00 PLVHC00 217.00 -1.00 PLVHI00 241.85 -1.00
Low Vol HCC HCCAU00 199.50 -1.00 HCCCH00 183.00 -1.00 HCCIN00 213.35 -1.00
Low Vol PCI MCLVA00 191.00 -1.00 MCLVC00 133.00 -1.00 MCLVI00 204.85 -1.00
Mid Vol PCI MCLAA00 187.50 -1.00 MCLAC00 130.00 -1.00 MCVAI00 201.35 -1.00
Semi Soft MCSSA00 166.50 -1.00 MCSSC00 135.00 0.00 MCSSI00 180.35 -1.00
Premium Low Vol China Netback PLVHD00 204.40 -1.00
TSI coking coal indices ($/mt)
TSI Premium Hard (PHCC) FOB Australia TS01034 228.00 -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 228.00 100.00% PLVHC00 217.00 100.00%
Peak Downs HCPDA00 228.00 100.00% MCBAA00 240.60 110.88%
Saraji HCSAA00 228.00 100.00% MCBAB00 240.60 110.88%
Oaky North HCOKA00 228.00 100.00% MCBAR00 240.60 110.88%
Illawarra HCIWA00 229.00 100.44% MCBAH00 241.60 111.34%
Moranbah North HCMOA00 229.00 100.44% MCBAG00 241.60 111.34%
Goonyella HCGOA00 229.00 100.44% MCBAE00 241.60 111.34%
Peak Downs North HCPNA00 228.00 100.00% MCBAJ00 240.60 110.88%
Goonyella C HCGNA00 228.00 100.00% MCBAI00 240.60 110.88%
Riverside HCRVA00 228.00 100.00% MCRVR00 240.60 110.88%
GLV HCHCA00 223.00 97.81% MCBAF00 235.60 108.57%
Low Vol HCC HCCCH00 183.00 84.33% 100.00%
Lake Vermont HCC MCBAN00 212.10 115.90%
Carborough Downs MCBAO00 210.10 114.81%
Middlemount Coking MCBAP00 202.10 110.44%
Poitrel Semi Hard MCBAQ00 199.10 108.80%
June 12 freight rates. Australia to China: Panamax = $12.60/mt Capesize = $10.10/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 204.00 -1.00 19.25% 8.25% 0.95%
High Vol A AAWWS00 206.00 -1.00 32.25% 7.5% 0.95%
High Vol B AAWWT00 195.00 0.00 36.00% 8.00% 1.00%
Premium Low Vol
$/mt Change VM Ash S
Premium Low Vol HCC CFR NWE PLVHE00 239.80 -1.20 21.50% 9.30% 0.50%
Premium Low Vol FOB Australia PLVHA00 228.00 -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 1575 PCCMB04 1610 PCCMC04 1810 PLVHJ04 207.99
PCC Met Shanxi High Sulfur Premium Low Vol PCCMD04 1325 PCCME04 1365 PCCMF04 1675 PLVHD04 195.89
PCC Met North China Fat Coal PCCMG04 1570 PCCDG04 183.04
PCC Met Shanxi PCI PCCMH04 1125 PCCMI04 1160 PCCMJ04 1270 MCLCC04 146.31
PCC Met Shandong Semi Soft PCCMK04 1275 PCCML04 1295 MCSSD04 144.43

PCC Met Rail Freight Shanxi – Tangshan PCCMM04 200

PCC Met Truck Freight Shanxi – Tangshan PCCMO04 235
*Weekly (assessed June 7).

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 1700.00 AAWZO00 207.81
Low Vol HCC* AAWZP00 1500.00 AAWZQ00 182.93
*Weekly (assessed June 9), 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 June 12, 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 ($/mt)
Within Platts % of Premium Low Vol FOB Platts Net value
min-max symbol Australia assessment price symbol
Per 1% CSR 67-74% CPCSA00 -0.10% CPCSP00 -0.23
Per 1% VM (air dried) 18-27% CPVPA00 0.15% CPVMP00 0.34
Per 1% TM (as received) 8-11% CPTPA00 -0.15% CPTMP00 -0.34
Per 1% Ash (air dried) 7-10.5% CPAPA00 -0.10% CPPAP00 -0.23
Per 0.1%S (air dried) 0.3-1% CPSPA00 0.00% CPSPV00 0.00
US Low Vol HCC Penalties & Premia; Differentials ($/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 0.61
40-49% CPPBC00 0.40% CPPBD00 0.82
Per 0.1% S 0.70-1.05% CPPBE00 0.85% CPPBF00 1.73
1.06-1.25% CPPBG00 1.80% CPPBH00 3.67
Per 1% TM (as received) 6-11% CPPBK00 1.00% CPPBL00 2.04
Per 1% Ash 5-10% CPPBI00 1.75% CPPBJ00 3.57
US weekly brand relativities ($/mt), June 9
Platts FOB Spread vs US LV
symbol
Blue Creek No. 7 MCAPB04 218.50
Blue Creek No. 4 MCAPC04 200.00
Beckley MCAPD04 205.25 100.12%
Low Vol FOB USEC AAWWR00 205.00 100.00%
Windber MCAPE04 197.00 96.10%
Buchanan MCAPF04 198.00 96.59%
June 9 Panamax freight rates. Hampton Roads to Rotterdam = $11.25/mt, Hampton Roads to Brazil = $11.75/mt, Mobile to Rotterdam = $15.00/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, Jun 12 Metallurgical coke, Jun 12

Platts symbol $/mt Chg % Chg Seaborne
TSI Premium Hard Coking Coal Australia Export FOB East Coast Port % CSR Platts symbol $/mt Chg % Chg
Jul-23 MCPLM01 219.000 -1.000 -0.455 FOB North China 66/65 MCCNC00 305.00 -5.00 -1.61
Aug-23 MCPLM02 221.000 -1.000 -0.450 65/63 MCCHB00 291.00 -5.00 -1.69
Sep-23 MCPLM03 223.000 -1.000 -0.446 64/62 AAWVL00 281.00 -5.00 -1.75
Q3-23 MCPLQ01 221.000 -1.000 -0.450 62/60 MCCHA00 276.00 -5.00 -1.78
Q4-23 MCPLQ02 240.000 0.000 0.000 CFR India 66/65 MCCNI00 331.00 -3.00 -0.90
Q1-24 MCPLQ03 262.000 0.000 0.000 65/63 MCINB00 314.00 -3.00 -0.95
2024 MCPLY01 255.500 -2.000 -0.777 64/62 MCCEI00 304.00 -3.00 -0.98
2025 MCPLY02 234.000 -0.500 -0.213 62/60 MCINA00 299.00 -3.00 -0.99
Domestic
Yuan/mt
Platts China PLV, met coke price differentials, Jun 12 DDP North China (weekly) 62/60 AAWVJ00 1900.00 0.00 0.00
Price spreads Platts symbol $/mt $/mt
Import-Shanxi Premium Low Vol CFR China PLVHK04 12.01 FOB North China equivalent (DDP weekly) 62/60 PLVHM04 274.74 -1.19 -0.43
Import-port stock Premium Low Vol CFR China PLVHL04 10.19
62/60% CSR coke export-domestic FOB North China PLVHN04 12.26

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

Coal Trader International June 12, 2023

For August, the Tokyo area is now expected to have a 4.8% Weekly Averages for Platts Thermal Coal Price
Assessments ($/mt)
reserve power supply capacity ratio, with September at 5.3%,
CV (kcal/kg) Basis Week ending Week ending Change
well below the reserve power supply capacity ratio of around 10% 09-Jun 02-Jun
secured for the western Japan over July-August, METI said. FOB Kalimantan 5,900 GAR 97.200 102.125 -4.925
FOB Kalimantan 5,000 GAR 82.080 87.250 -5.170
The unexpected outage of Hokkaido Electric’s 600 MW FOB Kalimantan 4,200 GAR 59.230 61.750 -2.520
No. 2 coal-fired unit at the Tomato-atsuma power plant could FOB Kalimantan 3,800 GAR 50.950 53.750 -2.800
deteriorate Tokyo’s already severe-looking summer power supply
and demand balance because Hokkaido Electric’s electricity
supply contributes to Tokyo area’s integrated reserve power Monthly and Quarterly Averages for Platts Forward
Benchmark Coal Price Assessments ($/mt)
supply capacity ratio.
CV (kcal/kg) Basis May-23 Apr-23 Mar-23 Q1-23 Q4-22
The outage of the baseload coal-fired unit could also affect Platts SEAT 4,200 GAR 76.59 79.77 83.15 84.39 98.78
Hokkaido Electric’s use of other thermal power generation fuels Platts NEAT 5,750 NAR 136.12 147.53 150.45 152.41 174.04
CFR Pakistan 5,750 NAR 105.90 107.67 115.76 138.63 195.31
such as LNG and fuel oil during the summer demand month CFR Bangladesh 5,000 GAR 101.68 106.21 105.38 108.00 134.89
should it last a long time. Sulfur Differential 0.30 0.30 0.30 0.30 0.30
CIF ARA 6,000 NAR 118.14 143.07 137.81 147.25 238.01
— Takeo Kumagai European Blended Price 6,000 NAR 106.28 123.19 123.63 140.07 225.93
EBP Differential 6,000 NAR -11.86 -19.88 -14.18 -7.18 -12.08
Weekly US coal train loadings FOB Richards Bay
FOB Newcastle 20% Ash
5,500
5,500
NAR 91.28
NAR 112.73
109.93
121.38
112.05
124.11
111.86
127.57
153.66
145.15
decline 7.6% on year: STB FOB Newcastle 23% Ash 5,500 NAR 109.85 118.28 120.94 124.31 141.45
FOB Kalimantan 5,900 GAR 112.00 119.00 122.41 133.36 173.95
FOB Kalimantan 5,000 GAR 92.23 95.68 94.10 98.57 124.12
„ All major coal producing regions decrease loadings FOB Kalimantan 4,200 GAR 69.03 71.06 73.57 76.31 89.84
except for PRB FOB Kalimantan 3,800 GAR 59.24 60.70 62.47 62.86 71.71
CFR India West 5,500 NAR 118.59 130.85 133.77 139.99 163.11
„ Thacker/Kenova 12,500 Btu/lb Norfolk Southern rail coal falls CFR India West 5,000 GAR 103.61 108.62 106.90 110.04 137.48
CFR India West 4,200 GAR 80.40 84.00 86.36 87.78 103.20
$4.25 on session: Platts CFR India East 5,500 NAR 120.19 132.43 135.02 140.96 163.91
CFR India East 5,000 GAR 102.79 107.62 105.89 109.14 136.39
CFR India East 4,200 GAR 79.59 82.99 85.35 86.88 102.11
Weekly US thermal and metallurgical coal train loadings fell 7.6% CIF Med 75kt 6,000 NAR 130.00 130.00 138.00 150.46 247.27
on the year to 70.9 trains/day in the week ended June 2, Surface CIF Med 45kt 6,000 NAR 117.75 112.50 124.00 124.15 153.31
FOB Baltimore 6,000 NAR 83.71 94.13 93.98 109.97 178.24
Transportation Board data showed June 9. FOB Hampton Roads 6,000 NAR 135.83 139.48 146.00 166.94 230.70
Average daily US coal train loadings were 2.7% lower than FOB New Orleans 6,000 NAR 89.68 101.13 103.04 121.41 200.71
FOB Baltimore 6,900 NAR 96.27 108.26 108.08 126.46 204.96
the previous week. Year-to-date loadings averaged 75.8 trains/d, FOB Colombia 6,000 NAR 110.81 121.00 120.80 131.68 216.54
leaving the current week at a 6.5% deficit. Russia Baltic 6,000 NAR 105.56 106.25 109.00 101.92 105.77
Russia Pacific 6,300 GAR 120.88 123.63 129.80 131.38 151.85
Except for the Powder River Basin, all major US coal producing
regions decreased coal train loadings from the week before.
Coal train loadings in Central Appalachia averaged 12.2
trains/d in the latest reported week, down 7.9% from the week 25.3% lower on the year. On a year-to-date basis, ILB coal train
before. Compared with the year-ago week, CAPP coal train loadings averaged 5.7 trains/d.
loadings were 7.1% higher. Year-to-date CAPP coal train loadings Platts assessed Illinois Basin 11,800 Btu/lb rail coal for
averaged 12.9 trains/d. third quarter delivery $1.50 lower than the previous session at
Platts assessed prompt-quarter Central Appalachia Thacker/ $52.95/st June 9.
Kenova 12,500 Btu/lb Norfolk Southern rail coal down $4.25 on
the session at $68/st June 9.
Platts is part of S&P Global Commodity Insights.
Weekly Northern Appalachia coal train loadings averaged 9.1
trains/d, down 5% on the week and 4.3% lower on the year. Year
to date, weekly NAPP coal train loadings averaged 9.4 trains/d.
Northern Appalachia Pittsburgh Seam 13,000 Btu/lb rail coal
fell 50 cents on the session June 9 at $55.50, according to the
Platts assessment.
Combined NAPP and CAPP coal train loadings averaged 21.3
trains/d, down 6.7% from the previous week. Combined NAPP
and CAPP coal train loadings were 1.9% higher than the 2022
term. Year-to-date combined NAPP and CAPP coal train loadings
averaged 22.3 trains/d. In the Powder River Basin, weekly coal train loadings averaged
Coal train loadings in the Illinois Basin averaged 3.8 trains/d in 40.6 trains/d, which was 1% higher than the week before.
the latest reported week, which was 2% lower on the week and Compared with the year-ago week, PRB coal train loadings were

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

Coal Trader International June 12, 2023
10% lower. Year-to-date Powder River Basin coal train loadings
averaged 42.7 trains/d in the week ended June 2, according to
STB data.
Powder River Basin 9,400 Btu/lb rail coal was unchanged on
the session June 9 at $15.45/st, Platts data showed.
Loadings in non-primary coal producing regions fell 13.3%
from the week before to 5.2 trains/d, which was 7.1% lower than
the year-ago week. Year to date, non-primary coal train loadings
averaged 6.1 trains/d.
Colorado and Utah are non-primary coal producing regions.
Platts assessed Colorado 11,300 Btu/lb rail coal down $1 on the
session June 9 at $77.75/st. Utah 11,500 Btu/lb rail coal fell $1 to
$79.75/st.
— Morgan Snook
Australian PLV coal prices wane
on muted buying interest
„ Indian steelmaker issues buy-tender for July laycan for 50,000
mt Aus PMV: sources
„ Cyclone in West India likely to cause inbound shipment delays
„ Russian LV PCI deals heard concluded last week at $133-$138/
mt CFR China
Australian PLV HCC prices edged lower June 12 amid muted
trades as buyers remained on the sidelines as they await further
clarity on price direction.
Platts assessed the benchmark Premium Low-Vol Hard Coking
Coal price down $1/mt from June 9 at $228/mt FOB Australia
June 12, while the delivered CFR China price was also assessed
$1/mt lower from the previous session at $217/mt CFR China.
In the FOB Australia market, pockets of demand were noted
from the ex-China market while participants anticipated further
corrections in the short term.
Buyers are more cautious with their procurement decisions for
Australian coal due to competitive US coal offers and a softening
met coke market, an international steelmaker source said.
“Demand still exists in the Indian market with an Indian
end-user heard to have issued a buy tender for 50,000 mt of
Australian premium mid-vol coal, with an H1 July loading laycan,”
an international trader said.
© 2023 by S&P Global Inc. All rights reserved. 10
S&P Global Commodity Insights reported earlier June 12 that
owing to a cyclone alert, no ships will be allowed to enter the
some of the ports in West Coast India such as Sikka and Kandla,
near the Gulf of Kutch.
According to an international trader, the delays in inbound
shipment will likely cause a supply crunch amid healthy demand
seen coming from India.
Meanwhile June-laycan Australian PMV offers were heard
available in the Indian market on a CFR basis.
“Miners cannot sell part cargoes, so traders are offering part
cargoes on a CFR basis,” an end-user said.
The CFR China market kicked off the week on a soft note, with
PLV prices edging lower amid lukewarm reception for seaborne
materials, especially those with a further arrival date than others.
Chinese mills’ appetite for seaborne material still hinges
on the movement of domestic coking coal prices, a Chinese
trader said.
Prices of finished product witnessed a slight uptick with
market participants unsure of its sustainability amid weaker cues
from the infrastructure sector, the same trader said.
“With expectations for domestic coal prices to fall further in
July, most buyers are starting to include a $5-$10/mt discount in
their bidding levels for seaborne coals that are mostly expected
to load in July, hence further widening the gap between buyers’
and sellers’ price expectations, resulting in a lack of liquidity,” a
Chinese trader said.
For the weaker grades of coal like Russian PCI, a deal was
heard done over the weekend at $133/mt CFR China for 25, 000-
30, 000 mt of Low Vol PCI, with a June 15-25 loading laycan. It was
understood to have the specifications of 12% VM, 9% Ash, 8%
moisture, 75 HGI, and 7,700 calorific value.
Additionally, another deal was heard done last week at $138/
mt CFR South China for 40, 000 mt of Low Vol PCI, with a June 20-
30 loading laycan. It was understood to have the specifications
of 13%-15% VM, 10% Ash, 10% moisture, 75-80 HGI, and 7,600
calorific value.
“Buying interest is coming lower today as most have already
done their restocking activities for PCI, with most of the southern
mills having a relatively healthy inventory, leading to expectations
of lower-level deals”, a Dubai-based trader said.
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 $58.45/mt on June 12, down 25 cents/
mt since June 9, due to weak demand fundamentals.
The best offer was heard at $58.50/mt FOB on Supramax
basis for a June loading cargo.
No bids or trades were heard before the Platts Markets on
Close assessment process.
Coal Trader International June 12, 2023
Platts is 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 $126.50/mt on June 12, up 50 cents/mt day on day.
The best bid was heard at $119/mt and best offer was heard at
$134/mt for July-loading cargo on a Supramax basis.
Another offer was heard at $119/mt CIF on Supramax basis for
August-loading cargoes.
No trades were heard before the Platts Market on Close
assessment process.
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 seven- to 45-day price of FOB Richards
Bay 5,500 kcal/kg NAR coal at $88.25/mt on June 12, down
$8.50/mt day on day.
No bids, offers or trades were heard for the FOB Richards Bay
5,500 kcal/kg NAR coal price, so 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 $104.75/
mt. The FOB Richards Bay 6,000 kcal/kg NAR index to the
physical 5,500 kcal/kg NAR grade was $8.50/mt June 12. After
the discount was applied, the price was converted to account for
the heat difference between 6,000 kcal/kg NAR and 5,500 kcal/
kg NAR.
Platts is part of S&P Global Commodity Insights.
The above rationale applies to the FOB Richards Bay 5,500
kcal/kg NAR assessment, with the associated code: AAXE00.
Coal EMEA CFR Pakistan Daily
Platts assessed the 30- to 60-day price of CFR Pakistan 5,750
kcal/kg NAR coal at $114/mt on June 12, up $2.40/mt day on day.
The best bid was heard at $114/mt for July-loading cargo on
Supramax basis.
No offers or trades were heard before the Platts Market on
Close assessment process.
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
Platts assessed Premium Low-Vol HCC down $1/mt on the day
at $217/mt CFR China June 12, in line with lower tradable levels
heard for the day.
Tradable levels, reported at $208-$218/mt for Australian
Premium Low-Vol Peak Downs, were at parity with Platts PLV CFR
China, based on current brand price relativity.
© 2023 by S&P Global Inc. All rights reserved. 11
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 down $1/mt on the day
at $228/mt FOB Australia June 12, in line with tradable levels
reported.
Tradable levels were heard at $220-$233/mt for Australian
Premium Mid-Vol Goonyella, which was normalized downward by
$1/mt to $219-$232/mt given Goonyella’s premium to Platts PLV
FOB Australia, 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 FOB
Australia assessment (PLVHA00) & TSI Premium Hard Coking Coal
Australia Export FOB East Coast Port (TS01034).
Subscriber Notes
Platts Coal Trader publishing schedule
for US Juneteenth holiday
In observance of US Juneteenth National Independence Day
on Monday, June 19, Platts Coal Trader will not be published on
that day.
Normal publishing will resume Tuesday, June 20.
For full details of the Platts publishing schedule and services
affected, refer to https://www.spglobal.com/commodityinsights/
en/our-methodology/holiday.
For queries, please contact pricegroup@spglobal.com or
support@platts.com.
Platts is part of S&P Global Commodity Insights.
Hari Raya Haji publishing schedule for Platts Asia thermal coal
The S&P Global Commodity Insights office in Singapore will be
closed on Thursday, June 29, 2023, for the Hari Raya Haji holiday,
and there will be no Platts Asian thermal coal assessments on
the same day.
Additionally, Platts in Asia will close its Market on Close
assessment process early on June 28, and all assessments will
be basis 12:30 pm Singapore time (0430 GMT).
The normal Singapore publishing schedule will resume on
Friday, June 30.
For full details of Platts publishing schedule and services
affected, refer to http://www.platts.com/HolidayHome.
For queries, please contact sup
port@spglobal.com.
Coal Trader International June 12, 2023
Platts creates three new thermal coal daily
rationales effective June 12
Platts, part of S&P Global Commodity Insights, has created
three new daily thermal coal rationales for the following
assessments: CFR Pakistan 5,750 kcal/kg NAR 15-60 day
(TPKCA00), CIF ARA 6,000 kcal/kg NAR 15-60 day (CSARM01) and
FOB Richards Bay 5,500 kcal/kg NAR 7-45 day (AAXE00) effective
June 12, 2023.
Platts published a formal decision on March 30, 2023,
in a subscriber note available here: https://www.spglobal.
com/commodityinsights/en/our-methodology/subscriber-
notes/033023-platts-to-create-three-new-thermal-coal-daily-
rationales.
The CIF ARA rationale is included in Coal Trader and Coal
Trader International. The CFR Pakistan and FOB Richards Bay
rationales are included in Coal Trader International.
The new rationales increase clarity on the price assessments.
Please send questions and comments to coal@spglobal.com
or pricegroup@spglobal.com.
For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
viewing.
Platts will consider all comments received and will make
comments not marked as confidential available upon request.
Platts to update sulfur range, typical specification
for CIF Turkey petcoke assessment
Platts, part of S&P Global Commodity Insights, has decided to
update 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.
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
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 to introduce MOC timing, increment guidelines for PLV
FOB Australia metallurgical coal
Platts, part of S&P Global Commodity Insights, will introduce
timing and increment guidelines for its premium low vol (PLV) FOB
Australia metallurgical coal Market on Close (MOC) assessment
process, effective June 19.
The guidelines will apply to any firm bids or offers reported
© 2023 by S&P Global Inc. All rights reserved. 12
directly to Platts for publication in the PLV FOB Australia
assessment process.
The Platts MOC timing and increment guidelines are a key
component of its assessment methodology, essential to an
orderly and transparent publishing process.
The guidelines aim to bring greater clarity and transparency
to the assessment process amid increased market interest in
submitting higher quality data for consideration in the PLV FOB
Australia price assessment.
When determining a final market assessment, Platts
gives the highest priority to fully verifiable and transparent
market information from entities that have been reviewed for
participation in the MOC process.
The new timing and increment guidelines for the PLV FOB
Australia metallurgical coal MOC process will also apply to any
other firm bids or offers reported directly to Platts for publication
in the assessment process.
MOC TIMING & INCREMENTS: Effective June 19, to ensure
sufficient time for all market information to be tested, buyers and
sellers must submit any firm, direct bids and offers with complete
information to Platts editors by phone, instant messenger or
email before 4:45 pm Singapore time.
Based on market feedback, this cutoff time has been revised
from the initially proposed 5 pm Singapore time.
Only bids and offers that are raised or lowered, respectively, in
reasonable increments are considered for the assessment.
Counterparties can improve the price of their published bids
or offers every five minutes, by a minimum increment of $1/mt
and a maximum increment of $2/mt.
No price changes are allowed in the final five minutes of the
MOC process that concludes at 5:30 pm Singapore time.
Buyers and sellers may withdraw their bids or offers at any
time during the MOC process.
Counterparties must clearly communicate their expression of
interest to trade a published bid or offer to Platts editors.
Platts may notify the market of any adjustment to its timing
and incrementability guidelines in the event of market volatility or
a disruptive event.
The Metals MOC Timing and Increment Guidelines can be
found here: https://www.spglobal.com/commodityinsights/en/
our-methodology/methodology-specifications/metals/metals-
moc-timing-and-increment-guidelines.
Platts first proposed the guidelines on Dec. 9 in a
subscriber note, available here: https://www.spglobal.
com/commodityinsights/en/our-methodology/subscriber-
notes/120922-platts-proposes-to-introduce-moc-timing-
increments-guidelines-for-plv-fob-australia-metallurgical-coal
Platts extended the feedback period for the proposal on Jan.
6 in a subscriber note, available here: https://www.spglobal.
com/commodityinsights/en/our-methodology/subscriber-
notes/010623-platts-extends-feedback-period-for-proposal-
to-introduce-moc-timing-increments-guidelines-for-plv-fob-
australia-metallurg
Platts informed the market of a revision to the implementation
Coal Trader International June 12, 2023
date on Feb. 27 in a subscriber note, available here: https://
www.spglobal.com/commodityinsights/en/our-methodology/
subscriber-notes/022723-platts-continues-to-review-feedback-
on-proposed-moc-timing-increments-guidelines-for-plv-fob-
australia-metallurgical-coal
SPECIFICATIONS: Firm, direct bids or offers will be published
in line with Platts existing specifications for PLV FOB Australia,
available here: https://www.spglobal.com/commodityinsights/
PlattsContent/_assets/_files/en/our-methodology/
methodology-specifications/global_metcoal.pdf.
MOC Participation Review: Platts applies objective criteria
to review entities that wish to participate in the reviewed MOC
process and monitors all MOC participants to ensure that input
data provided by these entities reflect typical market trading
practices and standards.
For more information on the counterparty review process,
please visit https://www.spglobal.com/commodityinsights/en/
our-methodologies/market-on-close.
Entities that wish to participate in the MOC should contact
market_integrity_review@spglobal.com.
Please send questions and comments to
PL_CokingCoal@spglobal.com and pricegroup@spglobal.com.
For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
viewing.
Platts will consider all comments received and will make
comments not marked as confidential available upon request.
Platts to launch new FOB Vancouver thermal coal price
effective June 28, 2023
Platts, part of S&P Global Commodity Insights, has decided to
launch 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 US dollars 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.
Platts proposed to discontinue the existing FOB Vancouver
8,800 Btu/lb netback (COVCU00) and 5,000 kcal/kg NAR
assessment (CTVCA00) in a subscriber note on May 23, 2023,
available here.
Platts invites any questions and feedback to coal@spglobal.com
and pricegroup@spglobal.com, by June 23, 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.
© 2023 by S&P Global Inc. All rights reserved. 13
Platts to discontinue FOB Vancouver 5,000 kcal/kg coal
assessment, 8,800 Btu/lb netback effective Aug 21
Platts, part of S&P Global Commodity Insights, has decided
to discontinue its existing FOB Vancouver thermal coal price
assessments below, effective Aug. 21, 2023.
The decision was made following feedback and market
consultation resulting from a proposal published May 23,
2023, which can be found 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
1. FOB Vancouver 8,800 Btu/lb netback (COVCU00)
2. FOB Vancouver 5,000 kcal/kg NAR assessment (CTVCA00)
Both Powder River Basin grades no longer reflect coals
exported from Western Canada.
At the same time, Platts has announced in a subscriber
note that can be found here, https://www.spglobal.com/
commodityinsights/en/our-methodology/subscriber-
notes/050923-platts-proposes-to-launch-fob-vancouver-
5750-kcalkg-nar-netback, that it intends to launch a new FOB
Vancouver thermal coal assessment effective June 28, 2023,
based on a freight netback for thermal coal delivered CFR
Northeast Asia from any source.
The netback would reflect the price of North American
thermal coal compared to Platts NEAT minus the Panamax
freight rate from Roberts Bank, British Columbia, to Japan, in
dollars per metric ton, based on loading 15-60 days forward from
the date of publication.
The netback would normalize calorific values from 5,400 kcal/
kg NAR to 6,200 kcal/kg NAR and cargo volumes at 75,000 mt
plus/minus 10%, with a maximum sulfur content of 1%.
The assessment would follow the US daily publishing
schedule, reflecting the market as of 11:30 am ET.
Please send all comments, feedback, and questions to
coal@spglobal.com and pricegroup@spglobal.com, by Aug. 18,
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 proposes to discontinue FOB Vancouver 5,000 kcal/kg
assessment and 8,800 Btu/lb netback effective Aug. 21, 2023
Platts, part of S&P Global Commodity Insights, having reviewed
its thermal coal price assessments, proposes to discontinue FOB
Vancouver 8,800 Btu/lb netback (COVCU00) effective Aug. 21,
2023, after market survey results suggested the COVCU00 heat
adjustment to 8,800 Btu/lb GAR should be discontinued due to
limited liquidity of Powder River Basin 8,800 Btu/lb GAR coal.
In addition, Platts proposes to discontinue FOB Vancouver
5,000 kcal/kg NAR assessment (CTVCA00) effective Aug. 21, 2023,
after previously seeking feedback on CTVCA00 calorific value
in a Feb. 24 subscriber note posted online here. Market survey
results suggested CTVCA00, which is calculated on a cost-plus
Coal Trader International June 12, 2023
basis in the absence of transactions, should be discontinued
due to limited liquidity of input Powder River Basin 9,400 Btu/lb
GAR coal.
The discontinuation of these two assessments was mentioned
in Platts’ proposal to launch a new daily FOB Vancouver netback
(basis 5,750 kcal/kg NAR, max 1% sulfur) effective June 28,
2023, in a subscriber note posted online May 9, which can be
found here.
Please send all comments, feedback, and questions to
coal@spglobal.com and pricegroup@spglobal.com, by June
5, 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 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
© 2023 by S&P Global Inc. All rights reserved. 14
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.
Coal Trader International June 12, 2023

Current Vessel Fixtures

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

TBN 130,000/10 Abbot Point/Hon Mieu+Campha Jun 25-30 RNR Welhunt

TBN 150,000/10 Abbot point/Krishnapatnam Jun 20-29 High $9’s/mt LSSOT
TBN 130,000/10 Newcastle/Putian Jun 20-29 rnr Richland
BIT TBN 80,000/10 DBCT/Taiwan July 18-31 $10.69/mt TPC
BIT TBN 80,000/10 DBCT/Taiwan July 28-Aug 7 $10.68/mt TPC
Transbest TBN 80,000/10 Newcastle/Taiwan July 13-26 $12.15/mt TPC
BIT TBN 80,000/10 Newcastle/Taiwan July 18-31 $12.18/mt TPC
Polaris TBN 150,000/10 Gladstone/Taean Jun 21-30 $10.95/mt Kepco
TBN 75,000/10 Port Kembla/Hon Mieu and Cam Pha June 21-30 RNR Welhunt
TBN 150,000/10 Gladstone/Taean Jun 21-30 $10.95/mt KEPCO
BIT TBN 80,000/10 Newcastle/Taiwan Oct 17-30 $12.05/mt TPC
Canada

TBN 167,000/10 Neptune/Pohang Jun 30-Jul 5 low-mid $12’s/wmt Posco

Colombia

Cape Sun 160,000/10 Bolivar/Flushing Jun 23-29 $8.88/mt Oldendorff

Costamare TBN 170,000/10 Drummond/Iskenderun Jul 10-19 RNR RWE
Indonesia

TBN 50,000/10 Muara Berau/Navlakhi June 14-20 low-$11/mt CNR

TBN 55,000/10 Samarinda/Navlakhi June 16-22 $10/mt CNR
TBN 80,000/10 Adang Bay/Taiwan July 3-12 between low and mid-$5/mt Tongli
TBN 50,000/10 Muara Berau/Navlakhi June 14-20 RNR CNR
TBN 55,000/10 Samarinda/Navlakhi June 14-19 RNR CNR
TBN 55,000/10 Samarinda/Navlakhi June 16-22 RNR CNR
BIT TBN 80,000/10 Samarinda/Taiwan June 26-July 5 $5.23/mt TPC
BIT TBN 80,000/10 Muara Pantai/Taiwan July 1-10 $5.10/mt TPC
Transbest TBN 80,000/10 Adang Bay/Taiwan July 3-12 $5.63/mt TPC
BIT TBN 80,000/10 Samarinda/Taiwan July 6-15 $5.55/mt TPC
BIT TBN 80,000/10 Tanjung Bara/Taiwan July 7-16 $5.53/mt TPC
Transbest TBN 80,000/10 Muara Pantai/Taiwan July 11-20 $5.22/mt TPC
BIT TBN 80,000/10 Tanjung Bara/Taiwan July 13-22 $5.65/mt TPC
Transbest TBN 80,000/10 Adang Bay/Taiwan July 17-26 $5.65/mt TPC
Transbest TBN 80,000/10 Samarinda/Taiwan July 21-30 $5.64/mt TPC
BIT TBN 80,000/10 Samarinda/Taiwan July 21-30 $5.69/mt TPC
South Africa

TBN 50,000/10 RBMPT/west coast India June 3-8 $20.25/mt CNR

Ssangyong TBN 150,000/10 RBCT/Younghung Jun 21-30 $15.32/mt Kepco
Berge Rosa 150,000/10 RBCT/Mailiao Jun 13-17 low $13’s/mt Mercuria
United States

Paolo Topic 59,914 dwt del. Lamberts Point tct redel. Cont APS June 9-13 $17,000/d Ultrabulk
TBN 75,000/10 Newport News/Visag June 18-28 $32.95/mt SAIL
Mozambique

St Shipping TBN 150,000/10 Nacala/Krishna Jun 26-29 $9.80/mt AI General

TBN 135,000/10 Nacala/Hong Gai+Campha Jun 17-23 $14/mt Koch
Russia

Great Ocean 160,000/10 Taman/China May 29-Jun 2 $24.50/wmt Elsi

Mikata 160,000/10 Taman/China May 21-30 RNR Telf
TBN 160000 Taman/China May 16-22 RNR Elsi
TBN=To be nominated. PPT=Prompt
Philippines

TBN 80,000/10 Semirara/Goseong June 19-24 $7.50/mt KEPCO

TBN 80,000/10 Semirara/Dangjin June 8-12 $7.38/mt KEPCO

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