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Coal Trader International
Volume 23 / Issue 106 / June 6, 2023
News Headlines
Low demand, continued oversupply fails
to lift Asian thermal coal market
„ China domestic demand heard rising
„ India continues to assess from sidelines
World sees China as potential coal destination
amid oversupply, fragile demand
„ Chinese domestic coal prices weak
„ Asian demand remains weaker-than-expected
„ Global coal prices under pressure
JAPAN DATA: Coal imports fall 2%
on year in April to 13.23 mil mt
„ Australia remains the top supplier
„ Russian imports plummet 81% on year in April
„ Japan stopped importing from Mozambique in April
Japan’s JERA shuts 507 MW Futtsu
4-2 gas fire unit due to turbine glitch
„ Also shuts 854 MW No. 1 Chita Daini gas-fired unit on
turbine issue
„ Plans to restart 400 MW 8-1 Shin Nagoya unit June 30 after
April 1 outage
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Daily prompt physical thermal coal assessments, Jun 6
CV (kcal/kg) Window Platts symbol $/mt Chg
Asia-Pacific
Northeast Asia
Platts NEAT 5,750 NAR 15-60 day JKTCA00 109.20 -2.25
South Asia
Platts SEAT 4,200 GAR 15-60 day CSEAA00 66.50 -0.50
CFR Pakistan 5,750 NAR 30-60 day TPKCA00 98.15 -7.70
CFR Bangladesh 5,000 GAR 30-60 day TCBAN00 92.30 -0.55
Sulfur Differential TCSDA00 0.30
China
PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPQ00 67.35 -0.50
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPP00 91.80 -0.55
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSC00 102.00 -2.50
Yuan/mt
PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPR00 477.66 -3.79
PCC 6 (VAT included) 3,800 NAR 30-60 day PCCPS00 539.76 -4.28
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPO00 651.07 -4.22
PCC 7 (VAT included) 4,700 NAR 30-60 day PCCFB00 735.71 -4.77
PCC 8 (CFR South China)
PCC 8 (Duty & VAT included)
5,500 NAR 15-60 day
5,500 NAR 15-60 day
PCCSD00 723.41 -18.10
PCCFA00 817.45 -20.46
Indonesia
FOB Kalimantan (Geared Supramax) 4,200 GAR 7-45 day CSBKI00 59.50 -0.50
FOB Kalimantan (Geared Supramax) 3,800 GAR 7-45 day CSCKJ00 51.50 -0.50
FOB Kalimantan (Geared Supramax) 5,900 GAR 90-day CSAKH00 98.00 -1.00
FOB Kalimantan (Geared Supramax) 5,000 GAR 90-day CSAKI00 83.95 -0.55
Kalimantan Floating Crane AKFCA00 2.50
Australia
FOB Newcastle 20% Ash 5,500 NAR 7-45 day AAVUW00 88.25 -2.05
FOB Newcastle 23% Ash 5,500 NAR 7-45 day AAVVB00 86.00 -2.00
FOB Newcastle Ash Differential AAVVA00 0.75
India
CFR India West (Gearless Panamax) 5,500 NAR 30-60 day CIWCI00 97.00 -0.60
CFR India West (Gearless Panamax) 5,000 GAR 30-60 day TCAKP00 94.25 -0.50
CFR India West (Gearless Panamax) 4,200 GAR 30-60 day TCAKT00 69.80 -0.45
CFR India East (Gearless Panamax) 5,500 NAR 30-60 day CIECI00 98.50 -0.60
CFR India East (Gearless Panamax) 5,000 GAR 30-60 day TCAKJ00 93.60 -0.50
CFR India East (Gearless Panamax) 4,200 GAR 30-60 day TCAKU00 69.15 -0.45
Atlantic Basin
Europe
CIF ARA 6,000 NAR 15-60 day CSARM01 118.00 +2.75
European Blended Price (EBP) 6,000 NAR 15-60 day TEBPA00 95.60 -0.45
EBP/CIF ARA Differential 6,000 NAR 15-60 day TEBPB00 -22.40 -3.20
South Africa
FOB Richards Bay 5,500 NAR 7-45 day AAXEX00 83.20 -5.95
North America
FOB Baltimore 3%S 6,900 NAR 15-60 day CUATB04 82.50 +1.75
FOB Hampton Roads 1%S 6,000 NAR 15-60 day CUAEA04 128.30 0.00
FOB New Orleans 3%S 6,000 NAR 15-60 day CUAFA04 79.00 +1.75
FOB Long Beach 0.5%S 6,000 NAR 15-60 day CTLBA00 150.15 0.00
FOB Oakland 0.5%S 6,000 NAR 15-60 day CTOKA00 135.85 0.00
FOB Vancouver 0.5%S 5,000 NAR 15-60 day CTVCA00 60.90 0.00
Note: In the absence of transactional data, these assessments represent theoretical value
for export.
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Coal Trader International June 6, 2023
Low demand, continued oversupply fails
to lift Asian thermal coal market
„ China domestic demand heard rising
„ India continues to assess from sidelines
The Asian thermal coal market failed to gain momentum June
6, as buyers stayed on the sidelines hoping for further drop in
prices while sellers refrained from lowering their offers further,
sources said.
However, pockets of demand were heard to have been
emerging in China, as a result of which domestic China prices
saw an upward movement in prices. The domestic 5,500 kcal/kg
NAR price was heard at Yuan 760-785/mt ($106.79-$110.30/mt), up
from Yuan 750-775/mt a day earlier, according to a source.
Coal prices have dropped in recent tenders. Miners seem to
be holding prices, which for them is better than lowering prices,”
a Singapore-based trader said, adding spot prices are linked with
their long-term supply rates, so it makes sense for them to not
reduce prices further.
A few market participants expect production cuts in some
mines due to falling prices and excess supply, which is likely to
increase amid the peak output season in Indonesia during the
summers. “But some miners may have to cut output, especially
the relatively new medium and smaller sized mines where
efficiency is low,” an Indonesia-based source said.
Stocks at China’s Caofeidian port stood at 13.45 million mt
as of June 6, down from 14.27 million mt June 1, according to a
source. Stocks at the Jingtang port were at 7.60 million mt, up
from 7.46 million mt May 18.
Meanwhile, Indian buyers remained on a wait-and-watch
mode as domestic demand has still not picked up as much as it
© 2023 by S&P Global Inc. All rights reserved. 2
Weekly prompt physical thermal coal prices, Jun 2
CIF Med 75kt
Code
CTCMT04
Kcal/kg Basis Sulfur
6,000 NAR 0.8%
$/mt Change
118.00 -2.00
CIF Med 45kt CTCMA04 6,000 NAR 0.8% 111.00 -3.00
FOB Colombia CSABZ00 6,000 NAR 0.8% 105.25 +5.25
FOB Russia Baltic CSAKC00 6,000 NAR 0.5% 87.25 -22.75
FOB Russia Pacific CSAKG00 6,300 GAR 0.3% 110.00 NA
Platts physical thermal coal netbacks, Jun 6
Code CV Basis Sulfur $/mt Chg
(kcal/kg)
Coal ($/mt)
CIF ARA CSARM01 6,000 NAR 1.0% 118.00 +2.75
Platts NEAT JKTCA00 5,750 NAR 1.0% 109.20 -2.25
CFR India West CIWCI00 5,500 NAR 0.8% 97.00 -0.60
Panamax Freight ($/mt)
USEC-Rotterdam CDBUR00 11.25 +0.25
Mobile-Rotterdam CDMAR00 15.25 +0.25
Roberts Bank-Japan CDRBK00 15.00 +0.05
Richards Bay-India West CSAKL00 11.95 +0.10
Penalties & Premia ($/mt)
Per 0.1% Sulfur (USGC) COPAP00 1.26 +0.05
Total S discount (USGC) COPBP00 23.94 +0.95
Netbacks ($/st)
FOB US East Coast* COUSC00 12,500 GAR 1.0% 107.61 +2.52
FOB US Gulf Coast* COUGU00 11,500 GAR 2.9% 73.22 +1.45
FOB Vancouver* COVCU00 8,800 GAR 0.8% 70.17 -0.93
* CV = Btu/lb
happens during this time of the year, with participants citing less
severe summers and bouts of rains this time.
Coal stockpiles at Indian power plants stood at 37.28
million mt June 4, sufficient for more than 13 days of coal burn,
according to latest data by the Central Electricity Authority of
India. Stocks were at 37.02 million mt June 3.
Platts is part of S&P Global Commodity Insights.
— Pritish Raj, Anupam Chatterjee
Coal Trader International June 6, 2023

World sees China as potential coal destination Spot dry bulk freight assessments, Jun 6
amid oversupply, fragile demand
Capesize
Platts symbol $/mt Chg

Australia-China CDANC00 10.35 +0.80

„ Chinese domestic coal prices weak
„ Asian demand remains weaker-than-expected
„ Global coal prices under pressure
The oversupply of coal globally and continued subdued demand
have pushed sellers and traders from exporting nations to bank
on China, the world’s largest consumer, to absorb excessive
volumes, an analysis by S&P Global Commodity Insights showed.
While China and India have largely been relying on domestic
production to meet their requirements, overstocking in Europe
and lower-than-expected winter demand drove the continent to
nearly stop coal imports in Q1 2023.
As a result, global exporters have been flocking to the high
consumption regions in Asia, creating more supply in the region
which is already stuffed with coal from Indonesia, Australia,
Russia and South Africa.
“China is in the midst of economy recovery and thermal power
becomes inevitable as it can help to recover in a faster pace.
Coal still remains the primary source of energy in China which is
attracting the whole world,” a Singapore-based trader, who deals
with the China market, said.
“Electricity demand is increasing gradually, faster than the
conversion of coal to other green energy. This has resulted in
continued high coal consumption in China, therefore it needs to
import to balance the domestic coal price.”
Queensland-Japan CIGAJ00 11.60 +0.90
New South Wales-Korea CINAK00 12.50 +1.00
Bolivar-Rotterdam CIBCR00 8.25 +0.10
Roberts Bank-Japan CDRKJ00 11.60 +0.85
Panamax
Richards Bay-India West CSAKL00 11.95 +0.10
Kalimantan-India West CSAKP00 7.80 +0.05
Richards Bay-India East CSAKN00 12.10 +0.15
Kalimantan-India East CSAKR00 6.45 +0.05
Ventspils-Rotterdam CILTN00 7.25 0.00
USEC-India CDBUI00 28.75 0.00
USEC-Rotterdam CDBUR00 11.25 +0.25
Mobile-Rotterdam CDMAR00 15.25 +0.25
Roberts Bank-Japan CDRBK00 15.00 +0.05
Australia-China CDBFA00 12.60 0.00
Australia-India CDBFAI0 13.85 +0.05
Supramax
Richards Bay-Port Qasim CRBPB00 15.10 +0.15
South Kalimantan-Krishnapatnam CISKK00 10.40 0.00
Thermal coal implied freight table, Jun 6
Basis 5,500 kcal/kg NAR
Origin/delivery hub NE Asia SE Asia NW Europe India Med South China
FOB Newcastle (20% Ash) 16.20 3.19 19.92 10.25 19.92 13.75
FOB Kalimantan 9.89 -3.12 13.61 3.94 13.61 7.44
FOB Colombia 7.97 -5.04 11.69 2.02 18.33 5.52
FOB Russia Baltic 24.47 11.46 28.19 18.52 9.17 22.02
FOB Russia Pacific 3.62 -9.39 7.34 -2.33 3.67 1.17
FOB Richards Bay 21.25 8.24 24.97 15.30 24.97 18.80
FOB Baltimore 38.69 25.68 42.41 32.74 42.41 36.24
FOB New Orleans 32.03 19.02 35.75 26.08 35.75 29.58
FOB Vancouver 37.46 24.45 41.18 31.51 41.18 35.01

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© 2023 by S&P Global Inc. All rights reserved. 3

Coal Trader International June 6, 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

06/06/2023 Bid CIF ARA 6000 NAR $113 50000 July Trader Non Russian origin
06/06/2023 Offer CIF ARA 6000 NAR $123 50000 July Trader Non Russian origin
06/06/2023 Bid FOB Richards Bay 6000 NAR $95 50000 July Trader
06/06/2023 Offer FOB Kalimantan 4000 GAR $61 75000 Jun/Jul Trader Panamax
06/06/2023 Offer FOB Kalimantan 3200 GAR $40 75000 Jun/Jul Trader Panamax
06/06/2023 Offer FOB Kalimantan 5000 GAR $84 55000 Jun/Jul Trader Supramax
06/06/2023 Indication CFR China 3800 NAR $64-65 75000 Jun/Jul Trader Panamax
06/06/2023 Indication CFR China 5500 NAR $93-95 75000 Jun/Jul Trader Panamax
06/06/2023 Indication FOB Newcastle 5500 NAR $84-86 75000 Jun/Jul Trader Panamax
06/06/2023 Indication FOB Kalimantan 4200 GAR $60-61 55000 Jun/Jul Trader Supramax
06/06/2023 Indication FOB Kalimantan 4200 GAR $55-56 55000 Jun/Jul Trader Supramax
06/06/2023 Indication FOB Kalimantan 4800 NAR $82-84 55000 Jun/Jul Trader Supramax
06/06/2023 Indication FOB Kalimantan 4200 GAR $61 55000 Jun/Jul Trader Supramax
06/06/2023 Indication FOB Kalimantan 4200 GAR $60-61 55000 Jun/Jul Trader Supramax
06/06/2023 Indication FOB Kalimantan 4200 GAR $55-56 55000 Jun/Jul Trader Supramax
06/06/2023 Indication FOB Kalimantan 5000 GAR $82-83 55000 Jun/Jul Trader Supramax
06/06/2023 Indication FOB Kalimantan 5000 GAR $77-78 55000 Jun/Jul Trader Supramax
06/06/2023 Indication FOB Newcastle 5500 NAR $85 130000 Jun/Jul Trader Capesize
06/06/2023 Offer FOB Richards Bay 5500 NAR $81-82 75000 Jun/Jul Trader Panamax, non-rbct origin
06/06/2023 Indication FOB Kalimantan 4200 GAR $59 55000 Jun Trader Supramax
06/06/2023 Indication FOB Richards Bay 5500 NAR $75 75000 Jun/Jul Trader Panamax, non-rbct origin
06/06/2023 Indication FOB Kalimantan 4200 GAR $56-57 55000 Jun/Jul Producer Supramax
06/06/2023 Indication FOB Kalimantan 4200 GAR $50 55000 Jun/Jul Producer Supramax
06/06/2023 Indication FOB Colombia 6000 NAR $82 75000 Jun/Jul Producer Panamax
05/06/2023 Bid CIF ARA 6000 NAR $110.5 50000 July Trader Non russian origin
05/06/2023 Offer CIF ARA 6000 NAR $120 50000 July Trader Non russian origin
05/06/2023 Bid FOB Richards Bay 6000 NAR $100 50000 July Trader
05/06/2023 Bid FOB Richards Bay 6000 NAR $100 50000 August Trader
05/06/2023 Indication FOB NOLA 6000 NAR $72 0 July Broker
05/06/2023 Indication FOB Baltimore 6900 NAR $73 0 July Broker
05/06/2023 Indication FOB Baltimore 6900 NAR $85.75 0 July Broker
05/06/2023 Indication FOB NOLA 6000 NAR $79.75 0 July Broker
05/06/2023 Offer FOB Kalimantan 4200 GAR $63 75000 Jun Producer Panamax
05/06/2023 Offer FOB Kalimantan 5000 GAR $86 75000 Jun Producer Panamax
05/06/2023 Offer FOB Kalimantan 5800 GAR $109 75000 Jun Producer Panamax
05/06/2023 Offer FOB Newcastle 5500 NAR $90 130000 Jul Producer Capesize
05/06/2023 Bid FOB Newcastle 5500 NAR $86 75000 Jul Producer Panamax
05/06/2023 Offer FOB Russia 6000 NAR $110 75000 Jun Producer Panamax
05/06/2023 Indication FOB Russia 6000 NAR $101-102 75000 Jun Producer Panamax
05/06/2023 Bid FOB Kalimantan 3800 NAR $55 55000 Jun/Jul Trader Supramax
05/06/2023 Bid FOB Newcastle 5500 NAR $84 130000 Jul Trader Capesize
05/06/2023 Offer FOB Kalimantan 3800 GAR $54 55000 Jun Producer Supramax
05/06/2023 Offer FOB Kalimantan 4200 GAR $62 55000/75000 Jun Producer Geared vessel
05/06/2023 Indication CFR India 6000 NAR $125 75000 Jun/Jul Trader Panamax, russian origin
05/06/2023 Indication CFR China 5500 NAR $104 55000/75000 Jun/Jul Trader Geared vessel, russian origin
05/06/2023 Indication FOB Kalimantan 4000 GAR $58.5 75000 Jun/Jul Trader Panamax, russian origin
05/06/2023 Indication FOB Kalimantan 3800 NAR $61.50-62 55000/75000 Jun/Jul Trader Geared vessel
05/06/2023 Indication FOB Kalimantan 3400 NAR $52 55000/75000 Jun/Jul Trader Geared vessel
05/06/2023 Indication FOB Kalimantan 5500 NAR $101 75000 Jun/Jul Trader Panamax
05/06/2023 Indication FOB Kalimantan 4200 GAR $65 Unknown Jun Trader Gearless vessel, via barges
05/06/2023 Indication FOB Kalimantan 3400 GAR $44 55000 Jun/Jul Trader Supramax
05/06/2023 Indication FOB Kalimantan 4200 GAR $60 55000 Jun/Jul Trader Supramax
05/06/2023 Indication FOB Kalimantan 4200 GAR $57 55000 Jun/Jul Trader Supramax
05/06/2023 Indication FOB Newcastle 5500 NAR $87 130000 Jun/Jul Trader Capesize
05/06/2023 Indication FOB Newcastle 6000 NAR $130 75000 Jun/Jul Producer Panamax
05/06/2023 Indication FOB Kalimantan 3400 GAR $37-38 55000 Jun/Jul Producer Supramax
05/06/2023 Indication FOB Kalimantan 4200 GAR $60 55000 Jun/Jul Producer Supramax

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

Coal Trader International June 6, 2023

Prices suffer amid excess supply
Following weak Asian demand for around 10 weeks now,
thermal coal prices have fallen to levels not seen so far this year.
Platts, part of S&P Global, assessed the FOB Kalimantan 4,200
kcal/kg GAR at $60/mt June 5, an year-to-date low. Similarly, the
Thermal coal forward curves, Jun 6
Bid Ask Midpoint* Platts symbol Change* % Change
CIF ARA 6,000 NAR
Jul-23 99.50 99.80 99.65 CSAM001 -7.75 -7.22
Aug-23 99.85 100.15 100.00 CSAM002 -6.90 -6.45
Q3-23 98.60 98.90 98.75 CSAQ001 -6.25 -5.95

Newcastle 5,500 kcal/kg NAR with 23% ash was assessed at $88/ Q4-23 97.85 98.15 98.00 CSAQ002 -6.95 -6.62
Q1-24 100.65 100.95 100.80 CSAQ003 -6.20 -5.79
mt June 5, lowest so far this year. Q2-24 101.30 101.60 101.45 CSAQ004 -4.70 -4.43
On the other hand, South African thermal coal prices 2024 101.35 101.65 101.50 CSAY001 -5.50 -5.14

continued to plummet as Europe-based end-users purchased 2025 98.85 99.15 99.00 CSAY002 -4.00 -3.88
2026 98.85 99.15 99.00 CSAY003 -4.00 -3.88
alternative origins of supply, despite Richard’s Bay coal being
*Fields are calculated.
heavily discounted.
Platts assessed the FOB Richards Bay 5,500 kcal/kg NAR at
$89.15/mt June 5, down from $264.25/mt during the same period
a year ago.

Meanwhile, market participants in Europe have also been

looking to tap the Asian market, particularly China, to resell their
coal amid decent thermal coal stockpile at European ports and
lower coal demand due to strong natural gas storage levels and
renewable energy generation, S&P Global reported May 24.
According to sources, Europe has overstocked about 20
million mt of coal but lower-than-expected winter demand due to
less severe temperatures led to more stockpiles.
“I think only for now the circumstances are such that sellers
want to sell to China as it is the only big market which can absorb
the volumes and that too without the hassles of going through
tenders unlike other big markets like Japan, South Korea or
Taiwan,” an Indonesia-based trader said.

Domestic China coal values dwindle

Analysts at S&P Global said imported coal is under pressure
amid weaker Chinese domestic coal price and buyers are not
willing to lift their bids as they have ample stocks at power plants.
With lower industrial demand and less severe summers in
China, domestic coal prices have also taken a beating, raising
competition with global seaborne coal. Power price fundamentals
According to sources, domestic 5,500 kcal/kg NAR coal was 06-Jun-23 Change
heard to have been priced at Yuan 750/mt-Yuan 780/mt levels Brent oil (month ahead - $/b) AAYES00 76.340 -1.040
Coal CIF ARA (year ahead - $/mt) CSAY001 101.500 -5.500
($105/mt-$110/mt), down from Yuan 850/mt-Yuan 880/mt levels EEX EUA carbon (front December - Eur/mt) EADLP00 81.670 -0.810
two to three weeks ago. A similar grade coal from Russia Pacific UK NBP gas (month ahead - p/th) NGAAE00 60.150 -7.625
would cost anywhere between $118-$120/mt currently. Dutch TTF gas (year ahead - Eur/MWh) GTFTZ00 42.775 -2.550

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

Coal Trader International June 6, 2023

“Power demand is much lesser than the domestic supply.

Moreover, because of imported coal, stockpiles at ports are also
very high so even if domestic coal supply dwindles a bit, there
are enough stocks to meet the near-term demand,” an Indonesia-
based miner said.
Stocks at China’s Caofeidian port stood at 13.45 million mt
as of June 6, down from 14.27 million mt June 1, according to a
source. Stocks at the Jingtang port were at 7.60 million mt, up
from 7.46 million mt May 18.
According to S&P Global analysts, output from Chinese
domestic coal mines remained high, and the amount of imported
coal has exceeded expectations so far this year, keeping
supply loose.
“[We] expect an uptick in demand for imported coal when coal
stocks draw down during summer,” they noted.
“These are extraordinary times when the trade flows are
adjusting to accommodate the oversupply situation. But once
things are back to normal, miners will again go back to the
traditional trade flows majorly since price-wise only traditional
markets will make sense for them,” the Indonesia-based
trader said.
— Pritish Raj

JAPAN DATA: Coal imports fall 2%

on year in April to 13.23 mil mt
„ Australia remains the top supplier
„ Russian imports plummet 81% on year in April
„ Japan stopped importing from Mozambique in April
Japan’s coal imports fell 1.6% year on year to 13.23 million mt in
April, according to the provisional trade statistics by the finance
ministry seen by S&P Global Commodity Insights June 5.
Australia remained the top source of coal for Japan, supplying
8.45 million mt in April, up 6.2% year on year. Indonesia remained
the second-largest coal supplier, Canada and the US were the
third- and fourth-largest suppliers of coal to Japan, respectively.
However, supply from Indonesia declined nearly 12% year on
year to 2.07 million mt in April.
Canadian coal imports surged 82.9% year on year to 1.39
million mt in April, while supply from the US also jumped 29.4% to
829.767 mt in the month as compared with the year-ago period.
Coal import volumes from Russia, which was the third-largest
supplier in the year-ago period, plunged 80.8% year on year to
269,767 mt in April.
Japan also imported 46,366 mt coal from South Africa in
April, compared with 74,948 mt of imported coal in the year-ago
period. However, Japan has cumulatively imported 849,500 mt of
coal from South Arica in the January-April period, up 334.34% on
the year.
On the other hand, Japan did not import any coal in April
from Mozambique, while it had imported 38,500 mt of coal in the
same month a year earlier. On a cumulative basis, the supply from
Mozambique was at 19,551 mt in the January-April period, down
87.3% as compared with the same period a year ago.
Coal imports in Japan fell for the fourth consecutive month
in April. Incidentally, the country’s LNG imports have dropped for
three months in a row due to a tepid power demand coupled with
relatively higher spot LNG prices.
LNG imports totaled 4.53 million mt in April, down 18.7% year
on year and down 20.9% month on month, according to data
released May 30 by the finance ministry, led by significantly
reduced imports from the country’s top two suppliers, Australia
and Malaysia.
Global thermal coal prices have started to gradually come
down from the levels in March-October 2022, when they were
elevated by the Russia-Ukraine conflict, due to additional
demand from Europe after it cut down reliance on Russian
imports.
The Platts NEAT index assessed by S&P Global Commodity
Insights for 5,750 kcal/kg NAR coal delivered to Kinuura port
Japan on a CFR basis and a price yardstick for cargo supplied
in northeast Asian countries, including South Korea and Taiwan,
averaged $215.88/mt in 2022, up from $115.14/mt in 2021. The
index was assessed at $111.45/mt on June 6. The drop in current
price as compared with the average prices of previous two years
might be attributed to the falling demand for coal, leading to a
bearish Asian coal market amid a supply glut.
— Srija Basu Roy

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

Coal Trader International June 6, 2023

Platts daily metallurgical coal assessments, Jun 6

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 230.00 0.00 HCCGC00 242.60 0.00 HCCGI00 243.85 +0.05
Premium Low Vol PLVHA00 230.00 0.00 PLVHC00 220.00 0.00 PLVHI00 243.85 +0.05
Low Vol HCC HCCAU00 201.50 0.00 HCCCH00 190.00 0.00 HCCIN00 215.35 +0.05
Low Vol PCI MCLVA00 194.00 0.00 MCLVC00 135.00 -2.00 MCLVI00 207.85 +0.05
Mid Vol PCI MCLAA00 190.50 0.00 MCLAC00 132.00 -2.00 MCVAI00 204.35 +0.05
Semi Soft MCSSA00 169.00 0.00 MCSSC00 135.00 0.00 MCSSI00 182.85 +0.05
Premium Low Vol China Netback PLVHD00 207.40 0.00

TSI coking coal indices ($/mt)

TSI Premium Hard (PHCC) FOB Australia TS01034 230.00 0.00

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 230.00 100.00% PLVHC00 220.00 100.00%
Peak Downs HCPDA00 230.00 100.00% MCBAA00 242.60 110.27%
Saraji HCSAA00 230.00 100.00% MCBAB00 242.60 110.27%
Oaky North HCOKA00 230.00 100.00% MCBAR00 242.60 110.27%
Illawarra HCIWA00 231.00 100.43% MCBAH00 243.60 110.73%
Moranbah North HCMOA00 231.00 100.43% MCBAG00 243.60 110.73%
Goonyella HCGOA00 231.00 100.43% MCBAE00 243.60 110.73%
Peak Downs North HCPNA00 230.00 100.00% MCBAJ00 242.60 110.27%
Goonyella C HCGNA00 230.00 100.00% MCBAI00 242.60 110.27%
Riverside HCRVA00 230.00 100.00% MCRVR00 242.60 110.27%
GLV HCHCA00 225.00 97.83% MCBAF00 237.60 108.00%
Low Vol HCC HCCCH00 190.00 86.36% 100.00%
Lake Vermont HCC MCBAN00 214.10 112.68%
Carborough Downs MCBAO00 212.10 111.63%
Middlemount Coking MCBAP00 204.10 107.42%
Poitrel Semi Hard MCBAQ00 201.10 105.84%
June 6 freight rates. Australia to China: Panamax = $12.60/mt Capesize = $10.35/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 209.00 0.00 19.25% 8.25% 0.95%
High Vol A AAWWS00 208.00 0.00 32.25% 7.5% 0.95%
High Vol B AAWWT00 195.00 +2.50 36.00% 8.00% 1.00%

Premium Low Vol

$/mt Change VM Ash S
Premium Low Vol HCC CFR NWE PLVHE00 241.00 0.00 21.50% 9.30% 0.50%
Premium Low Vol FOB Australia PLVHA00 230.00 0.00 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 1600 PCCMB04 1635 PCCMC04 1845 PLVHJ04 213.31
PCC Met Shanxi High Sulfur Premium Low Vol PCCMD04 1350 PCCME04 1390 PCCMF04 1710 PLVHD04 201.24
PCC Met North China Fat Coal PCCMG04 1620 PCCDG04 190.16
PCC Met Shanxi PCI PCCMH04 1225 PCCMI04 1260 PCCMJ04 1380 MCLCC04 160.62
PCC Met Shandong Semi Soft PCCMK04 1375 PCCML04 1395 MCSSD04 157.50

PCC Met Rail Freight Shanxi – Tangshan PCCMM04 200

PCC Met Truck Freight Shanxi – Tangshan PCCMO04 245
*Weekly (assessed May 31).

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 208.25
Low Vol HCC* AAWZP00 1525.00 AAWZQ00 186.43
*Weekly (assessed June 1), 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 6, 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 0.35
Per 1% TM (as received) 8-11% CPTPA00 -0.15% CPTMP00 -0.35
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 0.63
40-49% CPPBC00 0.40% CPPBD00 0.84
Per 0.1% S 0.70-1.05% CPPBE00 0.85% CPPBF00 1.78
1.06-1.25% CPPBG00 1.80% CPPBH00 3.76
Per 1% TM (as received) 6-11% CPPBK00 1.00% CPPBL00 2.09
Per 1% Ash 5-10% CPPBI00 1.75% CPPBJ00 3.66

US weekly brand relativities ($/mt), June 2

Platts FOB Spread vs US LV
symbol
Blue Creek No. 7 MCAPB04 219.50
Blue Creek No. 4 MCAPC04 204.50
Beckley MCAPD04 209.50 100.24%
Low Vol FOB USEC AAWWR00 209.00 100.00%
Windber MCAPE04 202.50 96.89%
Buchanan MCAPF04 203.75 97.49%

June 2 Panamax freight rates. Hampton Roads to Rotterdam = $11.25/mt, Hampton Roads to Brazil = $11.50/mt, Mobile to Rotterdam = $15.50/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.
Source: S&P Global Platts

Coking coal derivatives assessments, Jun 6 Metallurgical coke, Jun 6

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 225.000 +2.000 +0.897 FOB North China 66/65 MCCNC00 315.00 -1.00 -0.32
Aug-23 MCPLM02 228.000 +1.500 +0.662 65/63
MCCHB00 301.00 -1.00 -0.33
Sep-23 MCPLM03 231.000 +1.000 +0.435 64/62
AAWVL00 291.00 -1.00 -0.34
Q3-23 MCPLQ01 228.000 +1.500 +0.662 62/60
MCCHA00 286.00 -1.00 -0.35
Q4-23 MCPLQ02 246.000 0.000 0.000 CFR India 66/65 MCCNI00 334.00 -3.00 -0.89
Q1-24 MCPLQ03 266.000 +2.000 +0.758 65/63
MCINB00 317.00 -3.00 -0.94
2024 MCPLY01 260.750 +2.250 +0.870 64/62
MCCEI00 307.00 -3.00 -0.97
2025 MCPLY02 238.500 +1.000 +0.421 62/60
MCINA00 302.00 -3.00 -0.98

Domestic
Yuan/mt
Platts China PLV, met coke price differentials, Jun 6 DDP North China (weekly) 62/60 AAWVJ00 1900.00 -25.00 -1.30
Price spreads Platts symbol $/mt $/mt
Import-Shanxi Premium Low Vol CFR China PLVHK04 8.69 FOB North China equivalent (DDP weekly) 62/60 PLVHM04 275.93 -5.20 -1.88
Import-port stock Premium Low Vol CFR China PLVHL04 13.75
62/60% CSR coke export-domestic FOB North China PLVHN04 14.07

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

Coal Trader International June 6, 2023
Japan’s JERA shuts 507 MW Futtsu
4-2 gas fire unit due to turbine glitch
„ Also shuts 854 MW No. 1 Chita Daini gas-fired unit on
turbine issue
„ Plans to restart 400 MW 8-1 Shin Nagoya unit June 30 after
April 1 outage
Japan’s largest power generation company JERA shut June
6 the 507 MW Futtsu 4-2 gas-fired unit as a result of a glitch at
the gas turbine-related facility, the company said in a filing to the
Hatsuden Joho Kokai System.
JERA has not released its outlook for restarting the 507 MW
Futtsu 4-2 gas-fired unit.
In a separate filing to the HJKS, JERA said it will also shut
June 6 the 854 MW No. 1 Chita Daini gas-fired unit because of an
issue at the gas turbine-related facility without elaborating on its
outlook for restarting the unit.
JERA also said June 5 it now plans to restart the 400 MW
8-1 Shin Nagoya gas-fired unit June 30 following an unexpected
shutdown April 1 after an electricity-facility issue.
A series of gas-fired power plant issues have been reported
at JERA’s thermal power plants as Japan is in the midst of
experiencing relatively mild weather.
— Takeo Kumagai
China’s forest-based carbon sinks absorb
1 billion mtCO2e a year: Climate Envoy
„ May rely on forest-based carbon credits in domestic
carbon market
„ China accounts for around 13% of global forest-based
carbon sinks
China’s afforested areas and forestry resources have been
increasing for 30 consecutive years, with its forest-based carbon
sinks now absorbing around 1 billion mtCO2e per year, Xie
Zhenhua, Special Climate Envoy of China, said June 6 in a virtual
address at the Ecosperity Week 2023 conference in Singapore.
Natural carbon sinks, such as forests, soil and oceans, account
for the largest CO2 removals from the atmosphere, with nature-
based projects like afforestation and reforestation increasingly
becoming a source of high-quality carbon credits.
China’s abundant forestry resources are expected to become
a major source of nature-based carbon credits with the relaunch
of the country’s domestic carbon registry for domestic voluntary
carbon credits known as China Certified Emission Reductions, or
CCERs, later this year.
New project registrations under the new CCER scheme
had been paused for five years to refine the regulatory and
methodology frameworks. Forest-based carbon credits are likely
to become a major source when the new system is relaunched,
as the government moves away from low-quality avoidance
projects like renewables.
Forest-based carbon sinks absorb around a net 7.6 billion
© 2023 by S&P Global Inc. All rights reserved. 9
Weekly Averages for Platts Thermal Coal Price
Assessments ($/mt)
CV (kcal/kg) Basis Week ending Week ending Change
02-Jun 26-May
FOB Kalimantan 5,900 GAR 102.125 106.000 -3.875
FOB Kalimantan 5,000 GAR 87.250 89.580 -2.330
FOB Kalimantan 4,200 GAR 61.750 66.490 -4.740
FOB Kalimantan 3,800 GAR 53.750 57.200 -3.450
Monthly and Quarterly Averages for Platts Forward
Benchmark Coal Price Assessments ($/mt)
CV (kcal/kg) Basis May-23 Apr-23 Mar-23 Q1-23 Q4-22
Platts SEAT 4,200 GAR 76.59 79.77 83.15 84.39 98.78
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
CFR Bangladesh 5,000 GAR 101.68 106.21 105.38 108.00 134.89
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
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
FOB Richards Bay 5,500 NAR 91.28 109.93 112.05 111.86 153.66
FOB Newcastle 20% Ash 5,500 NAR 112.73 121.38 124.11 127.57 145.15
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
FOB Kalimantan 4,200 GAR 69.03 71.06 73.57 76.31 89.84
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
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
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
CIF Med 75kt 6,000 NAR 130.00 130.00 138.00 150.46 247.27
CIF Med 45kt 6,000 NAR 117.75 112.50 124.00 124.15 153.31
FOB Baltimore
FOB Hampton Roads
6,000
6,000
NAR 83.71 94.13 93.98 109.97 178.24
NAR 135.83 139.48 146.00 166.94 230.70
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
FOB Colombia 6,000 NAR 110.81 121.00 120.80 131.68 216.54
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
mtCO2e/year, according to data from the World Resources
Institute’s Global Forest Watch, which puts China’s absorption
rate at almost 13% of the world’s total.
Platts-assessed nature-based carbon credit price was
at $1.05/mtCO2e on June 5, S&P Global Commodity Insights
data showed.
“In the past 10 years, China’s average annual GDP growth was
6.5%, while its average annual energy consumption growth was
only around 3%. During this period, our energy consumption per
unit of GDP decreased by 26.3%, and CO2 emissions per unit of
GDP decreased by 34.4%,” Xie said.
He said China owns the world’s largest renewable generation
capacities and the largest fleet of new energy vehicles.
“China also serves as the biggest exporter of solar, wind
products as well as batteries. We have installed over 1200 GW
of renewable generation capacity and have over 13 million new
energy vehicles on the road,” he added.
Xie said Chinese companies were willing to work with
Singapore companies like Temasek to promote decarbonization
in the Southeast Asia region and globally.
Coal Trader International June 6, 2023
Singapore, which has always been a top performer in tackling
climate change, is a role model in how a small country can
facilitate multilateral diplomatic agendas to make progress,
he added.
— Ivy Yin
Singapore allows carbon taxpayers to use
carbon credits generated in Ghana as offsets
„ To work toward similar agreements with other countries
„ To source carbon offsets in future from Bhutan, Cambodia,
Colombia, Vietnam, Peru
Singapore has allowed local carbon tax-liable companies
to purchase carbon credits generated in Ghana to offset their
emissions, Minister for Sustainability and the Environment of
Singapore Grace Fu said June 6 at the Ecosperity Week 2023.
The city-state is promoting trade of carbon credits across
national boundaries, even as an increasing number of countries
have been wary of exporting their carbon credits to foreign
buyers, as they prioritize fulfilling their own climate targets amid
concerns about unfair profit sharing.
“Singapore has substantively concluded negotiations with
Ghana on an implementation agreement setting out the criteria
and processes for carbon credit project development and
trading,” Fu said.
“We are working toward similar implementation agreements
with other like-minded countries, with whom we have signed
memorandums of understanding, such as Bhutan, Cambodia,
Colombia, Vietnam, and Peru,” she said.
Singapore’s carbon tax is applied on facilities with direct
emissions of at least 25,000 mtCO2e/year of greenhouse gases
that covers about 80% of the nation’s annual GHG emissions.
In 2022, the government of Singapore announced that it will
progressively increase the carbon tax starting from 2024. The
carbon tax will be increased to S$25/mtCO2e ($18.5/mtCO2e)
in 2024 and 2025, from S$5/mtCO2e ($3.7/mtCO2e) currently.
Singapore will raise the carbon tax to S$45/mtCO2e in 2026 and
2027, and S$50-S$80/mtCO2e by 2030.
Considering increasing compliance costs, from 2024, the
government has allowed carbon taxpayers to purchase high-
quality international carbon credits to offset up to 5% of their
tax-liable emissions. The government is yet to announce its exact
criteria for high-quality carbon credits.
The minister’s speech provided some clues on carbon credits
from which countries will be eligible as future tax offsets for local
taxpayers’ carbon investments.
“Singapore is using our carbon tax to tap on the mitigation
potential of carbon markets,” Fu said. “This [allowing the use
of international carbon credits as tax offsets] could spur local
demand in carbon markets, hence supporting the growth of a
vibrant international carbon market and channel financing to
mitigation projects internationally.”
— Ivy Yin
© 2023 by S&P Global Inc. All rights reserved. 10
Pennsylvania to shutter its
largest coal plant in July: EIA
„ Capacity factor plummets to 20% in 2022 as natural gas more
competitive
„ Pittsburgh Seam 13,000 Btu/lb average coal price in 2022 up
130.3% on year: Platts
Pennsylvania’s largest coal-fired power plant, the Homer
City Generating Station, will retire in July due to a dwindling
capacity factor and increased maintenance costs as coal cedes
generating share to natural gas, the US Energy Information
Administration said June 5.
“For 30 years, the plant operated almost continuously,
achieving a utilization rate, called a capacity factor, near 90%,” the
EIA said. “As new natural gas-fired plants were built, the Homer
City plant was dispatched more intermittently for load following
instead of for base load.”
When the capacity factor of the 1,888-megawatt coal plant fell
to 20% in 2022, the decision was made to retire the plant.
“As the Homer City plant became less competitive
economically and was dispatched for load following rather than
for baseload power, the plant generated less electricity, and its
capacity factor dropped,” the EIA said.
The drop in Homer City’s 2022 coal capacity came as high-
heat bituminous coal prices soared in 2022 amid Russia’s war
in Ukraine, which had a knock-on effect for domestic utility coal
prices. Platts assessed Northern Appalachia Pittsburgh Seam
13,000 Btu/lb rail coal at an average of $140.53/st in 2022, up
130.3% from $61.01/st during the corresponding period of 2021,
according to S&P Global Commodity Insights data. The station
purchases coal with an average heat content around 12,500 Btu/
lb, EIA data showed.
Debt incurred from pollution control upgrades and the
increasing cost of maintenance due to less frequent dispatching
contributed to the plant’s declining economic situation, the
EIA said.
Natural gas continues to be cheaper than coal on a $/MMBtu
basis, discouraging gas-to-coal switching across the US power
sector. The NYMEX Henry Hub prompt-month natural gas futures
contract settled at $2.245/MMBtu June 5, according to CME
Group data. By way of comparison, Platts assessed prompt-
month Central Appalachia 12,500 Btu/lb CSX rail coal at $69.75/st
June 5, the equivalent of $2.790/MMbtu, or a 54.5 cent premium
to Henry Hub.
The retirement of the Homer City Generating Station, which
purchased 1.4 million st of coal in 2022, will equate to less
demand for the state’s coal producers. The plant’s Pennsylvania-
based suppliers include Consol, Res Coal, Rosebud Mining and
Unionvale Coal, according to EIA data. The plant purchased
191,907 st of coal from January through March, up from 187,932
st in the year-ago term. In 2021, the plant purchased 1.8
million st.
Coal Trader International June 6, 2023
US coal capacity continues to decrease as plants retire. The
EIA said current coal-fired generating capacity is around 196 GW,
down from 313 GW in 2005.
Platts is part of S&P Global Commodity Insights.
— Morgan Snook
Hampton Roads coal exports
rise 8.7% on year in April: VMA
„ Norfolk Southern’s Lamberts Point boosts shipments 15.9%
„ Rise in exports coincides with decline in prices
„ FOB Hampton Roads 6,000 kcal/kg NAR declines 24.9% to
$139.48/mt: Platts
Exports of thermal and metallurgical coal from the Hampton
Roads terminals in Virginia rose 8.7% on the year to 2.7 million st
in April, Virginia Maritime Association data showed June 5.
Compared with March, April Hampton Roads coal exports
were 7.6% lower. January through April exports were 7.8 higher
than the year-ago period at 11.5 million st.
The year-on-year increase in April coal exports coincided
with a 24.9% decrease in prices. The April average FOB Hampton
Roads thermal coal price was at a 14-month low. Platts assessed
FOB Hampton Roads 6,000 kcal/kg at an average of $139.48/mt
in April, down from $185.82/mt in the year-ago month. In March,
the FOB Hampton Roads price averaged $146/mt.
A total of 41 coal ships arrived and 41 coal ships set sail from
the terminals in April, up from 37 coal ship arrivals and 34 coal
ship departures in the year-ago month. January through April
coal ship arrivals totaled 157 coal ships, the same number of
coal ships that departed during the term. In the year-ago period,
there were 133 coal ship arrivals and 136 coal ship departures,
according to VMA data.
Among the area’s three coal terminals, Lamberts Point coal
exports increased by the greatest margin compared with April
2022. The terminal primarily handles met coal and is owned
and operated by Norfolk Southern in Norfolk, Virginia. Lamberts
Point coal exports increased 15.9% on the year to 970,456 st in
April, VMA data showed. Compared with March, Lamberts Point
shipped 23.4% less coal. For January through April, Lamberts
Point shipped 4.7 million st, up 22.9% from the year-ago term.
The April average low vol US met coal price was $262.50/
mt, down from $316.57/mt in March, according to the Platts
assessment.
Owned by Arch Resources and Alpha Metallurgical Resources
and served by Class I Railroad CSX, coal shipments from
Dominion Terminal Associates in Newport News rose 10% from
the year-ago month to 1.1 million st in April. Compared with
the March, April DTA coal shipments were 3.3% higher. For the
January through April period, Dominion Terminal Associates
shipped 4.4 million st of coal, up 2.1% from the corresponding
2022 term.
Kinder Morgan’s Pier IX, which handles primarily thermal coal
and is served by CSX, saw April coal exports rise 6.1% on the
© 2023 by S&P Global Inc. All rights reserved. 11
month to 606,563 mt. Compared with the year-ago month, Pier
IX exports were 3.1% lower. From January through April, Pier IX
shipped 2.4 million st, down 5% from the year-ago period.
The delivered into Europe coal price CIF ARA 6,000 kcal/kg
NAR averaged $143.07/mt in April, up from $137.81/mt in March,
according to Platts data. In April 2022, Platts assessed the CIF
ARA price at an average of $318.80/mt.
Platts is part of S&P Global Commodity Insights.
— Morgan Snook
Colombian coal exports jump 20.8% on week: CAS
„ Brazil, Israel and Spain are top three thermal coal destinations
„ FOB Colombia 6,000 kcal/kg NAR coal rises $5.25 to $105.25/
mt: Platts
Weekly exports of thermal and metallurgical coal from Colombia
jumped 20.8% higher on the week to 1.7 million mt in the week
ended June 4, according to June 5 S&P Global Commodities at
Sea data.
The export volume consisted of 220,012 mt of metallurgical
coal and 1.5 million mt of thermal coal. In the previous week,
Colombia shipped 67,915 mt of met coal and 1.4 million mt of
thermal coal.
FOB Colombia 6,000 kcal/kg NAR coal for prompt-quarter
loading rose $5.25 from the previous session June 2 at
$105.25/mt, according to the Platts assessment by S&P Global
Commodity Insights. Over the past 10 sessions, the FOB Colombia
thermal coal price has risen four times and fallen six times.
Brazil was the top destination for Colombia’s thermal coal
exports in the latest week with 460,349 mt in shipments, up from
59,964 mt in the previous week. Israel was scheduled to receive
the second highest volume at 180,121 mt, up from 61,393 the week
before. Spain rounded out the top three destinations with 172,103
mt of Colombian thermal coal destined for its shores. Other top
destinations included the Netherlands at 170,880 mt; Chile at
131,664 mt; and Panama, 121,996 mt.
Colombia’s thermal coal shipments were loaded from three
ports in the week ended June 4. The highest volume was loaded
from Port Drummond at 1.1 million mt, up from 730,452 mt in the
Coal Trader International June 6, 2023
previous week. The bulk of Port Drummond’s shipments were
bound for Brazil, Israel, Spain and the Netherlands. Port Bolivar
followed at a combined volume of 271,536 mt bound for Brazil,
Morocco and Chile, down from 519,847 mt the week before. The
remaining 154,676 mt was loaded from Santa Marta for destinations
in Poland, Panama and Brazil, up from zero the week before.
The top three destinations for Colombian metallurgical coal
in the latest reported week were Brazil at 61,052 mt; Guatemala,
48,220 mt; and Panama, 33,703 mt. The remaining destinations
were the Netherlands at 32,708 mt; United Kingdom, 23,324 mt;
and Chile, 21,005 mt. The week before, Colombian met coal was
bound for only three destinations: Dominican Republic, 29,396
mt; Turkey, 26,221 mt; and Brazil, 12,298 mt.
The Port of Tolu loaded the highest combined met coal volume
at 109,272 mt bound for Brazil and Guatemala, up from zero in
the previous week. The second largest volume of Colombian met
coal was loaded from Barranquilla at 56,032 mt, up from 26,221
mt the week before. Barranquilla’s shipments were bound for the
Netherlands, the United Kingdom, and Turkey. A total of 33,703
mt was loaded from Mamonal destined for Panama and the
Dominican Republic, up from 29,396 mt in the previous week. The
Port of Aguadulce loaded the remaining 21,005 mt, which was
bound for Brazil, up from zero in the previous week.
Platts is part of S&P Global Commodity Insights.
— Morgan Snook
Asia met coal PLV prices rangebound
amid muted trading activity
„ Bid-offer range heard at $190-$240/mt for July
globalCOAL Prime
„ Indian end-user heard issuing buy tender for PHCC, HCC
„ Chinese mills in discussion for 11th round of met coke
price cut
Asian metallurgical coal PLV FOB prices rangebound June
6, with market participants remaining on the sidelines amid
uncertain price direction following a recent uptick in prices.
Platts, part of S&P Global Commodity Insights, assessed the
benchmark Premium Low-Vol Hard Coking Coal price flat on the
day at $230/mt FOB Australia June 6, while the delivered CFR
China price was also assessed flat from the previous session at
$220/mt CFR China.
In the FOB Australia market, an offer was heard at $240/mt
FOB Australia for 35, 000 mt of globalCOAL Prime coal with a July
6-15 loading laycan. It attracted a bid at $190/mt FOB Australia for
the same type of coal with a July 11-20 loading laycan.
“An Indian end-user was heard to have issued a buy tender for
a mixture of PHCC, semi-hard and low ash coking coal for an end-
June loading laycan,” sources said. “The quantity amounted to
around 45, 000 mt with a preference for index-linked conclusion.”
“Demand still exists within the market, however, supply will
gradually improve, as an Australian miner was heard to have
started showing availability of a PLV/PMV combined cargo with a
© 2023 by S&P Global Inc. All rights reserved. 12
mid-July loading period,” an international trader said. “Most end-
users, however, were not interested in fixed price conclusion,” the
trader added.
An international trader mentioned that India remains the
hotspot for spot demand, with most providing buying indications
for Australian PHCC around $225/mt FOB Australia. However,
there were no bids, suggesting some uncertainty in price
direction amid the recent uptrend.
In the CFR China market, PLV prices remained rangebound,
with end-users hugging the sidelines and remaining reluctant to
make procurement decisions, especially for seaborne materials
with further arrival dates.
One major steelmaker source said that they are still interested
in buying Australian material, but it is being priced out of the
market, as suppliers are referring to the FOB price for guidance.
“With the gradual reduction in raw material cost, some of
the merchant cookeries and mills are starting to observe slight
margins, but most are still keeping inventories low, preferring a
hand-to-mouth procurement strategy,” a Chinese trader said.
In the Chinese met coke market, prices extended losses, as
market participants continued to discuss the possibility of an
eleventh round of met coke price cuts amid weak downstream
demand, sources said.
A major Chinese merchant cokery source, meanwhile, noted
that coke producers are already booking a loss with the landing
of the tenth round of met coke price cut in the week ended June
1. Another round of price cuts could be proposed with the coke
prices possibly seeing a bottom soon, the same source said.
Elsewhere, in the international met coke market, limited
trading activities were heard amid continued expectations of
disparity between buyers and sellers, sources said.
Indicative offers for seaborne Chinese met coke with CSR 64-
65 were heard at around $290-$320/mt CFR India basis.
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 $59.50/mt June 6, down 50 cents/mt
day on day, on lower demand.
No offers, bids or trades were heard before the Platts Markets
on Close assessment process.
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
Platts Hard Coking Coal Premium Low Vol CFR China
Daily Rationale
Platts assessed Premium Low-Vol HCC flat on the day at $220/
mt CFR China June 6, in line with lower tradable levels heard for
the day.
Coal Trader International June 6, 2023
The tradeable levels were reported at $218-$221/mt for
Australian Premium Low-Vol Peak Downs, which was at parity
with 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 flat on the day at $230/mt
FOB Australia June 6, higher than the tradable levels heard from
end-users.
Tradable levels were heard at $220-$230/mt for Australian
Premium Mid-Vol Goonyella, which was normalized downward by
$1/mt to $219-$229/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.
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
© 2023 by S&P Global Inc. All rights reserved. 13
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 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
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 to create three new thermal coal daily rationales
Platts, part of S&P Global Commodity Insights, will create 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.
The CIF ARA rationale will be included in Coal Trader and Coal
Trader International.
Coal Trader International June 6, 2023
The CFR Pakistan and FOB Richards Bay rationales will be
included in Coal Trader International.
The new rationales will 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.
© 2023 by S&P Global Inc. All rights reserved. 14
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.
Coal Trader International June 6, 2023

Current Vessel Fixtures

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

BIT TBN 80,000/10 Newcastle/Taiwan Oct 17-30 $12.05/mt TPC

BIT TBN 80,000/10 Newcastle/Taiwan Nov 17-30 $11.97/mt TPC
TBN 150,000/10 Gladstone/Hon Mieu+Campha Jun 11-20 RNR Welhunt
Berge Mawson 150,000/10 Gladstone/Hon Mieu+Campha Jun 11-20 RNR Wellhunt
Berge TBN 150,000/10 Hay Point/Krishnapatnam Jun 15-20 $8.25/wmt Oldendorff
Rini 178,000/10 TCT via Eastern Australia, Jun 1-2 $15500/Day Multimax
DOP CJK, ReDel China
MSXT Capella 180,000 dwt TCT via Eastern Australia, May 25 Onwards $15250/Day Multimax
DOP Qingdao, ReDel China
TBN 160,000/10 Hay Point/Isdemir Jun 18-27 $10.25/mt Erdemir
TBN 75,000/10 Abbot Point/Paradip June 20-27 $11.75/mt JSPL
NYK TBN 130,000/10 Newcastle/China Jun 11-20 $12.50/mt CNR
TBN 130,000/10 Abbot Point/Hon Mieu+Campha Jun 7-12 $12.75/mt Welhunt
Canada

TBN 75,000/10 Vancouver/Praia Mole June 1-10 $13/mt Arcelor Mittal

Colombia

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

TBN 55,000/10 East Kalimantan/Hazira May 12-18 $11/mt free DA at discharge port CNR
Indonesia

TBN 75,000/10 Taboneo/Hazira June 10-19 RNR Arcelor Mittal

Panamax TBN 60,000/10 Tanjung Kampeh/Dongfang or Haikou June 10-13 around $5.10/mt Diryoung
TBN 70,000/10 Tanjung Bara Coal Terminal/Chaozhou June 13-16 low-$5/mt Golden Bricks
TBN 75,000/10 North Pulau Laut Coal Terminal/Karaikal June 8-12 $5.75/mt free DA at discharge port CNR
TBN 45,000/10 Muara Sangkulirang/Nanjing Jinling June 18-22 high-$9/mt CNR
TBN 50,000/10 Muara Berau/Nantong June 21-25 mid-$8/mt CNR
TBN 43,000/5 Bunati/Yangzhou Guoxin June 12-15 low-$10/mt Xiangyu
TBN 55,000/10 Taboneo/Xinsha June 22-25 mid-$6/mt Zhuhai Port
Holdings (Hong
Kong) Co. Ltd.
TBN 45,000/10 Muara Sangkulirang/Yangzhou Erdian June 13-17 high-$9/mt Shanxi Kingstar
TBN 150,000/10 Taboneo/Mundra May 21-27 $6.15/mt LSSOT
TBN 43,000/5 Bunati/Yangzhou Guoxin June 12-15 RNR Xiangyu
TBN 55,000/10 Meulaboh/Hazira June 10-16 $6.50/mt free DA at discharge port CNR
TBN 55,000/10 Meulaboh/Hazira June 6-12 $7/mt free DA at discharge port CNR
TBN 80,000/10 Muara Pantai/Taiwan June 11-20 $4.80/mt Daewoo
TBN 55,000/10 Samarinda/Bhavnagar June 3-9 mid-high $11/mt CNR
South Africa

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
TBN 150,000/10 Richards Bay/Gangavaram Jun 5-14 $9.25/mt LSSOT
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

TBN 38,000/5 Beira/Visakhapatnam June 11-16 $26.45/mt RINL

TBN 75,000/10 Nacala/Vizag June 10-13 $10.25/mt Al General Metals
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

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

Coal Trader International June 6, 2023

Current Vessel Fixtures (Continued)

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

Philippines

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

TBN 80,000/10 Semirara/Goseong June 6-10 $7.47/mt KEPCO

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