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Coal Trader International
Volume 23 / Issue 143 / July 27, 2023
News Headlines
Prices for high-CV Indonesian coal
rangebound amid rising Asian demand
„ Domestic prices seen stabilizing in China
„ Indian buyers showing no urgency: source
India working on logistics network
for smoother movement of 885 mil mt coal
„ 67 first mile connectivity projects underway
„ 13 new railway lines for coal distribution
Australian miner TerraCom’s FY
2022-23 coal sales drop 11% on year
„ Sells 8 million mt coal in fiscal year
„ Rainfall, logistics issues dampen sales
THAILAND DATA: June coal imports fall
35% on year to 1.25 mil mt
„ Imports of coal from Australia flat
„ Imports from Indonesia, Russia drop
S Korea joins Japan in seeking exemption
from Australia’s Safeguard Mechanism
„ MOTIE minister asks for exemption from Safeguard Mechanism
„ S Korea, Japan share concerns over impact for Barossa
gas project
www.spglobal.com/commodityinsights
spglobal.com/dimensions-pro | ci.support@spglobal.com
Daily prompt physical thermal coal assessments, Jul 27
CV (kcal/kg) Window Platts symbol $/mt Chg
Asia-Pacific
Northeast Asia
Platts NEAT 5,750 NAR 15-60 day JKTCA00 108.15 +0.05
South Asia
Platts SEAT 4,200 GAR 15-60 day CSEAA00 58.40 +0.05
CFR Pakistan 5,750 NAR 30-60 day TPKCA00 105.50 -1.40
CFR Bangladesh 5,000 GAR 30-60 day TCBAN00 83.95 +0.15
Sulfur Differential TCSDA00 0.30
China
PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPQ00 58.30 0.00
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPP00 82.25 0.00
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSC00 100.00 0.00
Yuan/mt
PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPR00 414.91 -0.58
PCC 6 (VAT included) 3,800 NAR 30-60 day PCCPS00 468.85 -0.65
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPO00 585.36 -0.82
PCC 7 (VAT included) 4,700 NAR 30-60 day PCCFB00 661.46 -0.92
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSD00 711.68 -1.00
PCC 8 (Duty & VAT included) 5,500 NAR 15-60 day PCCFA00 804.20 -1.13
Indonesia
FOB Kalimantan (Geared Supramax) 4,200 GAR 7-45 day CSBKI00 51.00 0.00
FOB Kalimantan (Geared Supramax) 3,800 GAR 7-45 day CSCKJ00 40.25 -0.25
FOB Kalimantan (Geared Supramax) 5,900 GAR 90-day
FOB Kalimantan (Geared Supramax) 5,000 GAR 90-day
CSAKH00 89.50 +1.50
CSAKI00 74.95 0.00
Kalimantan Floating Crane AKFCA00 2.50
Australia
FOB Newcastle 20% Ash 5,500 NAR 7-45 day AAVUW00 89.20 0.00
FOB Newcastle 23% Ash 5,500 NAR 7-45 day AAVVB00 86.90 0.00
FOB Newcastle Ash Differential AAVVA00 0.76
India
CFR India West (Gearless Panamax) 5,500 NAR 30-60 day CIWCI00 101.00 0.00
CFR India West (Gearless Panamax) 5,000 GAR 30-60 day TCAKP00 84.20 -0.55
CFR India West (Gearless Panamax) 4,200 GAR 30-60 day TCAKT00 60.25 -0.55
CFR India East (Gearless Panamax) 5,500 NAR 30-60 day CIECI00 102.45 0.00
CFR India East (Gearless Panamax) 5,000 GAR 30-60 day TCAKJ00 83.65 -0.50
CFR India East (Gearless Panamax) 4,200 GAR 30-60 day TCAKU00 59.70 -0.50
Atlantic Basin
Europe
CIF ARA 6,000 NAR 15-60 day CSARM01 111.05 -3.95
European Blended Price (EBP) 6,000 NAR 15-60 day TEBPA00 97.55 -0.20
EBP/CIF ARA Differential 6,000 NAR 15-60 day TEBPB00 -13.50 +3.75
South Africa
FOB Richards Bay 5,500 NAR 7-45 day AAXEX00 92.80 -1.60
North America
FOB Baltimore 3%S 6,900 NAR 15-60 day CUATB04 80.75 +0.25
FOB Hampton Roads 1%S 6,000 NAR 15-60 day CUAEA04 113.40 0.00
FOB New Orleans 3%S 6,000 NAR 15-60 day CUAFA04 78.00 +0.75
FOB Long Beach 0.5%S 6,000 NAR 15-60 day CTLBA00 139.15 0.00
FOB Oakland 0.5%S 6,000 NAR 15-60 day CTOKA00 130.60 0.00
FOB Vancouver 0.5%S 5,000 NAR 15-60 day CTVCA00 55.60 -0.05
Note: In the absence of transactional data, these assessments represent theoretical value
for export.
www.twitter.com/SPGCICoal
Coal Trader International July 27, 2023
Prices for high-CV Indonesian coal
rangebound amid rising Asian demand
„ Domestic prices seen stabilizing in China
„ Indian buyers showing no urgency: source
Inquiries for Indonesian coal of higher calorific value (CV) from
the Chinese power sector steered demand in the Asian thermal
coal market July 27, sources said. The sporadic nature of current
demand patterns, however, kept prices rangebound.
“We are observing rising demand for high-CV coal from the
Chinese power sector as buyers are trying to stock up,” said an
Indonesia-based trader.
Australian miners were seen to be holding onto their higher
offers after heightened demand for the last few weeks, which has
led buyers to turn their attention towards Indonesian high-CV coal.
At the same time, a China-based trader pointed out that
domestic coal prices are showing signs of stability. Rising domestic
prices in China following inspections in some mines had pushed
buyers towards the seaborne market in search of better deals.
Anticipating an economic stimulus from the Chinese
government in its bid to boost the country’s GDP, market
participants looked forward to an uptick in industrial demand for
imported coal once the stimulus is implemented.
An India-based trader, who tracks coal movement in China,
found China’s demand for seaborne coal to be “sporadic” in
nature. Moreover, with several regions experiencing heavy rainfall,
thermal coal utilization had come down, lowering overall demand
from the power sector compared with the last few weeks which
saw scorching summer heat.
Stocks at China’s Caofeidian port stood at 11.43 million mt
as of July 27, down from 11.69 million mt July 10, according to a
© 2023 by S&P Global Inc. All rights reserved. 2
Weekly prompt physical thermal coal prices, Jul 21
CIF Med 75kt
Code
CTCMT04
Kcal/kg Basis
6,000 NAR
Sulfur $/mt Change
0.8% 115.00 -5.00
CIF Med 45kt CTCMA04 6,000 NAR 0.8% 118.00 -6.00
FOB Colombia CSABZ00 6,000 NAR 0.8% 99.00 -1.20
FOB Russia Baltic CSAKC00 6,000 NAR 0.5% 95.00 -3.50
FOB Russia Pacific CSAKG00 6,300 GAR 0.3% 102.00 +7.00
Platts physical thermal coal netbacks, Jul 27
Code CV Basis Sulfur $/mt Chg
(kcal/kg)
Coal ($/mt)
CIF ARA CSARM01 6,000 NAR 1.0% 111.05 -3.95
Platts NEAT JKTCA00 5,750 NAR 1.0% 108.15 +0.05
CFR India West CIWCI00 5,500 NAR 0.8% 101.00 0.00
Panamax Freight ($/mt)
USEC-Rotterdam CDBUR00
11.75 +0.25
Mobile-Rotterdam CDMAR00 15.00 +0.25
Roberts Bank-Japan CDRBK00 13.05 +0.05
Richards Bay-India West CSAKL00 11.65 +0.15
Penalties & Premia ($/mt)
Per 0.1% Sulfur (USGC) COPAP00 0.95 -0.26
Total S discount (USGC) COPBP00 18.05 -4.94
Netbacks ($/mt)
FOB Vancouver CTVCB00 5,750 NAR max 1% 95.10 0.00
Netbacks ($/st)
FOB US East Coast* COUSC00 12,500 GAR 1.0% 100.10 -4.23
FOB US Gulf Coast* COUGU00 11,500 GAR 2.9% 72.37 +0.60
FOB Vancouver* COVCU00 8,800 GAR 0.8% 69.15 +0.40
* CV = Btu/lb
China-based trader, while those at the Jingtang port were at 6.97
million mt, down from 7.06 million mt July 10.
In the Indian market, high domestic stocks continued to keep
inquires in the overseas spot market low as several end-users
from the sponge iron sector started operating with domestic
Coal Trader International July 27, 2023

washed coal rather than rely on imports. “Indian buyers are only
booking cargoes on an index-linked basis considering the current
volatile market situation,” said another India-based trader.
Coal stockpiles at Indian power plants stood at 34.97 million
mt July 25, sufficient for more than 12 days of coal burn, according
to the latest data by the Central Electricity Authority of India.
— Shriparna Saha
India working on logistics network
for smoother movement of 885 mil mt coal
„ 67 first mile connectivity projects underway
„ 13 new railway lines for coal distribution
The Indian government is working on 67 ‘first mile connectivity’
projects to ease coal logistics in the country and enable
smoother evacuation of 885 million mt of the fuel from the mines
located in remote regions, federal coal minister, Pralhad Joshi
informed the its parliament July 26.
The issue of supply chain logistics for coal becomes critical
in India, especially in the monsoon season, when transport of
the fuel by road faces challenges, preventing power plants from
receiving adequate amount of the fuel despite vast reserves
present in the country.
“At present, 13 railway lines are being constructed in
collaboration with the Ministry of Railways for expansion of
coal distribution capabilities, which are at various stages of
construction,” Joshi said.
S&P Global Commodity Insights reported earlier that to
ease the logistical constraints of coal transportation within the
country, the Indian government is exploring the possibility of
Spot dry bulk freight assessments, Jul 27
Platts symbol $/mt Chg
Capesize
Australia-China CDANC00 9.10 +0.15
Queensland-Japan CIGAJ00 10.15 +0.15
New South Wales-Korea CINAK00 10.90 +0.15
Bolivar-Rotterdam CIBCR00 11.00 +0.15
Roberts Bank-Japan CDRKJ00 10.20 +0.15
Panamax
Richards Bay-India West CSAKL00 11.65 +0.15
Kalimantan-India West CSAKP00 6.75 -0.55
Richards Bay-India East CSAKN00 11.70 +0.15
Kalimantan-India East CSAKR00 5.50 -0.50
Ventspils-Rotterdam CILTN00 7.75 +0.25
USEC-India CDBUI00 29.25 +0.25
USEC-Rotterdam CDBUR00 11.75 +0.25
Mobile-Rotterdam CDMAR00 15.00 +0.25
Roberts Bank-Japan CDRBK00 13.05 +0.05
Australia-China CDBFA00 10.70 +0.05
Australia-India CDBFAI0 12.10 +0.05
Supramax
Richards Bay-Port Qasim CRBPB00 12.85 +0.15
South Kalimantan-Krishnapatnam CISKK00 11.10 +0.15
Thermal coal implied freight table, Jul 27
Basis 5,500 kcal/kg NAR
Origin/delivery hub NE Asia SE Asia NW Europe India Med South China
FOB Newcastle (20% Ash) 14.25 -8.90 12.60 13.25 16.22 10.80
FOB Kalimantan 17.09 -6.06 15.44 16.09 19.06 13.64
FOB Colombia 12.70 -10.45 11.05 11.70 14.67 9.25
FOB Russia Baltic 16.37 -6.78 14.72 15.37 18.34 12.92
FOB Russia Pacific 9.95 -13.20 8.30 8.95 11.92 6.50
FOB Richards Bay 10.65 -12.50 9.00 9.65 12.62 7.20
FOB Baltimore 39.08 15.93 37.43 38.08 41.05 35.63
FOB New Orleans 31.95 8.80 30.30 30.95 33.92 28.50
FOB Vancouver 42.29 19.14 40.64 41.29 44.26 38.84

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

Coal Trader International July 27, 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

27/07/2023 Bid CIF ARA 6000 NAR $111 50000 September Trader Non-Russian origin
27/07/2023 Offer CIF ARA 6000 NAR $130 50000 September Trader Non-Russian origin
27/07/2023 Bid FOB Richards Bay 6000 NAR $87 50000 September Trader
27/07/2023 Indication FOB Kalimantan 4200 GAR $53 75000 Aug Trader Panamax
27/07/2023 Indication FOB Kalimantan 4200 GAR $54 75000 Aug Trader Panamax
27/07/2023 Indication FOB Kalimantan 4200 GAR $55 75000 Aug Trader Panamax
27/07/2023 Indication FOB Kalimantan 4200 GAR $52-53 55000 Aug Trader Supramax
27/07/2023 Bid FOB Kalimantan 5800 GAR $89 55000 Aug Trader Supramax
27/07/2023 Trade FOB Kalimantan 5800 GAR $91 55000 Aug Trader Supramax
27/07/2023 Indication FOB Kalimantan 6000 GAR $96-97 55000 Aug Trader Supramax
27/07/2023 Offer FOB Kalimantan 5000 GAR $76 55000 Aug Trader Supramax
27/07/2023 Offer FOB Kalimantan 5000 GAR $74 75000 Aug Trader Panamax
27/07/2023 Offer FOB Kalimantan 3400 GAR $36 55000 Aug Trader Supramax
27/07/2023 Offer FOB Kalimantan 3400 GAR $33-34 55000 Aug Trader Supramax
27/07/2023 Offer FOB Kalimantan 4200 GAR $56 75000 Aug Trader Panamax
27/07/2023 Bid FOB Kalimantan 4200 GAR $54-55 75000 Aug Trader Panamax
27/07/2023 Trade FOB Kalimantan 3800 NAR $53.5 75000 Aug Trader Panamax
27/07/2023 Indication FOB Kalimantan 4200 GAR $54.50-55 75000 Aug Trader Panamax
27/07/2023 Bid FOB Kalimantan 3400 GAR $32 55000 Aug Trader Supramax
27/07/2023 Offer FOB Kalimantan 3800 NAR $56 75000 Aug Trader Panamax
27/07/2023 Indication CFR India 5500 NAR $89-90 75000 Aug/Sep Trader Panamax, south-african origin
27/07/2023 Indication FOB Kalimantan 5800 GAR $94-95 75000 Aug Producer Panamax
27/07/2023 Indication FOB Kalimantan 4200 GAR $55 75000 Aug Producer Panamax
27/07/2023 Offer FOB Kalimantan 4200 GAR $53-54 55000 Aug Trader Supramax
27/07/2023 Bid FOB Kalimantan 4200 GAR $52-53 55000 Aug Trader Supramax
26/07/2023 Indication FOB Richards Bay 5500 NAR $-5 50000 August Trader Index-linked
26/07/2023 Indication FOB Richards Bay 5500 NAR $-11 50000 September Trader Index-linked
26/07/2023 Indication FOB Richards Bay 5500 NAR $-15.5 50000 Q423 Trader Index-linked
26/07/2023 Indication FOB Richards Bay 4800 NAR $-10 50000 August Trader Index-linked
26/07/2023 Indication FOB Richards Bay 4800 NAR $-16 50000 September Trader Index-linked
26/07/2023 Indication FOB Richards Bay 4800 NAR $-20 50000 Q423 Trader Index-linked
26/07/2023 Bid CIF ARA 6000 NAR $110 50000 September Trader Non-Russian origin
26/07/2023 Offer CIF ARA 6000 NAR $130 50000 September Trader Non-Russian origin
26/07/2023 Bid FOB Richards Bay 6000 NAR $87 50000 September Trader
26/07/2023 Bid CIF ARA 6000 NAR $115 50000 September Trader Non-Russian origin
26/07/2023 Trade CIF ARA 6000 NAR $115 50000 September Trader Non-Russian origin
26/07/2023 Indication FOB NOLA 6000 NAR $71 0 September Broker
26/07/2023 Indication FOB Baltimore 6900 NAR $73 0 September Broker
26/07/2023 Indication FOB NOLA 6000 NAR $79.6 0 September Broker
26/07/2023 Indication FOB Baltimore 6900 NAR $84.1 0 September Broker
26/07/2023 Trade FOB Kalimantan 5800 GAR $91 55000 Aug Trader Supramax
26/07/2023 Offer FOB Kalimantan 5000 GAR $72-73 55000 Aug Trader Supramax
26/07/2023 Bid FOB Kalimantan 5000 GAR $70-71 55000 Aug Trader Supramax
26/07/2023 Indication CFR India 5500 NAR $99 75000 Aug/sep Trader Panamax, south african origin
26/07/2023 Indication CFR India 5500 NAR $93 75000 Aug/sep Trader Panamax, south african origin
26/07/2023 Indication CFR India 6000 NAR $125 75000 Aug/sep Trader Panamax, south african origin
26/07/2023 Indication CFR India 6000 NAR $115 75000 Aug/sep Trader Panamax, south african origin
26/07/2023 Trade FOB Kalimantan 4200 GAR $55 75000 Aug/sep Trader Panamax
26/07/2023 Offer FOB Kalimantan 4200 GAR $56-57 75000 Aug/sep Trader Panamax
26/07/2023 Indication FOB Newcastle 5500 NAR $88-89 130000 Sep Trader Capesize
26/07/2023 Indication FOB Kalimantan 5000 GAR $71.50-72 55000 Aug Trader Supramax
26/07/2023 Trade FOB Kalimantan 4200 GAR $53.5 75000 Aug Trader Panamax
26/07/2023 Indication FOB Kalimantan 3800 GAR $42.5 55000 Aug Trader Supramax
26/07/2023 Indication FOB Kalimantan 3800 GAR $40-41 55000 Aug Trader Supramax
26/07/2023 Trade FOB Kalimantan 5800 GAR $92 75000 Aug/sep Trader Panamax
26/07/2023 Bid FOB Kalimantan 5800 GAR $88 55000 Aug/sep Trader Supramax
26/07/2023 Bid FOB Kalimantan 5800 GAR $85 55000 Aug/sep Trader Supramax

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

Coal Trader International July 27, 2023

transporting 55,000 mt of domestic thermal coal daily through
sea route from the Paradip port in the east coast to other ports
in the Indian west coast.
The country’s efforts on improving coal logistics aligns with its
intention of becoming a coal exporter in the region. According to
Thermal coal forward curves, Jul 27
Bid Ask Midpoint* Platts symbol Change* % Change
CIF ARA 6,000 NAR
Aug-23 113.35 113.65 113.50 CSAM001 -1.50 -1.30
Sep-23 114.80 115.10 114.95 CSAM002 -2.75 -2.34
Q4-23 120.65 120.95 120.80 CSAQ001 -1.40 -1.15

the draft version of the “Integrated Coal Logistics Plan” issued by Q1-24 123.90 124.20 124.05 CSAQ002 -1.15 -0.92
Q2-24 123.85 124.15 124.00 CSAQ003 -2.05 -1.63
the federal coal ministry for stakeholder consultations in May, India Q3-24 122.85 123.15 123.00 CSAQ004 -2.55 -2.03
can export around 30 million mt coal to Bangladesh and Sri Lanka 2024 125.85 126.15 126.00 CSAY001 -1.20 -0.94

by 2030 from the mines located in the eastern part of the country. 2025 124.85 125.15 125.00 CSAY002 -2.05 -1.61
2026 121.85 122.15 122.00 CSAY003 -3.00 -2.40
India has also revised the thermal coal requirements for power
*Fields are calculated.
generation utilities for financial year 2029-30 (March-April) to 1.02
billion mt from its earlier forecast of 892 million mt, according
to a government report published by the Central Electricity
Authority. The country is expected to produce around 1.5 billion
mt coal each year in FY 2030.
India produced 222.93 million mt coal in the quarter ended
June 30, up 8.4% on the year, the federal coal ministry said July
3 amid continued efforts of the country to increase domestic
production to meet rising coal demand and reduce imports.
— Anupam Chatterjee

Australian miner TerraCom’s FY

2022-23 coal sales drop 11% on year
„ Sells 8 million mt coal in fiscal year
„ Rainfall, logistics issues dampen sales
TerraCom Resources sold 8 million mt thermal coal in financial
year 2022-23 (July-June), down 11.11% year on year, the company
said July 27.
“High unseasonal widespread rainfall and ongoing logistics
constraints continue to affect export coal sales with train and
truck availability consistently impacted,” the statement said.
The miner’s coal sales dropped 3.96% on the quarter to 1.77
million mt in the April-June period. Apart from TerraCom’s New
Clydesdale Colliery in South Africa and its flagship Blair Athol unit
in Australia, sales from all other assets dropped in the April-June
period compared to the preceding quarter.
However, Blair Athol’s coal sales in fiscal 2022-23 fell 22% on
the year to 1.79 million mt as heavy rains experienced earlier in
the year continued to put pressure on the logistics network in
Queensland throughout the June quarter, the miner said.
The Blair Athol project typically sells 5,500 kcal/kg NAR grade
coal to end-consumers in Japan, South Korea and the Indian
sponge iron markets.
TerraCom Resources cut its coal sales forecast from the
Blair Athol project to 1.8 million-1.9 million mt from the earlier
outlook of 2.1 million mt for the financial year ending June, due to
issues faced in the logistics network in Queensland, S&P Global
Commodity Insights reported earlier. Power price fundamentals
The average price of Blair Athol coal was A$198/mt ($134.50) in 27-Jul-23 Change
the June quarter and A$361/mt in FY 2022-23, the company said. Brent oil (month ahead - $/b) AAYES00 83.920 +0.210
Coal CIF ARA (year ahead - $/mt) CSAY001 126.000 -1.200
Low-ash Australian 5,500 kcal/kg NAR coal was at an average of EEX EUA carbon (front December - Eur/mt) EADLP00 90.920 +0.080
$144.50/mt FOB in the July 1, 2022, to June 30, 2023, period, down UK NBP gas (month ahead - p/th) NGAAE00 70.275 -2.175
2.46% year on year, S&P Global data showed. Dutch TTF gas (year ahead - Eur/MWh) GTFTZ00 52.425 +0.100

Platts assessed low-ash Australian 5,500 kcal/kg NAR coal at

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

Coal Trader International July 27, 2023

$89.20/mt FOB on July 26, according to S&P Global data.

Australia’s Department of Industry, Science and Resources
forecast in its latest Resources and Energy Quarterly report
published April 3 that the country’s thermal coal exports would
drop to 182 million mt in FY 2022-23 from 196 million mt in FY
2021-22 (July-June) and then rebound to 197 million mt in FY
2023-24. The country exported 192 million mt in FY 2020-21.
TerraCom’s operating assets in South Africa sold 6.2 million
mt coal in FY 2022-23, down 7% on the year. Sales included 2.44
million mt of exports from the New Clydesdale Colliery, in which
TerraCom holds a 49% equity interest.
— Shriparna Saha

THAILAND DATA: June coal imports fall

35% on year to 1.25 mil mt
„ Imports of coal from Australia flat
„ Imports from Indonesia, Russia drop
Thailand imported 1.25 million mt of coal in June, down 35%
year on year, according to data released July 26 by the Customs
Department.
The imports for the month were worth $115.5 million, down
55.2% from $258 million in the corresponding month in 2022.
Of the total imports, 395,678 mt was bituminous coal, down
17.7% year on year, with the cargoes mainly from Australia
(273,552 mt, up 0.2% on the year) and Indonesia (115,982 mt,
down 43.9% on the year).
Imports of other coal such as lignite and sub-bituminous in Quantity: 120,000 mt
June fell 43.8% year on year to 802,428 mt, largely from Indonesia When: 60,000 mt loading in first half of September 2023.
(729,360 mt, down 42.7% on the year), and Russia (73,025 mt, Another 60,000 mt between Sept. 22, 2023, and Oct. 6, 2023
down 52.8% on the year). Basis: Offers need to be made on FOB basis. CFR basis for
Imports of coking coal, however, rose to 55,001 mt in June Colombian coal
from just 287 mt in the same month last year, all from Indonesia, Close: Aug. 3
up from none a year earlier. Source: Tender document
Thailand imported 9.38 million mt of coal in the first six Notes: POSCO Energy floated a tender that closed September
months, down 6% year on year. Indonesia and Australia were 2022, seeking 176,000 mt thermal coal between January and
the major suppliers over this period. The imports in the first six March 2023. The result could not be ascertained.
months were worth $1.04 billion, down 7.1% on the year. — Anupam Chatterjee
The country produced 5.33 million mt of lignite coal in the
first five months of this year, down 5.3% year on year, according S Korea joins Japan in seeking exemption
to data from the Energy Policy and Planning Office released July from Australia’s Safeguard Mechanism
12. Data for the first half of 2023 is scheduled to be announced
in August. „ MOTIE minister asks for exemption from Safeguard Mechanism

— Newsdesk-Vietnam
TENDER DATA: South Korea’s POSCO seeks
120,000 mt thermal coal in Sept-Oct
Buyer: POSCO International Corporation
Specs: Thermal coal with minimum calorific value of 5,000
kcal/kg NAR, with maximum 1% sulfur on an as-received basis,
maximum 18% ash on an air-dried basis, and 21%-38% volatile
matter on an air-dried basis. Coal originating from Russia,
Indonesia are not allowed
„ S Korea, Japan share concerns over impact for Barossa
gas project
„ Bowen defends mechanism, saying it is backed by Australian law
South Korea has joined Japan in seeking an exemption from
recently introduced reforms to Australia’s Safeguard Mechanism,
leaving Canberra effectively facing a united front from two of its
largest LNG importers on the contentious issue.
South Korea and Japan in particular share concerns over the
impact of the Safeguard Mechanism reforms on the Barossa
project, in which companies from both countries participate,

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

Coal Trader International July 27, 2023

Platts daily metallurgical coal assessments, Jul 27

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 237.00 0.00 HCCGC00 247.70 +0.05 HCCGI00 249.10 +0.05
Premium Low Vol PLVHA00 237.00 0.00 PLVHC00 248.00 0.00 PLVHI00 249.10 +0.05
Low Vol HCC HCCAU00 203.50 0.00 HCCCH00 205.00 0.00 HCCIN00 215.60 +0.05
Low Vol PCI MCLVA00 163.00 -1.00 MCLVC00 151.00 -1.00 MCLVI00 175.10 -0.95
Mid Vol PCI MCLAA00 160.00 -0.50 MCLAC00 146.00 -1.00 MCVAI00 172.10 -0.45
Semi Soft MCSSA00 159.00 -1.00 MCSSC00 145.00 0.00 MCSSI00 171.10 -0.95
Premium Low Vol China Netback PLVHD00 237.30 -0.05

TSI coking coal indices ($/mt)

TSI Premium Hard (PHCC) FOB Australia TS01034 237.00 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 237.00 100.00% PLVHC00 248.00 100.00%
Peak Downs HCPDA00 237.00 100.00% MCBAA00 247.70 99.88%
Saraji HCSAA00 237.00 100.00% MCBAB00 247.70 99.88%
Oaky North HCOKA00 236.00 99.58% MCBAR00 246.70 99.48%
Illawarra HCIWA00 238.00 100.42% MCBAH00 248.70 100.28%
Moranbah North HCMOA00 238.00 100.42% MCBAG00 248.70 100.28%
Goonyella HCGOA00 238.00 100.42% MCBAE00 248.70 100.28%
Peak Downs North HCPNA00 237.00 100.00% MCBAJ00 247.70 99.88%
Goonyella C HCGNA00 237.00 100.00% MCBAI00 247.70 99.88%
Riverside HCRVA00 237.00 100.00% MCRVR00 247.70 99.88%
GLV HCHCA00 231.00 97.47% MCBAF00 241.70 97.46%
Low Vol HCC HCCCH00 205.00 82.66% 100.00%
Lake Vermont HCC MCBAN00 214.20 104.49%
Carborough Downs MCBAO00 212.20 103.51%
Middlemount Coking MCBAP00 204.20 99.61%
Poitrel Semi Hard MCBAQ00 201.20 98.15%
July 27 freight rates. Australia to China: Panamax = $10.70/mt Capesize = $9.10/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 215.00 -5.00 19.25% 8.25% 0.95%
High Vol A AAWWS00 210.00 0.00 32.25% 7.5% 0.95%
High Vol B AAWWT00 193.00 -4.00 36.00% 8.00% 1.00%

Premium Low Vol

$/mt Change VM Ash S
Premium Low Vol HCC CFR NWE PLVHE00 249.60 0.00 21.50% 9.30% 0.50%
Premium Low Vol FOB Australia PLVHA00 237.00 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 2000 PCCMB04 2035 PCCMC04 2235 PLVHJ04 258.62
PCC Met Shanxi High Sulfur Premium Low Vol PCCMD04 1800 PCCME04 1835 PCCMF04 2035 PLVHD04 239.63
PCC Met North China Fat Coal PCCMG04 1800 PCCDG04 210.90
PCC Met Shanxi PCI PCCMH04 1250 PCCMI04 1285 PCCMJ04 1415 MCLCC04 163.83
PCC Met Shandong Semi Soft PCCMK04 1425 PCCML04 1445 MCSSD04 156.46

PCC Met Rail Freight Shanxi – Tangshan PCCMM04 200

PCC Met Truck Freight Shanxi – Tangshan PCCMO04 235
*Weekly (assessed July 26).

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 2000.00 AAWZO00 243.98
Low Vol HCC* AAWZP00 1850.00 AAWZQ00 225.40
*Weekly (assessed July 21), 20-day delivery from date. **Ex-stock price, net of port charges, import tax and VAT.

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

Coal Trader International July 27, 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 0.05% CPCSP00 0.12
Per 1% VM (air dried) 18-27% CPVPA00 -0.03% CPVMP00 -0.07
Per 1% TM (as received) 8-11% CPTPA00 0.00% CPTMP00 0.00
Per 1% Ash (air dried) 7-10.5% CPAPA00 -0.50% CPPAP00 -1.19
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 0.65
40-49% CPPBC00 0.50% CPPBD00 1.08
Per 0.1% S 0.70-1.05% CPPBE00 0.85% CPPBF00 1.83
1.06-1.25% CPPBG00 1.80% CPPBH00 3.87
Per 1% TM (as received) 6-11% CPPBK00 1.00% CPPBL00 2.15
Per 1% Ash 5-10% CPPBI00 1.75% CPPBJ00 3.76

US weekly brand relativities ($/mt), July 21

Platts FOB Spread vs US LV
symbol
Blue Creek No. 7 MCAPB04 232.75
Blue Creek No. 4 MCAPC04 210.00
Beckley MCAPD04 221.00 100.45%
Low Vol FOB USEC AAWWR00 220.00 100.00%
Windber MCAPE04 212.00 96.36%
Buchanan MCAPF04 204.75 93.07%

July 21 Panamax freight rates. Hampton Roads to Rotterdam = $11.00/mt, Hampton Roads to Brazil = $11.25/mt, Mobile to Rotterdam = $14.25/mt.
For further information about these assessments, please refer to the specifications guide:
https://www.spglobal.com/platts/en/our-methodology/methodology-specifications/metals/metallurgical-coal-methodology or contact PL_CokingCoal@spglobal.com.
Source: S&P Global Commodity Insights

Coking coal derivatives assessments, Jul 27 Metallurgical coke, Jul 27

Platts symbol $/mt Chg % Chg Seaborne
TSI Premium Hard Coking Coal Australia Export FOB East Coast Port % CSR Platts symbol $/mt Chg % Chg
Aug-23 MCPLM01 241.000 +1.000 +0.417 FOB North China 66/65 MCCNC00 335.00 +5.00 +1.52
Sep-23 MCPLM02 239.000 0.000 0.000 65/63
MCCHB00 321.00 +5.00 +1.58
Oct-23 MCPLM03 238.000 -1.000 -0.418 64/62
AAWVL00 311.00 +5.00 +1.63
Q4-23 MCPLQ01 242.000 -1.000 -0.412 62/60
MCCHA00 306.00 +5.00 +1.66
Q1-24 MCPLQ02 252.000 -1.000 -0.395 CFR India 66/65 MCCNI00 347.00 0.00 0.00
Q2-24 MCPLQ03 250.000 -1.000 -0.398 65/63
MCINB00 330.00 0.00 0.00
2024 MCPLY01 248.750 -1.000 -0.400 64/62
MCCEI00 320.00 0.00 0.00
2025 MCPLY02 242.000 -1.000 -0.412 62/60
MCINA00 315.00 0.00 0.00

Domestic
Yuan/mt
Platts China PLV, met coke price differentials, Jul 27 DDP North China (weekly) 62/60 AAWVJ00 2125.00 +100.00 +4.94
Price spreads Platts symbol $/mt $/mt
Import-Shanxi Premium Low Vol CFR China PLVHK04 -10.62 FOB North China equivalent (DDP weekly) 62/60 PLVHM04 306.16 +14.77 +4.82
Import-port stock Premium Low Vol CFR China PLVHL04 -0.98
62/60% CSR coke export-domestic FOB North China PLVHN04 -0.16

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

Coal Trader International July 27, 2023
as well as the potential impact on future LNG business with
Australia, currently the largest supplier to both countries.
During a meeting with Australia’s Climate Change and Energy
Minister Chris Bowen on July 25, South Korea’s Minister of Trade,
Industry and Energy Lee Chang-yang raised concerns about the
reform, which took effect July 1, and requested an exemption, a
MOTIE official told S&P Global Commodity Insights July 27.
“Minister Lee asked for the Australian government’s
cooperation for normal implementation of investment,” the
MOTIE official said. “Minister Lee also asked for South Korea’s
exemption from the Safeguard Mechanism, with no immediate
response from the Australian side.”
The Safeguard Mechanism applies to industrial facilities,
including oil and gas production and mining operations, that
emit more than 100,000 mt/year of CO2 equivalent, and requires
offsetting of CO2 emissions through steps such as purchasing
carbon credits or carbon capture and storage.
The mechanism requires affected facilities to cut net
emissions by 4.9% annually through 2030, while new facilities,
including gas fields such as the Barossa project, are expected to
have a baseline of net-zero emissions from the start of operations.
The Barossa gas project is operated by Australian company
Santos, alongside Japan’s JERA with a 12.5% stake and South
Korea’s SK E&S with 37.5%.
SK E&S’s CEO Choo Hyung-wook also sought the Australian
government’s support for the Barossa project, including in the
area of CCS, during a July 25 meeting with Bowen, an SK E&S
spokesperson said.
The project, which has already taken a final investment
decision, plans to capture CO2 emissions and ship them to
the Bayu-Undan oil and gas field in the Timor Sea for storage.
However, before this part of the project can get underway, the
governments of Australia and East Timor will need to adjust legal
frameworks under the London Protocol on transboundary CO2
transfers. Until that aspect of the project is up and running, it
would have to purchase carbon credits to cover its emissions.
Japan likewise is seeking an exemption for the Barossa
project, with its Minister of Economy, Trade and Industry
Yasutoshi Nishimura saying last month that the requirement
under the Safeguard Mechanism reforms for projects that had
already taken FID to be net-zero from day one would create
unexpected costs. Tokyo has been seeking clarity from Canberra
over the availability of Australian Carbon Credit Units (ACCUs)
and Australia’s readiness for a carbon capture and storage (CCS)
project over two jurisdictions.
Defending the mechanism
Bowen, in a visit to Tokyo on July 26, defended the country’s
Safeguard Mechanism reforms.
“In relation to exemptions, the law has passed, it is the law
of the land,” Bowen said during a Q&A session at the Australian
Business Council in Japan, in response to a question about
whether there would be any exemptions for gas projects.
Regarding the need to get the Bayu-Undan CCS aspect of the
© 2023 by S&P Global Inc. All rights reserved. 9
Weekly Averages for Platts Thermal Coal Price
Assessments ($/mt)
CV (kcal/kg) Basis Week ending Week ending Change
21-Jul 14-Jul
FOB Kalimantan 5,900 GAR 88.500 89.440 -0.940
FOB Kalimantan 5,000 GAR 74.140 71.940 +2.200
FOB Kalimantan 4,200 GAR 52.730 53.720 -0.990
FOB Kalimantan 3,800 GAR 41.700 41.890 -0.190
Monthly and Quarterly Averages for Platts Forward
Benchmark Coal Price Assessments ($/mt)
CV (kcal/kg) Basis Jun-23 May-23 Apr-23 Q2-23 Q1-23
Platts SEAT 4,200 GAR 62.76 76.59 79.77 73.05 84.39
Platts NEAT 5,750 NAR 109.89 136.12 147.53 131.07 152.41
CFR Pakistan 5,750 NAR 102.42 105.90 107.67 105.15 138.63
CFR Bangladesh 5,000 GAR 83.77 101.68 106.21 97.22 108.00
Sulfur Differential 0.30 0.30 0.30 0.30 0.30
CIF ARA 6,000 NAR 120.19 118.14 143.07 126.37 147.25
European Blended Price 6,000 NAR 98.02 106.28 123.19 108.32 140.07
EBP Differential 6,000 NAR -22.17 -11.86 -19.88 -18.05 -7.18
FOB Richards Bay 5,500 NAR 86.42 91.28 109.93 95.09 111.86
FOB Newcastle 20% Ash 5,500 NAR 88.80 112.73 121.38 107.58 127.57
FOB Newcastle 23% Ash 5,500 NAR 86.53 109.85 118.28 104.83 124.31
FOB Kalimantan 5,900 GAR 92.86 112.00 119.00 107.90 133.36
FOB Kalimantan 5,000 GAR 75.24 92.23 95.68 87.73 98.57
FOB Kalimantan 4,200 GAR 55.51 69.03 71.06 65.23 76.31
FOB Kalimantan 3,800 GAR 47.13 59.24 60.70 55.73 62.86
CFR India West 5,500 NAR 91.75 118.59 130.85 113.61 139.99
CFR India West 5,000 GAR 86.08 103.61 108.62 99.42 110.04
CFR India West 4,200 GAR 66.35 80.40 84.00 76.92 87.78
CFR India East 5,500 NAR 93.24 120.19 132.43 115.17 140.96
CFR India East 5,000 GAR 85.35 102.79 107.62 98.58 109.14
CFR India East 4,200 GAR 65.62 79.59 82.99 76.07 86.88
CIF Med 75kt 6,000 NAR 118.00 130.00 130.00 125.38 150.46
CIF Med 45kt 6,000 NAR 116.00 117.75 112.50 115.46 124.15
FOB Baltimore 6,000 NAR 71.05 83.71 94.13 82.62 109.97
FOB Hampton Roads 6,000 NAR 120.56 135.83 139.48 131.78 166.94
FOB New Orleans 6,000 NAR 78.54 89.68 101.13 89.42 121.41
FOB Baltimore 6,900 NAR 81.71 96.27 108.26 95.02 126.46
FOB Colombia 6,000 NAR 107.55 110.81 121.00 112.69 131.68
Russia Baltic 6,000 NAR 92.60 105.56 106.25 100.79 101.92
Russia Pacific 6,300 GAR 98.00 120.88 123.63 112.92 131.38
Barossa project sanctioned, Bowen noted that Barossa “is a very
high carbon field... so it needs to be dealt with,” according to a
transcript released by the minister’s office.
“We have introduced the legislation to enable that to
occur because we think it’s fair if we’re requiring apart from
the generality of [CCS], if we’re requiring companies to meet
ambitious emissions reductions targets and they have a way to
do it, we can help them achieve it,” Bowen said.
“So that legislation is making its way through the parliament.
So that’s how we’re best interacting. In my experience, the
companies and governments have responded well, to that
dialogue, explaining that.”
Later in the day Bowen held talks with Nishimura, with the
two ministers sharing views on the importance of stable policy
and investment environments in both countries to underpin
cooperation on energy security and climate change, and
stressing the need to continue discussions in areas including the
application of the Safeguard Mechanism.
Commenting on Bowen’s remarks, Takayuki Nogami, chief
economist at Japan Organization for Metals and Energy Security,
or JOGMEC, said he that discussions with the Australian
Coal Trader International July 27, 2023
government over the matter could take a long time, and that this
might lead to companies accelerating moves towards LNG supply
diversification.
“With no suggestion of easing application of Australia’s
Safeguard Mechanism from Minister Bowen’s remarks, talks with
the Australian government on this matter might take a long time
to reach any agreement, as well as it remains unclear to any
settlement satisfiable for LNG project companies,” Nogami said.
“Given an expected increase in Australian LNG prices as a
result of factoring costs from cutting CO2 emissions in the future,
a series of the Australian government moves would likely lead
end-users to look for other LNG supply sources as part of LNG
supply diversification,” he added.
— Takeo Kumagai, Charles Lee
Weekly US coal carloads fall by 4.8% on year: AAR
„ Coal rail share falls to 13.6%
„ Norfolk Southern coal carloads drop 17.1% on year
Weekly US coal carloads dipped 1.8% on the week and
4.8% on the year to 64,474 carloads in the week ended July 22,
according to Association of American Railroads data released
July 26.
Carloads in the latest week were at a 1.9% deficit to the year-
ago average and a 10.6% deficit to the five-year average. From
Jan. 1 through July 22, coal carloads climbed by 0.6% from the
corresponding year-ago period. Coal accounted for 13.6% of US
rail traffic in the latest week, down from 13.7% in the previous
week and at a three-year low from the corresponding week a
year ago.
Canadian coal carloads rose 9.3% on the week to 7,503
carloads in week 29. Compared with the corresponding year-ago
week, Canadian coal carloads were 2.1% lower. Coal carloads
from Jan. 1 through July 22 coal carloads were 3.7% higher than
in 2022.
Combined US and Canadian coal carloads were 71,977
carloads in the latest week, down 4.5% from the year-ago week.
From Jan. 1 through July 22, coal carloads ticked up 0.9% from
the corresponding year-ago period.
Union Pacific reported 16,049 coal carload originations and
interchanges in the latest week, up 0.6% on the week and 3.3%
on the year. For Jan. 1 through July 22, UP coal carloads were
down 2.3% from the same period a year ago. Coal accounted for
10.2% of UP rail traffic, flat with the previous week’s rail share.
UP transports Powder River Basin coal. Platts July 21 assessed
PRB 8,800 Btu/lb rail coal for fourth-quarter delivery at $14.30/st,
unchanged, according to the Weekly Price Survey.
CSX coal carloads totaled 13,192 carloads in the latest week,
up 4.5% on the week and 10.3% on the year. CSX coal carloads
from Jan. 1 through July 22 rose by 11% from the same year-ago
period. Coal accounted for 11% of the CSX rail share, flat with the
previous week.
Central Appalachia 12,500 Btu/lb CSX Q4 rail coal rose $1.10 to
$69.50/st July 21, according to the Platts Weekly Price Survey.
© 2023 by S&P Global Inc. All rights reserved. 10
Norfolk Southern coal carload originations and interchanges
dropped 8.7% on the week and 17.1% on the year to 11,273
carloads in the latest week. For Jan. 1 through July 22, NS coal
carloads dipped by 0.6% from a year ago. Coal accounted for
8.8% of NS rail share, down from 9.6% the week before.
Central Appalachia Thacker/Kenova 12,500 Btu/lb Norfolk
Southern rail coal increased $1.10 from the previous session to
$66.50/st July 21, according to the Platts Weekly Price Survey.
BNSF did not yet report week 29 coal carloads.
Platts is part of S&P Global Commodity Insights.
— Morgan Snook
Atlantic met coal demand steady
as US-China spot potential expands
„ US low-vol pricing drops to meet spot potential
„ Regional buyers report no spot, additional demand for
US coals
„ Derivatives see mixed pricing, prompt curve flattens
Atlantic met coal prices were little changed July 27 , with
US prices moving down toward meeting tradable value in China
and Asia.
A steel group end-user saw no spot demand currently for US
coals such as high-vol B, with any potential loading in September
being limited in volumes.
Meanwhile, for trade into Asia, US prices have to factor
in higher freight rates to compete with Australian coals on a
delivered basis. FOB Australia HCC prices remained stable.
The Platts US East Coast Low Vol HCC benchmark assessment
fell $5 to $215/mt FOB Hampton Roads. Platts US Low Vol HCC
is based on 58% CSR, 19.25% volatile matter, 8.25% ash, and
0.95% sulfur.
Platts assessed US low-vol HCC at a $22/mt discount to the
Australian Premium Low-Vol Index on FOB terms.
The Platts US High Vol A price was stable at $210/mt FOB US
East Coast based on 32.25% volatile matter, 1.05% reflectance,
220% dilatation, 7.5% ash, 0.95% sulfur, 30,000 ddpm, and CSR
typically in the low-60s.
Tighter availability in 31%-33% volatile matter US high-vol
Coal Trader International July 27, 2023
A, especially lower sulfur high-vols, kept spot values better
supported. Looser availability in coals and blends, which may
be considered by suppliers as high-vol B or in between coals,
allowed for softer pricing, especially to trade into Asia based on
limited spot inquiries in the regional market.
The Platts US High Vol B benchmark fell $4 to $193/mt FOB
US East Coast, based on 36% VM unblended product with 0.95%
MMR, 160% dilatation, 8% ash, 1% sulfur, and 25,000 ddpm fluidity.
The US high-vol A and high-vol B spread widened to $17/mt,
from $13/mt.
US suppliers had no update on pricing or new trade potential,
with earnings season currently limiting communications. Steady
contract demand in the main, with some delays to earlier loading
schedules, was earlier highlighted by market sources.
Arch Resources told investors in a report July 27 its Q2 met
coal sales included a “significantly higher percentage of coking
coal from its higher-cost and lower-realization metallurgical
operations, particularly Mountain Laurel.”
Arch expects coking coal sales volumes to increase 5%-10% in
Q3 from 2.3 million st sold in Q2, even though the current period
reflects a “softer demand environment.”
US low-vol coking coal spot prices tracked weaker pulverized
coal injection markets, with spot export demand currently limited
for coking coal usage, after recent bookings heard in the North
America markets.
US coking coal prices also reflected qualities and value in use
in relation to high CSR premium HCC, and current market needs,
which may be limiting blending stock.
Low-vol PCI relativities weakened to 68.8% of PLV on a FOB
Australia basis July 27, as values continue to fall from an 80%
relativity on July 5.
In China, PLV import pricing remained at a recent high of
$248/mt CFR, supporting US netbacks, with quality adjustments
in consideration. Prices in domestic Chinese markets attracted
seaborne trade planning, with traders and miners potentially
considering sales to China in the absence of FOB opportunities
and potential to manage output with contract customer
requirements.
A lull in regional spot trade left markets unable to clearly
demonstrate higher FOB prices being available, compared with
spot prices in equivalent US trade to Asia.
PLV import pricing in China netback to Australia using
Panamax rates remained higher over PLV FOB Australia, assessed
at a 30 cents/mt premium on July 27.
Derivatives prices were supportive compared with lower
physical prices. Derivatives saw a mix of price changes, with the
curve flattening further ahead of the monthly roll.
The Platts August assessment rose 0.42% to $241/mt FOB,
with September steady at $239/mt and fourth-quarter 2023
falling to $242/mt at the close in Singapore.
The SGX exchange said 39,000 mt in futures traded on July
27 at the Asian close, including 11,000 mt in after-hours trade
July 26.
Platts is part of S&P Global Commodity Insights.
— Hector Forster
© 2023 by S&P Global Inc. All rights reserved. 11
Asian metallurgical coal prices
steady amid thin trades
„ Indicativebid-offer range for US Low-Vol Oak Grove around
$248-$250/mt CFR China
„ Third round of met coke price uptick accepted in China
Asia met coal prices remained steady July 27 amid muted spot
trading activity, as market participants hugged the sidelines to
get a clearer market direction.
Platts, part of S&P Global Commodity Insights, assessed the
benchmark Premium Low-Vol Hard Coking Coal steady on the day
at $237/mt FOB Australia July 27 and the CFR China price also
flat on the day at $248/mt CFR China level.
In the CFR China market, prices were steady for the first time in
the week, as market participants remained cautious of seaborne
materials that might have an arrival laycan beyond the third quarter,
citing uncertainty over a possible correction in domestic prices.
An offer was heard at around $250/mt CFR China for an H1
August-loading cargo of US low-vol Oak Grove.
A few end-users were also heard weighing the offer, with the
indicative buying interest heard at around $248/mt CFR China for
the cargo.
One steelmaker source said it remained hesitant to procure
seaborne materials at this point given that the recent rebound in
domestic coking coal prices is not well supported by downstream
demand during the off-season.
“The extent of an uptick in finished steel prices pales in
comparison to the rally in raw material prices, hence with most
steel mills observing negative margins, it is wiser to procure on
a hand-to-mouth basis from either the port stocks or domestic
suppliers,” a major Eastern steel mill source said.
Another major steelmaker source, meanwhile, noted that
there are bearish views on raw material prices later this quarter,
with some market participants expecting official guidance to be
released about capping crude steel output this year.
In the Chinese met coke market, the third round of met coke
price uptick was accepted July 27 by major steel mills in the
Hebei region, concluding the round of price uptick, sources said.
Platts assessed domestic met coke with 62/60% CSR DDP
North China Yuan 100/mt higher on the week at Yuan 2,125/mt
July 27, or at the equivalent of $306.16/mt FOB North China, up
$14.77/mt on the week.
In the FOB Australia market, market participants hugged the
sidelines ahead of the conclusion of any possible deal from a major
Australian miner while waiting for demand in China to stabilize
before engaging in any procurement activities, sources said.
“It remains uncertain when the Chinese market might peak
in terms of their bidding levels, hence more ex-China market
participants will choose to either delay procurement or perhaps
explore alternative origins coal,” an international trader said.
Indian end-users were heard aiming to source September-
arrival cargoes toward the end of August for prime hard, low-ash
coals as well as PCI.
Platts is part of S&P Global Commodity Insights.
— Staff
Coal Trader International July 27, 2023
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 $51/mt July 27, unchanged on the day,
corresponding to the traded value.
The best offer was heard at $53/mt FOB on a Supramax basis
for an August-loading cargo. Higher offers were heard at $53.50/
mt and $54/mt FOB for similar cargoes.
Bids heard at $51.50/mt, $52/mt, $52.50/mt and $53/mt FOB
on a Supramax basis for August-loading cargoes were excluded
from the assessment, as they could not be confirmed before the
Platts Markets on Close assessment process.
A trade was heard at $51/mt FOB on a Supramax basis for an
August-loading cargo.
The above rationale applies to the FOB Kalimantan 4,200 kcal/
kg GAR assessment, with the associated code: CSBKI00
Platts is part of S&P Global Commodity Insights.
Coal EMEA CIF ARA Daily
Platts assessed the 15- to 60-day price of CIF ARA 6,000 kcal/
kg NAR coal at $111.05/mt on July 27, down $3.95/mt on the day.
A bid and offer were heard at $111/mt and $130/mt,
respectively, for a September-loading cargo on a Supramax basis.
Platts is part of S&P Global Commodity Insights.
The above rationale applies to the CIF ARA 6,000 kcal/kg NAR
assessment, with the associated code: CSARM01
Coal EMEA FOB Richards Bay Daily
Platts assessed FOB Richards Bay 5,500 kcal/kg NAR at
$92.80/mt on July 27, down $1.60/MT on the 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 $106.25.
The FOB Richards Bay 6,000 kcal/kg NAR index to the physical
5,500 kcal/kg NAR grade was $5/mt for August. After the
discount was applied, the price was converted to account for the
heat difference between 6000 kcal/kg NAR and 5500 kcal/kg
NAR.
Platts is part of S
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 $105.50/mt on July 27, down $1.40/mt on the
day.
No bids, offers or trades were heard for the CFR Pakistan
5,750 kcal/kg NAR coal price, so an FOB Richards Bay 5,500 kcal/
kg NAR plus Richards Bay, South Africa to Port Qasim, Pakistan
freight rate calculation was applied.
Platts assessed FOB Richards Bay 5,500 kcal/kg NAR at
$92.80/mt and the freight rate to move 50,000 mt of coal from
© 2023 by S&P Global Inc. All rights reserved. 12
Richards Bay Coal Terminal in South Africa to Port Qasim in
Pakistan at $12.70/mt.
Platts is part of S&P Global Commodity Insights.
The above rationale applies to the CFR Pakistan 5,750 kcal/kg
NAR assessment, with the associated code: TPKCA00
Platts Hard Coking Coal Premium Low Vol CFR China
Daily Rationale
Platts assessed Premium Low-Vol HCC flat on the day at $248/
mt CFR China July 27, in line with tradable levels reported.
The tradeable levels were heard at $245-$250/mt CFR China
for Australian Premium Low-Vol Peak Downs, at parity to Platts
PLV CFR China, based on current brand price relativity.
Exclusions: No market data was excluded from the
assessment process.
Platts is part of S&P Global Commodity Insights.
The above rationale applies to Platts Premium Low Vol CFR
China assessment (PLVHC00) & TSI Prem JM25 CFR Jingtang
(TS01044).
Platts Hard Coking Coal Premium Low Vol
FOB Australia Daily Rationale
Platts assessed Premium Low-Vol flat on the day at $237/mt
FOB Australia July 27, in line with tradable levels reported.
Tradable levels were heard at $230-$242/mt FOB Australia for
Australian Premium Mid-Vol Goonyella, normalized down by $1/mt
to $229-241/mt to account for 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 launches new FOB Vancouver thermal
coal price effective June 28, 2023
Platts, part of S&P Global Commodity Insights, has launched a
daily thermal coal FOB Vancouver netback price (basis 5,750 kcal/
kg NAR, max 1% sulfur) effective June 28, 2023.
The netback reflects the price of North American thermal
coal compared to Platts North East Asian thermal coal price
assessment - NEAT - minus the Panamax freight rate from
Roberts Bank, British Columbia, to Japan, in USD per metric
ton, based on loading 15 to 60 days forward from the date
of publication. The netback normalizes calorific values from
5,400 kcal/kg NAR to 6,200 kcal/kg NAR and cargo volumes at
75,000 mt +/- 10%. The netback follows the US daily publishing
schedule, reflecting the market as of 11:30 am ET. Platts opened
a formal proposal on May 9, 2023, in a subscriber note available
here: https://www.spglobal.com/commodityinsights/en/our-
Coal Trader International July 27, 2023
methodology/subscriber-notes/050923-platts-proposes-to-
launch-fob-vancouver-5750-kcalkg-nar-netback
The netback will be published in Platts Coal Trader, Platts Coal
Trader International, and on Platts North American Coal Alert
page GCN0230.
Platts proposed to discontinue the existing FOB Vancouver
8,800 Btu/lb netback (COVCU00) and 5,000 kcal/kg NAR
assessment (CTVCA00) effective August 21, 2023, in a subscriber
note May 23, 2023, available here: https://www.spglobal.
com/commodityinsights/en/our-methodology/subscriber-
notes/052323-platts-proposes-to-discontinue-fob-vancouver-
5000-kcalkg-assessment-and-8800-btulb-netback-effective-
aug-21-2023
Platts invites any questions and feedback to
coal@spglobal.com and pricegroup@spglobal.com. For written
comments, please provide a clear indication if comments are not
intended for publication by Platts for public viewing. Platts will
consider all comments received and will make comments not
marked as confidential available upon request.
Platts to launch FOB Black Sea thermal coal assessment Aug 11
Platts, part of S&P Global Commodity Insights, will launch a
weekly assessment for FOB Black Sea thermal coal, effective Aug.
11, 2023, following a period of industry consultation and feedback.
Platts opened a formal proposal on May 10, 2023, in a
subscriber note available here:
https://www.spglobal.com/commodityinsights/en/our-
methodology/subscriber-notes/051023-platts-proposes-fob-
black-sea-thermal-coal-assessment
The assessment will 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 will be basis 6,000
kcal/kg NAR, normalized to 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 for the assessment.
Platts will also consider cargo sizes from 30,000-150,000 mt
for normalization in the assessment and consider coals with
© 2023 by S&P Global Inc. All rights reserved. 13
calorific value of 5,800-6,100 kcal/kg NAR for normalization.
The assessment will 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 will have the following code: CBSEA00.
Additionally, a monthly average price will be published with the
code CBSEA03, and a quarterly average price will be published
using the code CBSEA04.
The assessment will be published on a dollar per metric ton
basis and follow the London weekly publishing schedule time
stamp with the market close of 4:30 pm London time, every Friday.
Please send all comments or questions 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.
Singapore National Day publishing schedule
for Platts Asia thermal coal
S&P Global Commodity Insights office in Singapore will be
closed on Wednesday, Aug. 9, for National Day holiday, and there
will be no Asian thermal coal assessments published on that day.
Additionally, Platts in Asia will close its Market on Close
assessment process early on Tuesday, Aug. 8, and all
assessments will be basis 12.30 pm Singapore time (0430 GMT).
The weekly CFR India Petcoke price assessment, usually
published on Wednesdays, will be brought forward by a day to
Tuesday, Aug. 8.
Normal Singapore publishing schedules will resume on
Thursday, Aug. 10, 2023.
For full details of Platts publishing schedule and services
affected, refer to http://www.platts.com/HolidayHome.
For queries, please contact coal@spglobal.com and
pricegroup@spglobal.com.
Coal Trader International July 27, 2023

Current Vessel Fixtures

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

Ocean Confidence 174,000dwt Round Voyage Eastern Australia/China, Jul 23 onwards $11000/Day Richland
DOP Yantai
FiveOcean TBN 121,500- DBCT/Boryeong Aug 1-10 $9.09/mt Kepco
145,000 min/max
Rosemary 130,000/10 Newcastle/Liuheng Aug 1-10 V. low $11’s/mt Richland
Genco Commodus 130,000/10 NewCastle/Go Gia Jul 26-30 RNR Oldendorff
TBN 75,000/10 Abbot Point/Vizag Aug 11-20 $13.35/mt SAIL
TBN 130,000/10 Newcastle/Liuheng Aug 1-10 RNR Richland
TBN 125,000/10 Haypoint/Kuantan Jul 30-Aug 3 RNR Contango
FiveOcean TBN 150,000/10 DBCT/Pohang/Qingdao Jul 30-Aug 8 RNR Posco
Tata NYK TBN 80,000/10 Newcastle/Taiwan Jul 25-31 high-$12s/mt Smart Gain
Canada

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

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

Jutta 160,000/10 Bolivar/Rotterdam Aug 1-10 $8.95/mt ST Shipping

Great Perseus 160,000/10 Bolivar/Taean Aug 1-10 $24’s /mt ST Shipping
Indonesia

TBN Supramax Meulaboh/Hazira prompt low-$7s/mt, free PDA CNR

at discharge port
TBN 75,000/10 East Kalimantan/Karaikal Aug 1-7 mid-$7s/mt CNR
TBN 150,000/10 Samarinda/Mundra Aug 1-6 $5/mt Oldendorff
TBN 75,000/10 Taboneo.Tuticorin Aug 15-21 RNR CNR
TBN 50,000/10 Muara Berau/Fangcheng or Qinzhou July 23-30 high-$7/mt CNR
TBN 50,000/10 Muara Sabak/Changshu July 24-27 mid-$9/mt CNR
TBN 45,000/10 Bunati/Zhejiang Jurong Aug 3-6 mid-$10/mt Zhejiang Materal
Industries
TBN 50,000-52,000 Taboneo/Xinsha July 25-28 $8/mt Zhongke Scientific &
Technical Co., Ltd.
TBN 55,000/10 Muara Berau/Navlakhi Jul 22-28 $10.60/mt CNR
TBN 60,000/10 Bunati/Ningde Datang Jul 23-26 high $7s/mt Xiangyu
TBN 55,000/10 East Kalimantan/Navlakhi Jul 17-23 $10.50/mt CNR
TBN 75,000/10 Taboneo/Ennore Aug 3-12 $5.30/mt, excluding CNR
PDA at discharge port
TBN 150,000/10 Samarinda/Mundra Aug 1-6 low $5’s/mt LSSOT
TBN 55,000/10 Samarinda/Kohsichang Aug 15-28 $7.50/mt CNR
TBN 55,000/10 Samarinda/Kohsichang Sept. 1-15 $7.50/mt CNR
TBN 55,000/10 Muara Berau/Vizag Jul 25-29 $8/mt, excluding CNR
PDA at discharge port
TBN 30,000/10 Taboneo/north China Jul 22-26 $11/mt CNR
TBN 75,000/10 Muara Banyuasin/Ennore 22-28 Jul $5/mt, excluding CNR
PDA at discharge port
TBN 75,000/10 Taboneo/Karaikal 26-31 Jul $6.05/mt, excluding CNR
PDA at discharge port
South Africa

TBN 75,000/10 RBCT/Paradip DNR high-$10s/mt, free PDA CNR

at discharge port
TBN 75,000-78,000 RBCT/Go Gia, or Hon Mieu and Cam Pha Aug 5-14 $14.50/mt Welhunt
TBN 100,000/10 RBCT/Gopalpur Aug 1-10 RNR Phaethon
United States

TBN 120,000/10 Baltimore/Tuna RNR $25.75/mt LSSOT

TBN 75,000/10 Newport News / Visakhapatnam Aug. 15-24 $32.20/mt fio SAIL
Mozambique

© 2023 by S&P Global Inc. All rights reserved. 14

Coal Trader International July 27, 2023

Current Vessel Fixtures (Continued)

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

TBN 75,000/10 Nacala/Caofeidian July 24-28 $14.50/mt Vulcan Commodities

TBN 55,000/10 Maputo/New Mangalore Jul 24-30 $12.75/mt CNR
Phaeton TBN 75,000/10 Nacala/Vizag Jul 23-25 around $10.15/mt CNR
Russia

Emil 160,000/10 Taman/Caofeidian Jul 31-Aug 14 $21.15/wmt

TBN 130,000/10 Vostochny/Boryeong RNR RNR Blacksands

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

Petcoke Weekly
Volume 23 / Issue 143 / July 27, 2023

Platts US Petcoke Weekly Commentary Platts weekly spot price petcoke assessments, Jul 26
Origin Sulfur Platts symbol $/mt Change
„ Gulf Coast prices find support from markets in Turkey, India Americas
FOB USGC High Sulfur 6.5% CPAAA00 88.00 +6.00
„ Weaker Chinese demand puts downward pressure on West
FOB USGC Mid Sulfur 4.5% CPAAF00 100.50 +5.50
Coast prices FOB USWC Mid Sulfur 4.5% CPAAC00 97.00 0.00

„ FOB USWC 2% declines $1 on session to $164/mt FOB USWC Low Sulfur 2.0% CPAGG00 164.00 -1.00

International
Petcoke prices moved in opposite directions on the US East CIF Turkey 5.5% CPAGH00 107.00 +4.00
and West coasts July 26, driven by different supply and demand CFR India East 6.5% CPAGK00 118.00 +9.00
patterns in end-user markets, traders said.
West Coast prices were flat or falling, while East Coast prices
rose by $5 or more, according to the Platts assessments by S&P
Global Commodity Insights.
“Demand in China is relatively weak and will probably stay that
way for the rest of the year,” a trader said July 25.
China is a primary end-user market for US West Coast
petcoke. A second trader told Platts June 30 that “dozens” of
domestic Chinese petcoke, calcined petcoke and synthetic
graphite producers were “desperate trying to find an outlet
for their product” in the export market amid domestic high
production and demand reduction.
Platts assessed FOB USWC 2% for 15-to-45 day loading at
$164/mt, down $1 on the session, based on market fundamentals,
a trader’s indication of value at $164/mt, and a bid — which didn’t
win — at $161/mt. FOB USWC 4.5% was unchanged on the session
at $97/mt amid no new market information.
Meanwhile, Gulf Coast petcoke prices saw bullish support
from markets in India and Turkey. Platts assessed FOB USGC
6.5% up $6 on the session at $88/mt, just beneath a producer’s
trade reported July 24 for 6% at $90/mt concluded between
July 17 and July 23; and above the highest implied netback
bid at $85.75/mt, reported July 26. The implied netback bid at
$85.75/mt was calculated from a CFR India 6.5% bid indication
at $120/mt less $35.25 shipping USGC to East Coast India.
Market fundamentals also informed the assessment, which
was supported by other bids, offers and indications of value for
US-origin high-sulfur petcoke from traders based in the US, the

Monthly and quarterly averages for Platts petcoke assessments ($/mt)

Product Sulfur Monthly code Jun-23 May-23 Apr-23 Quarterly code Q2-23 Q1-23
Americas
FOB USGC High Sulfur 6.5% CPAAA03 70.31 81.75 98.69 CPAAA05 83.44 131.40
FOB USGC Mid Sulfur 4.5% CPAAF03 86.63 96.40 113.38 CPAAF05 98.62 146.35
FOB USWC Mid Sulfur 4.5% CPAAC03 103.75 92.40 104.00 CPAAC05 99.46 156.33
FOB USWC Low Sulfur 2.0% CPAGG03 166.75 156.90 144.56 CPAGG05 156.13 245.54

International
CIF Turkey 5.0% CPAGH03 96.25 113.60 131.25 CPAGH05 113.69 165.12
CFR India East 6.5% CPAGK03 105.25 124.30 140.50 CPAGK05 123.42 168.77

www.spglobal.com/commodityinsights www.twitter.com/SPGCICoal
Coal Trader International July 27, 2023

Mediterranean, India and Australia. India fuel price comparison

There were no transactions heard for mid-sulfur FOB USGC CV kcal/kg Platts symbol $/mt
Coal
4.5%, but the first trader shared an indication of value for August-
CFR India East 5500 NAR CIECI00 102.45
loading FOB USGC 4.5% at about $100/mt, and said the mid/ Petcoke
high sulfur penalty/premium was about 50 cents to 75 cents per CFR India East 7500 NAR CPAGK00 118.00
0.1% sulfur.
“The penalty/premium structure for sulfur is always changing
and depends on overall value of the coke,” the first trader said.
Platts assessed FOB USGC 4.5% up $5.50 on the session at
$100.50/mt, based on market fundamentals and the trader’s
indications of value. The assessment put the high- and mid-sulfur
Gulf Coast petcokes at a $12.50 spread.
“The spread between mid- and high-sulfur USGC varies a lot,”
the second trader previously told Platts. “A lot of steel mills in
Brazil use coal and mid sulfur GPC as an alternative feedstock so
the mid sulfur GPC prices also vary depending on the coal prices.”
US coal export prices also have been mixed. FOB New Orleans
6,000 kcal/kg NAR coal for 15-60 day loading settled at $77.25/mt

Recent petcoke heards

Date Product Sulfur % Price Details

26/07/2023 CIF Turkey 5.5 107 Platts Petcoke Price Indication: CIF Turkey 5.5% 50,000 mt vessel, August loading, US origin at $107/mt: Med-based trader
26/07/2023 CIF Turkey 5-6 106 Platts Petcoke Price Indication: CIF Turkey 5-6% 50,000 mt vessel, August loading, US origin at $106/mt: Med-based trader
26/07/2023 CIF Turkey 5-6 103-107 Platts Petcoke Price Indication: CIF Turkey 5-6% 50,000 mt vessel, August loading, US origin at $103-$107/mt: Med-based trader
26/07/2023 CIF Turkey 5-6 103 Platts Petcoke Price Indication: CIF Turkey 5-6% 50,000 mt vessel, August loading, US origin at $103/mt: Med-based trader
26/07/2023 CFR India 6.5 117 Platts Petcoke Offer Indication: CFR India 6.5%, 55,000 mt vessel, August loading US Origin, $117/mt: India-based trader;
26/07/2023 CFR India 9 117 Platts Petcoke Offer Indication: CFR India 9%, 55,000 mt vessel, August loading Saudi Origin, $117/mt: India-based trader;
26/07/2023 CFR India 6.5 110 Platts Petcoke Bid Indication: CFR India 6.5%, 55,000 mt vessel, August loading US Origin, $110/mt: India-based trader;
26/07/2023 CFR India 9 110 Platts Petcoke Price Indication: CFR India 9%, 55,000 mt vessel, August loading Saudi Origin, $110/mt: India-based trader;
26/07/2023 CFR India 6.5 130 Platts Petcoke Offer Indication: CFR India 6.5%, 55,000 mt vessel, August loading US Origin, $130/mt: India-based trader;
26/07/2023 CFR India 6.5 120 Platts Petcoke Bid Indication: CFR India 6.5%, 55,000 mt vessel, August loading US Origin, $120/mt: India-based trader;
26/07/2023 CFR India 6.5 118-120 Platts Petcoke Offer Indication: CFR India 6.5%, 55,000 mt vessel, August loading US Origin, $118-120/mt: India-based trader;
26/07/2023 CFR India 6.5 107-109 Platts Petcoke Bid Indication: CFR India 6.5%, 55,000 mt vessel, August loading US Origin, $107-109/mt: India-based trader;
26/07/2023 CFR India 6.5 115 Platts Petcoke Price Indication: CFR India 6.5%, 55,000 mt vessel, August loading US Origin, $115/mt: India-based trader;
26/07/2023 CFR India 6.5 118 Platts Petcoke Price Indication: CFR India 6.5%, 55,000 mt vessel, August loading US Origin, $118/mt: Australia-based trader;
25/07/2023 FOB USGC 6 85 Platts Petcoke Bid Indication: FOB USGC 6%S, 50,000 mt cargo, vessel, August loading, $85/mt: Trader
25/07/2023 CFR Turkey 5.5 112 Platts Petcoke Indication: CFR Turkey 5.5%S, vessel, August, $112/mt: Trader
25/07/2023 CFR Turkey 5 115 Platts Petcoke Indication: CFR Turkey 5%S, vessel, August, $115/mt: Trader
25/07/2023 FOB USGC 4.5-6.5 50-75 cents Platts Petcoke Indication: FOB USGC mid/high sulfur (4.5-6.5%) penalty/premium, 50-75 cents per 0.1% sulfur: trader
mid/high sulfur per 0.1%S
25/07/2023 FOB USWC 2 161 Platts Petcoke Bid: FOB USWC 2%S, vessel, 40,000 mt cargo, late August loading, $161/mt: Trader
25/07/2023 FOB USGC 4.5 about $100/mt Platts Petcoke Indication: FOB USGC 4.5%S, vessel, August, about $100/mt: Trader
24/07/2023 FOB USGC 6 90 Platts Petcoke Trade: FOB USGC (HBT) 6%S, 30,000 mt cargo, vessel, August loading, $90/mt: Producer (concluded between
July 17 to July 23)
19/07/2023 CFR Tunisia 6 107 Platts Petcoke Trade: CFR Tunisia 6%, 35,000 mt vessel, August loading USGC Origin, $107/mt: Producer
19/07/2023 CIF Turkey 5.5 103 Platts Petcoke Price Indication: CIF Turkey 5.5% 50,000 mt vessel, August loading, US origin at $102/mt: Med-based trader
19/07/2023 CIF Turkey 5-6 101-103 Platts Petcoke Price Indication: CIF Turkey 5-6% 50,000 mt vessel, August loading, US origin at $101-$103/mt: Med-based trader
19/07/2023 CIF Turkey 5-6 101 Platts Petcoke Price Indication: CIF Turkey 5-6% 50,000 mt vessel, August loading, US origin at $101/mt: Med-based trader
19/07/2023 CFR India 6.5 105-107 Platts Petcoke Price Indication: CFR India 6.5%, 55,000 mt vessel, August loading US Origin, $105 -107/mt: India-based trader;
19/07/2023 CFR India 6.5 105 Platts Petcoke Price Indication: CFR India 6.5%, 55,000 mt vessel, August loading US Origin, $105/mt: India-based trader;
19/07/2023 CFR India 6.5 120 Platts Petcoke Offer Indication: CFR India 6.5%, 55,000 mt vessel, August loading US Origin, $120/mt: India-based trader;
19/07/2023 CFR India 6.5 118-120 Platts Petcoke Offer Indication: CFR India 6.5%, 55,000 mt vessel, August loading US Origin, $118-120/mt: India-based trader;
19/07/2023 CFR India 6.5 105 Platts Petcoke Bid Indication: CFR India 6.5%, 55,000 mt vessel, August loading US Origin, $105/mt: India-based trader;
18/07/2023 FOB USGC 6.5 77-78 Platts Petcoke Price Indication: FOB USGC 6.5% S, 50,000 mt cargo, vessel, 15- to 45-day loading at $77-$78/mt: trader;
18/07/2023 FOB USGC 6.5 87 Platts Petcoke Trade: FOB USGC 6.5% S, 50,000 mt cargo, vessel, Aug. loading at $87/mt: trader
18/07/2023 FOB USGC 4.5 95 Platts Petcoke Price Indication: FOB USGC 4.5% S, 50,000 mt cargo, vessel, 15- to 45-day loading at $95/mt: trader;
18/07/2023 FOB USWC 4.5 97 Platts Petcoke Price Indication: FOB USWC 4.5% S, 50,000 mt cargo, vessel, 15- to 45-day loading at $97/mt: trader;
18/07/2023 FOB USWC 2 165 Platts Petcoke Price Indication: FOB USWC 2% S, 40000 mt cargo, vessel, 15- to 45-day loading at $165/mt: trader;
18/07/2023 CFR India 6.5 105 Platts Petcoke Bid Indication: CFR India 6.5%, 55,000 mt vessel, August loading US Origin, $105/mt: India-based trader;
18/07/2023 CFR India 6.5 117.5 Platts Petcoke Offer Indication: CFR India 6.5%, 55,000 mt vessel, August loading US Origin, $117.50/mt: India-based trader;
12/07/2023 CIF Turkey 5.5 102 Platts Petcoke Price Indication: CIF Turkey 5.5% 50,000 mt vessel, August loading, US origin at $102/mt: Med-based trader

© 2023 by S&P Global Inc. All rights reserved. 17

Coal Trader International July 27, 2023

July 26, up 75 cents from the previous session. Over the past 10
daily sessions, the FOB NOLA coal price has fallen four times and
risen five times. FOB NOLA coal prices have been rangebound
between $73.25/mt and $77.25/mt.
Europe fuel price comparison
Type CV kcal/kg Platts symbol $/mt
CIF Turkey Petcoke (cv-adjusted)* 6,000 NAR CPAGL00 85.60
CIF Med 75kt Coal 6,000 NAR CTCMT04 115.00
CIF ARA Coal 6,000 NAR CSARM01 115.00

Platts is part of S&P Global Commodity Insights. *Mid-sulfur (5.5%) 7,500 kcal/kg NAR petcoke adjusted to a 6,000 kcal/kg NAR pricing basis

— Morgan Snook

US petcoke exports decline 21.2% on week:

Commodities at Sea
„ Netherlands is top destination
„ Plaquemines, Louisiana loads highest volume
„ FOB USGC 6.5% rises $6 on session to $88/mt: Platts

Weekly petroleum coke exports from the US decreased 21.2%

from the week before to 537,263 mt in the week ended July 24,
according to July 26 S&P Global Commodities at Sea data.
The Netherlands was the top destination for US petcoke in the
Pacific fuel price comparison
latest week at 192,574 mt, up from 36,374 mt in the previous week.
Type CV kcal/kg Platts symbol $/mt
Panama followed with 92,720 mt in shipments, compared with zero Platts NEAT Coal 5750 NAR JKTCA00 108.10
the week before. Brazil rounded out the top three destinations with USWC FOB Mid Sulfur Petcoke 7500 NAR CPAAC00 97.00

80,255 mt in scheduled shipments, up from 11,364 mt the week Shipping

before. The remaining petcoke destinations were China at 55,738 Cargo Size (kt) Platts symbol $/mt
m;, Egypt, 52,158 mt; Mexico, 37,114 mt; and Canada, 26,704 mt. Roberts Bank-Japan 75 CDRBK00 13.00

Plaquemines, Louisiana, was the top petcoke loading port with

192,574 mt in shipments, followed by Houston at 92,720 mt. Port
Arthur loaded the third highest volume at 90,585 mt, followed by
Long Beach at 55,738 mt.
Platts assessed FOB USGC 6.5% petcoke at $88/mt July 26,
up $6 from the previous session, based on market fundamentals
and bids, offers, a trade and indications of value, tested in the
market through 11 am ET. Platts is part of S&P Global.
There was one disclosed petcoke shipper in the latest reported
week, which was Suncoke Energy at 26,784 mt, CAS data showed.
The remaining 510,479 mt was shipped by undisclosed shippers.
In the previous week, there were four disclosed petcoke shippers:
Holcim Trading, 55,468 mt; BP, 55,221 mt; Cemex International
Trading, 52,115 mt; and IMI, 26,834 mt. The remaining 492,594 mt in Shipping Rates
the previous week was shipped by undisclosed shippers. Platts symbol Cargo Size Platts symbol $/mt
(kt)
There was one disclosed petcoke receiver in the latest week, USGC to Iskenderun, Turkey CIPHTSZ 50 CIPHT00 21.75
which was US Steel Canada at 26,704 mt. The remaining 510,559 USGC to Krishnapatnam, East Coast India CUECISZ 50 CUECI00 35.25

mt was received by undisclosed receivers. USGC to Qingdao, North China CUGNCSZ 50 CUGNC00 38.50

— Morgan Snook

Mediterranean, MENA petcoke shipments

plummet amid robust coal demand
„ CIF Turkey 5.5% sulfur at over 2-month high
„ Shipments from US, Kuwait
The price of petcoke imported into the Mediterranean, Middle
East and North Africa regions continued to rebound over the
week ending July 26, despite a substantial drop in consumption,
sources said.
Price indications for imported 5%-6% sulfur petcoke of US-
origin for August loading were in the range of $103-$107/mt.

© 2023 by S&P Global Inc. All rights reserved. 18

Coal Trader International July 27, 2023
Platts assessed the CIF Turkey 5.5% sulfur petcoke price at
$107/mt on July 26, up $4/mt on the week, highest since May 17
when it was assessed at $110/mt.
On shipping, Platts assessed US Gulf Coast to Turkey Supramax
petcoke freight rates at $21.75/mt, up 25 cents on the week.
Petcoke shipments to the Mediterranean, Middle East and
North Africa regions plummeted in the week to July 26 as robust
thermal coal demand offset any petcoke demand, sources said.
Two shipments containing 88,900 mt of petcoke entered
the regions during the week, down 59% from 217,500 mt in the
previous week, S&P Global Commodities at Sea data showed.
The US and Kuwait supplied 52,200 mt and 36,800 mt,
respectively, to the regions over the week, the data showed.
In North Africa, the US supplied a single shipment to Egypt via
the port of El Dekheila containing 52,200 mt of material.
In the Middle East, Kuwait accounted for a shipment to the
UAE via the port of Fujairah containing 36,800 mt of material.
No shipments entered Mediterranean ports during the
week as thermal coal shipments significantly rose in the region,
sources said.
According to analysts at S&P Global Commodity Insights,
“Turkey imported 2.6 million mt of thermal coal in May and June,
according to Commodities at Sea data. Customs data indicates
May imports around 2.3 million mt.”
Platts is part of S&P Global Commodity Insights.
— Sarah Matthews
India-delivered petcoke prices rise
on higher US levels, lower Saudi supply
„ Buyers reluctant to raise bid levels
„ Thermal coal available at cheaper rates
India-delivered petcoke prices strengthened further in the
week to July 26, tracking higher US prices and lower availability of
© 2023 by S&P Global Inc. All rights reserved. 19
Saudi-origin cargoes, according to sources.
However, price expectations of buyers remained much lower
than the offered rates of the cargoes, sources said, adding that
most of the offered cargoes were said to be of US origin.
Many buyers were reluctant to raise bid levels beyond $115/mt
for US petcoke with 6.5% sulfur on a CFR basis, believing that it
would make more sense to import thermal coal with high calorific
value and low volatile matter.
“(High) price is killing the demand of petcoke,” an India-based
trader said, adding that “many cement players in India are moving
away from petcoke.”
The cement industry is the largest petcoke user in India,
followed by sectors such as agriculture, steel, chemicals,
textiles and mining, according to data from the Indian federal
petroleum ministry’s Petroleum Planning and Analysis
Cell (PPAC).
Two other India-based traders concurred that buyers would
like to opt for thermal coal if petcoke prices go higher. Platts
assessed 6,900 kcal/kg NAR Baltimore thermal coal with 3%
sulfur at $79.75/mt FOB July 25. The Supramax freight between
Houston on the US Gulf Coast and Krishnapatnam on India’s east
coast was assessed at $35.25/mt July 25.
India-delivered petcoke prices revived in the week to July 12
after dropping for 17 consecutive sessions, with the rise in them
attributed to growing demand in Europe.
According to PPAC data, petcoke consumption over April-
June was 4.39 million mt and domestic petcoke output at 3.80
million mt.
The federal commerce ministry has banned the import of
petcoke for use as fuel but has allowed its import only for use as
feedstock in some select industries such as cement, lime kiln,
calcium carbide and gasification industries.
Platts is part of S&P Global Commodity Insights.
— Anupam Chatterjee
APPEC 2023 September 4-6, 2023
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