INDUSTRY UPDATES On 5th October,2012

On 5th October,2012
Indian demand for Indonesian lower cv thermal coal gathers steam
Indian demand for lower calorific value Indonesian thermal coal has picked up in recent days as evidenced by tight supply of October-loading cargoes, traders said.
Cargoes of low-rank thermal coal have been hard to come by, especially between 3,800-4,000 kcal/kg GAR, an Indonesia-based trader said, adding that 3,600 kcal/kg GAR and 4,200 kcal/kg GAR were, however, readily available for loading in October.
A second Indonesia-based trader said a South Kalimantan miner with a monthly production of about 100,000 mt could supply 3,800 kcal/kg GAR coal only in late November or early December as it had placed all its October cargoes.
Although demand from India for Indonesian thermal coal remains strong, Indian buyers are awaiting better deals in the absence of Chinese market players this week even as Indonesian miners are opting to wait and watch, sources said.
"Indian buyers are expecting a correction [for Indonesian thermal prices] in the near term, so not much of buying is happening," an India-based trader source said.
The first Indonesia-based trader source said prices for lower calorific value coal had already hit the bottom, with little room for further price falls, but higher cv coal prices remained under pressure.
"Since the last two to three days, sentiment has worsened and we can expect prices to fall further for higher cv coal," he said.
Currently Indian buying interest for 5,000 kcal/kg GAR coal remains around $55/mt FOB, but "we might be able to get it at $54/mt FOB next week," this trader said.
However, offers from Indonesian miners remained steady at $57-58/mt FOB for 5,000 kcal/kg GAR coal, sources said.
Platts assessed the daily 90-day price of FOB Kalimantan 5,000 kcal/kg GAR at $55.70/mt, unchanged from Wednesday.
Bids and offers for 4,200 kcal/kg GAR coal for loading in the next 7-45 days were also reported stable at $37-38/mt and $40-41/mt FOB, respectively.
Platts assessed the daily FOB Kalimantan 4,200 kcal/kg GAR coal for loading in the next 7-45 days, October 10-November 17, at $39/mt, unchanged on-day.
The retail market in India for Indonesian thermal coal has picked up this year, especially in Kandla and Mundra ports on the west coast of India and Paradip port on the east coast, a second India-based trader said.
India had imported nearly 25 million mt of coal for retail business in fiscal 2011, while it is expected to touch 40 million mt this year, he said.
With China remaining on the sidelines amid strong hydropower and high stockpiles, Indians are trying to take advantage of a buyer's market, sources said.
The second India-based trader, however, said requirement for coal in India was high currently and he expected some deals to be finalized in the near term.
"Either the seller or the buyer has to kneel soon as there is an urgent requirement of coal [in India]," he said, adding that he expects spot buying to pick up as early as next week.
However, the thermal coal market remains oversupplied, with several US cargoes being offered into Asia-Pacific markets, sources said, with higher calorific value 6,000 kcal/kg GAR US coal being offered into India at $85-87/mt CFR.
"If you are looking at higher cv coal, then there is Australia and Richards Bay [in South Africa] also which are of higher quality compared with Indonesian coal," the first India-based source said.
Offers for Indonesian 5,900 kcal/kg GAR coal were reported between $73 and 75/mt FOB, without corresponding bids on Thursday.
Platts assessed the daily 90-day price of FOB Kalimantan 5,900 kcal/kg GAR at $72.40/mt, unchanged on the day.
(Hellenic Shipping news)
Coal India seeks nod to import coal on cost plus basis under new FSA
State-owned miner Coal India has sought permission to import coal for its consumers on a cost-plus basis under the new fuel supply agreement (FSA), but not everyone is willing to buy imported coal from CILBSE 1.15 % at a price they are quoting.

The largest consumer NTPCBSE -0.32 % said it would buy the coal if it was cheaper than its current imports.

Cost-plus refers to supplying coal at a cost at which it is available in the international market, including additional charges like freight, other costs and statutory charges as well as a 2 per cent administrative charge by CIL. "We will use state agencies like MMTCBSE -0.33 % and STC for importing coal on behalf of our consumers," said Coal India chairman S Narsing Rao.

"We are ready to take imported coal from Coal India if they can supply at a price which is lower than our current cost of imports. We used to import through state agencies but subsequently decided to import on our own. This resulted in a cost savings of 20 per cent on imports," explained NTPC chairman Arup Roy Choudhury.

If CIL imports coal through state agencies, it may not be able to offer a cheaper rate to NTPC, which may prompt the largest power producer to opt out.

According to estimates, CIL will have to import around 18-19 million tonnes to meet its import obligations if all its 50-odd consumers, who are to sign the FSA, agree. NTPC will be consuming half this amount, but if it opts out, CIL may be importing only about 9-10 million tonnes.

Consumers will also have to pay in advance for imported coal which may be difficult for power plants run by state governments because many of them are running losses and may not be able to pay in advance.

However, if consumers opt out of imported coal, its supply will be reduced to 65 per cent in the first year from 80 per cent which is the trigger level. According to the new FSA, consumers will be offered 15 per cent of imported coal. It has also been assumed that 1 tonne of imported coal will be considered equivalent to 1.5 tonnes of domestic coal.

"This means that if a consumer's annual contracted quantity is 100 tonnes, he is eligible to receive 80 tonnes of domestic coal, including 15t of imports. If it opts for imported coal, it will only be given 10 tonnes," a senior CIL official said.
(Economic times)

Mining Irregularity probe worries miners in Goa
The Goa government's decision to probe irregularities pointed out by a Centre-appointed panel in iron ore mining has left miners worried.

"This comes as a shock. We are already replying to notices sent to us by the environment ministry," said S Sridhar, executive director of the Goa Mineral Ore Exporters Association. Chief minister Manohar Parrikar on Wednesday announced the constitution of a committee to look into the irregularities in mining documented by the Justice MB Shah Commission in its two-part report.

Mining permits awarded by the state government and the environment ministry were suspended soon after the Commission reports, claiming illegal mining had cost the exchequer Rs 35,000 crore, were tabled in parliament last month.

"With this new committee, we have no idea when we can see light at the end of the tunnel," Sridhar said. Mining operations in Goa come to a halt during the monsoons and resume in mid-September.

The announcement of the new committee comes a day after the chief minister reportedly assured resumption of mining in the state in 45 days at a corporate social activity of one of the state's largest miners. The Shah Commission, which is looking into illegal mining of ores across several states, is currently on its second visit to Odisha. According to one of its members, the commission will be submitting a third and more damning report on Goa.

In its review of Goa's mining industry, the Shah Commission has been critical of the discriminatory and illegal permits granted by the state agencies, the environment ministry and the Indian Bureau of Mines
(Economic times)
Indian iron ore mining mess - 50 mines missing in Odisha

Panel members of Justice M B Shah Commission of enquiry and state mines directorate have put forth different figures regarding number of iron ore and manganese mines in the state, prompting the commission to seek details of all such mines.

Mr UV Singh head of the visiting probe panel said that “We have given a list of 192 or 193 mining leases to the state government and we want to see all the files starting from serial number one.”

The state government on the other hand said it has leased out only 142 iron ore and manganese mines and will provide the details of those mines only. Mr Deepak Mohanty director of mines of Odisha government, after his meeting with commission members along with other department officials said that “They (Shah Commission) have a different number from different organizations. But we have only 142 iron ore and manganese mines and we will clarify it to the commission.”

In the two hour long meeting the Commission ordered departments of commercial tax, finance, forest and environment, state units of Indian Bureau of Mines and Union environment and forest ministry to keep all files related to the mines ready for a detailed probe.

In the second phase of probe, the commission said that it has received information regarding illegal mining in the state, but refused to divulge the details. Mr Singh said that “It would be improper in my part to reveal the details at this point of time. People will get to know everything when the final report comes.”

The commission, which has already submitted reports on illegal mining in Goa in two parts, did not commit any date on the submission of report on Odisha. He said that “It depends on the verification of records available with us, if we complete the report during this visit then it will be tabled shortly.”
(Steel Guru)
Iranian iron ore exports hit USD 600 million – Report

Iran has exported 15 million tonnes of iron ore worth over USD 600 million, despite Western sanctions against the country.

China is a major buyer of Iran's iron ore. Other countries include Pakistan, Austria, Jordan, the UAE, Indonesia, Iraq, Saudi Arabia, Kuwait, India and Vietnam.

Iran has produced 23,218,093 tonnes of iron ore in the first 10 months of 2011.

Iran has been subjected to a series of economic sanctions after it refused to stop its nuclear program, which Western nations believe is meant to produce atomic weapons.

Tehran has rejected that view and said its nuclear program is to produce
(Steel Guru)

India among world's top 25 exporters: Pascal Lamy 
INDIA has emerged among the world's 25 leading exporters along with countries like Brazil, Mexico and Malaysia, the WTO Chief, Mr Pascal Lamy, said. 
"In addition to China, many new trading powers have emerged. Brazil, India, Mexico and Malaysia are all in the top 25 leading exporters' table and all posted export growth of 15 per cent or better in 2011," Mr Lamy said at the Brookings Dialogue in Washington. 
He said the share of developing countries in world trade had risen to about 50 per cent as compared to around 33 per cent in 2008; and that trade as a share of world GDP had risen to around 60 per cent from roughly 40 per cent in 1980. 
However, the WTO chief stressed that the increasing use of non-tariff measures by different countries has been impacting trade. 
''...governments are implementing a variety of non-tariff measures which impact trade flows, sometimes profoundly,'' he said, adding that the measures were regulatory in nature and were aimed at protecting the health and safety of consumers.
(Exim India)


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