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Coal Trader International

Volume 23 / Issue 130 / July 10, 2023

News Headlines Daily prompt physical thermal coal assessments, Jul 10

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

Demand for Australian coal persists Asia-Pacific

in Asian thermal coal market Northeast Asia
Platts NEAT 5,750 NAR 15-60 day JKTCA00 111.64 +0.52
„ Several Australian shipments booked in China South Asia
„ Demand for low-CV coal rising in China Platts SEAT 4,200 GAR 15-60 day CSEAA00 59.30 +1.55
CFR Pakistan 5,750 NAR 30-60 day TPKCA00 95.70 -3.65
CFR Bangladesh 5,000 GAR 30-60 day TCBAN00 78.40 +0.55
TAIWAN DATA: June coal imports Sulfur Differential TCSDA00 0.30

rise 16% on year to 5.9 mil mt China

PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPQ00 60.50 +1.35
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPP00 78.55 +0.35
„ Imports from Australia and Indonesia rise
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSC00 93.05 +0.70
„ Russia, South Africa, Canada imports more than doubled Yuan/mt
PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPR00 436.04 +9.73

CHINA DATA: Compliance emission allowance

PCC 6 (VAT included) 3,800 NAR 30-60 day PCCPS00 492.73 +11.00
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPO00 566.14 +2.53
trade volume surges over 200% on week PCC 7 (VAT included) 4,700 NAR 30-60 day PCCFB00 639.74 +2.86
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSD00 670.64 +5.04
PCC 8 (Duty & VAT included) 5,500 NAR 15-60 day PCCFA00 757.82 +5.69
„ Compliance emission allowance price
Indonesia
at $8.07/mtCO2e, down 3.1% on week
FOB Kalimantan (Geared Supramax) 4,200 GAR 7-45 day CSBKI00 52.45 +1.50
„ Weekly compliance allowance trade volume at 1.53 mil mtCO2e FOB Kalimantan (Geared Supramax) 3,800 GAR 7-45 day CSCKJ00 41.50 +0.20
FOB Kalimantan (Geared Supramax) 5,900 GAR 90-day CSAKH00 88.50 +0.50
„ Domestic voluntary carbon credits in FOB Kalimantan (Geared Supramax) 5,000 GAR 90-day CSAKI00 70.50 +0.50
$5.46-$21.99/mtCO2e range Kalimantan Floating Crane AKFCA00 2.50

Australia
China releases draft voluntary emission FOB Newcastle 20% Ash 5,500 NAR 7-45 day AAVUW00 92.05 +0.75

trading rules to crack down on integrity issues FOB Newcastle 23% Ash 5,500 NAR 7-45 day
FOB Newcastle Ash Differential
AAVVB00 89.70 +0.75
AAVVA00 0.78

„ Carbon credits approved under the India

CFR India West (Gearless Panamax) 5,500 NAR 30-60 day CIWCI00 88.15 +1.00
old system can still be traded and used CFR India West (Gearless Panamax) 5,000 GAR 30-60 day TCAKP00 80.45 +0.30

„ Project owners, third-party verifiers face CFR India West (Gearless Panamax) 4,200 GAR 30-60 day TCAKT00 62.40 +1.30
CFR India East (Gearless Panamax) 5,500 NAR 30-60 day CIECI00 89.60 +1.00
tougher punishments for malpractice CFR India East (Gearless Panamax) 5,000 GAR 30-60 day TCAKJ00 79.80 +0.30
CFR India East (Gearless Panamax) 4,200 GAR 30-60 day TCAKU00 61.75 +1.30
„ Rules for cross-border trading to be announced separately later
Atlantic Basin
Europe
CIF ARA 6,000 NAR 15-60 day CSARM01 113.00 -1.00
European Blended Price (EBP) 6,000 NAR 15-60 day TEBPA00 95.30 -1.75
EBP/CIF ARA Differential 6,000 NAR 15-60 day TEBPB00 -17.70 -0.75

South Africa
FOB Richards Bay 5,500 NAR 7-45 day AAXEX00 80.65 -3.25

North America
FOB Baltimore 3%S 6,900 NAR 15-60 day CUATB04 80.00 -0.75
FOB Hampton Roads 1%S 6,000 NAR 15-60 day CUAEA04 112.80 0.00
FOB New Orleans 3%S 6,000 NAR 15-60 day CUAFA04 76.75 -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 55.55 +0.05
Note: In the absence of transactional data, these assessments represent theoretical value
for export.

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Coal Trader International July 10, 2023

Demand for Australian coal persists Weekly prompt physical thermal coal prices, Jul 7
in Asian thermal coal market
CIF Med 75kt
Code
CTCMT04
Kcal/kg Basis
6,000 NAR
Sulfur $/mt Change
0.8% 112.00 -5.00
CIF Med 45kt CTCMA04 6,000 NAR 0.8% 117.00 -5.00
„ Several Australian shipments booked in China FOB Colombia CSABZ00 6,000 NAR 0.8% 105.00 -5.00
FOB Russia Baltic CSAKC00 6,000 NAR 0.5% 92.50 -5.00
„ Demand for low-CV coal rising in China
FOB Russia Pacific CSAKG00 6,300 GAR 0.3% 85.00 -5.00

The Asian thermal coal market witnessed growing interest of Platts physical thermal coal netbacks, Jul 10
Australian cargoes in China July 10, while demand for Indonesian Code CV Basis Sulfur $/mt Chg
coal remained sluggish, market participants said. (kcal/kg)
Coal ($/mt)
“We are seeing more spot inquiries of higher grade Australian
CIF ARA CSARM01 6,000 NAR 1.0% 113.00 -1.00
coal in China market, so there’s a possibility of bids going in a few Platts NEAT JKTCA00 5,750 NAR 1.0% 111.64 +0.52
days,” said a South Korea-based trader. CFR India West CIWCI00 5,500 NAR 0.8% 88.15 +1.00
However, a trader based in Indonesia said, demand for coal Panamax Freight ($/mt)
with low calorific value is also rising as the Chinese power plants USEC-Rotterdam CDBUR00
10.75 +0.25
Mobile-Rotterdam CDMAR00 14.50 +0.25
use a blend of these grades with domestic stock. Roberts Bank-Japan CDRBK00 13.25 -0.40
A trader based in Singapore pointed out that the need of the Richards Bay-India West CSAKL00 12.05 -0.50
producers to clear their existing inventories may prevent them Penalties & Premia ($/mt)
from holding on to higher offer levels, adding that several buyers Per 0.1% Sulfur (USGC) COPAP00 1.16 0.00
Total S discount (USGC) COPBP00 22.04 0.00
are being cautious and are still on a wait-and-watch mode.
China, currently the key driver of demand, was said to be Netbacks ($/mt)
FOB Vancouver CTVCB00 5,750 NAR max 1% 98.40 +0.95
having high stockpiles to cater to the rising power requirement in
Netbacks ($/st)
the country due to surging temperatures.
FOB US East Coast* COUSC00 12,500 GAR 1.0% 103.07 -1.26
Stocks at China’s Caofeidian port stood at 11.69 million mt as FOB US Gulf Coast* COUGU00 11,500 GAR 2.9% 71.02 -1.15
of July 10, down from 11.89 million mt on June 28, according to a FOB Vancouver* COVCU00 8,800 GAR 0.8% 71.20 +0.50
China-based trader, while those at the Jingtang port were at 7.06 * CV = Btu/lb

million mt, similar to stock levels on June 28.

Several parts of India, on the other hand, is witnessing said, adding that demand for coal might pick up after the
unusually heavy rainfall that has kept the demand for power monsoon season.
generation subdued in recent times. As a result, the demand for Coal stockpiles at Indian power plants stood at 35.43 million
imported cargoes was also said to be muted in the country. mt July 7, sufficient for more than 12 days of coal burn, according
Indian power plants are sufficiently stocked to cater to to the latest data by the Central Electricity Authority of India.
the country’s current power demand, an India-based trader — Srija Basu roy, Shriparna Saha

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

Coal Trader International July 10, 2023

TAIWAN DATA: June coal imports Spot dry bulk freight assessments, Jul 10
rise 16% on year to 5.9 mil mt
Capesize
Platts symbol $/mt Chg

Australia-China CDANC00 9.85 +0.35

„ Imports from Australia and Indonesia rise Queensland-Japan CIGAJ00 11.00 +0.40
„ Russia, South Africa, Canada imports more than doubled New South Wales-Korea CINAK00 11.90 +0.50
Bolivar-Rotterdam CIBCR00 9.00 +0.15
Roberts Bank-Japan CDRKJ00 11.05 +0.45
Taiwan’s coal imports rose 16% year on year to 5.9 million mt in
Panamax
June, according to customs data seen by S&P Global Commodity Richards Bay-India West CSAKL00 12.05 -0.50
Insights July 10. Kalimantan-India West CSAKP00 7.45 -0.20
Over January to June, imports fell 6% year on year to 28.79 Richards Bay-India East CSAKN00 12.20 -0.45

million mt. Taiwan’s coal imports in 2022 totaled 63.34 million mt, Kalimantan-India East CSAKR00 6.10 -0.20
Ventspils-Rotterdam CILTN00 7.75 0.00
down from 68.43 million mt the year before.
USEC-India CDBUI00 28.50 +0.25
Australia continued to be the top supplier of coal to Taiwan at USEC-Rotterdam CDBUR00 10.75 +0.25
3.08 million mt in June, up 4.6% year on year. Mobile-Rotterdam CDMAR00 14.50 +0.25
Indonesia and Russia remained the second and third-largest Roberts Bank-Japan CDRBK00 13.25 -0.40

suppliers, respectively, amid a rise in inflows. Indonesian imports Australia-China CDBFA00 11.05 -0.25
Australia-India CDBFAI0 12.45 -0.30
rose 4.1% year on year to 1.76 million mt in June, while Russian
imports also increased 123% to 801,507 mt. Supramax
Richards Bay-Port Qasim CRBPB00 15.00 0.00
Coal imports from South Africa surged 144% year on year to
South Kalimantan-Krishnapatnam CISKK00 9.95 0.00
165,900 mt in June. Imports from Canada were 92,488 mt, an
increase from 23,813 mt in the year-ago period.
Thermal coal implied freight table, Jul 10
Global thermal coal prices surged in April-October 2022 as
Basis 5,500 kcal/kg NAR
the Russia-Ukraine conflict disrupted trade flows and weather- Origin/delivery hub NE Asia SE Asia NW Europe India Med South China
related problems impacted output amid rebounding demand. FOB Newcastle (20% Ash) 14.74 -10.51 11.53 -2.45 10.62 1.00
FOB Kalimantan 21.40 -3.85 18.19 4.21 17.28 7.66
Platts, part of S&P Global, assessed the average price of FOB Colombia 10.54 -14.71 7.33 -6.65 6.42 -3.20
Australian 5,500 kcal/kg NAR low-ash coal at $179.1/mt FOB in FOB Russia Baltic 22.00 -3.25 18.79 4.81 17.88 8.26
FOB Russia Pacific 28.87 3.62 25.66 11.68 24.75 15.13
2022, up 110% year on year.
FOB Richards Bay 26.14 0.89 22.93 8.95 22.02 12.40
However, prices have since declined amid an easing demand, FOB Baltimore 43.02 17.77 39.81 25.83 38.90 29.28
with the Australian grade assessed at $88.95/mt FOB July 7. FOB New Orleans 36.44 11.19 33.23 19.25 32.32 22.70
FOB Vancouver 45.68 20.43 42.47 28.49 41.56 31.94
— Vaibhav Chakraborty

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Coal Trader International July 10, 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

10/07/2023 Bid FOB Richards Bay 6000 NAR $95 50000 August Trader
10/07/2023 Offer FOB Richards Bay 6000 NAR $100 50000 August Trader
10/07/2023 Bid FOB Richards Bay 6000 NAR $91 50000 September Trader
10/07/2023 Bid CIF ARA 6000 NAR $111 50000 August Trader Non Russian origin
10/07/2023 Offer CIF ARA 6000 NAR $115 50000 August Trader Non Russian origin
10/07/2023 Bid CIF ARA 6000 NAR $111 50000 September Trader Non Russian origin
10/07/2023 Offer CIF ARA 6000 NAR $108 50000 September Trader Non Russian origin
10/07/2023 Bid FOB Richards Bay 6000 NAR $95 50000 August Trader
10/07/2023 Offer FOB Richards Bay 6000 NAR $100 50000 August Trader
10/07/2023 Bid FOB Richards Bay 6000 NAR $91 50000 September Trader
10/07/2023 Trade FOB Kalimantan 4200 GAR $53.27 55000 Jul/Aug Trader Supramax
10/07/2023 Indication FOB Kalimantan 5000 GAR $75 75000 Aug Producer Panamax
10/07/2023 Indication FOB Kalimantan 6100 GAR $115 75000 Aug Producer Panamax
10/07/2023 Trade FOB Kalimantan 3800 NAR $54 55000 Jul Trader Supramax
10/07/2023 Offer FOB Kalimantan 4200 GAR $55 Unknown Jul/Aug Producer Gearless vessel
10/07/2023 Offer FOB Kalimantan 5000 GAR $75 Unknown Jul/Aug Producer Gearless vessel
10/07/2023 Indication FOB Kalimantan 5800 GAR $89-90 55000 Jul/Aug Producer Supramax
10/07/2023 Indication FOB Kalimantan 3400 GAR $32-33 55000 Jul/Aug Producer Supramax
10/07/2023 Offer FOB Kalimantan 3800 GAR $45 55000 Jul/Aug Producer Supramax
10/07/2023 Indication FOB Kalimantan 4200 GAR $52 55000 Jul/Aug Trader Supramax
10/07/2023 Indication FOB Kalimantan 5000 GAR $70-71 55000 Jul/Aug Trader Supramax
10/07/2023 Indication FOB Kalimantan 5800 GAR $86-87 55000 Jul/Aug Trader Supramax
10/07/2023 Indication FOB Newcastle 5500 NAR $85-86 55000 Jul/Aug Trader Supramax
10/07/2023 Bid FOB Newcastle 5500 NAR $86 130000 Jul/Aug Trader Capesize
07/07/2023 Indication CIF Med 6000 NAR $117 45000 July Trader Russian-origin only
07/07/2023 Indication CIF Med 6000 NAR $112 75000 July Trader Non-Russian origin
07/07/2023 Indication FOB Colombia 6000 NAR $100-110 50000 July Trader
07/07/2023 Indication FOB Colombia 6000 NAR $105 50000 July Trader
07/07/2023 Indication FOB Russia Baltic 6000 NAR $92.5 50000 July Trader
07/07/2023 Bid CIF ARA 6000 NAR $113.5 50000 August Trader Non-Russian origin
07/07/2023 Offer CIF ARA 6000 NAR $116 50000 August Trader Non-Russian origin
07/07/2023 Bid CIF ARA 6000 NAR $113.5 50000 September Trader Non-Russian origin
07/07/2023 Offer CIF ARA 6000 NAR $114 50000 September Trader Non-Russian origin
07/07/2023 Trade CIF ARA 6000 NAR $114 50000 September Trader Non-Russian origin
07/07/2023 Bid FOB Richards Bay 6000 NAR $97 50000 August Trader
07/07/2023 Offer FOB Richards Bay 6000 NAR $104 50000 August Trader
07/07/2023 Bid FOB Richards Bay 6000 NAR $95 50000 August Trader
07/07/2023 Bid FOB Richards Bay 6000 NAR $97 50000 August Trader
07/07/2023 Offer FOB Richards Bay 6000 NAR $104 50000 August Trader
07/07/2023 Bid FOB Richards Bay 6000 NAR $95 50000 August Trader
07/07/2023 Indication FOB Baltimore 6900 NAR $83.5 0 August Broker
07/07/2023 Indication FOB Baltimore 6900 NAR $73 0 August Broker
07/07/2023 Indication FOB NOLA 6000 NAR $79 0 August Broker
07/07/2023 Indication FOB NOLA 6000 NAR $71 0 August Broker
07/07/2023 Indication FOB Kalimantan 6500 GAR $121 75000 Jul Producer Panamax
07/07/2023 Indication FOB Kalimantan 5800 GAR $86.95 75000 Jul Producer Panamax
07/07/2023 Indication FOB Kalimantan 5000 GAR $67.45 55000 Jul Producer Supramax
07/07/2023 Indication FOB Kalimantan 4200 GAR $51.45 55000 Jul Producer Supramax
07/07/2023 Indication FOB Kalimantan 3800 GAR $42 55000 Jul Producer Supramax
07/07/2023 Indication FOB Kalimantan 3400 GAR $31 55000 Jul Producer Supramax
07/07/2023 Bid FOB Kalimantan 4200 GAR $50 55000 Jul/aug Trader Supramax
07/07/2023 Offer FOB Kalimantan 4200 GAR $52 55000 Jul/aug Trader Supramax
07/07/2023 Indication FOB Kalimantan 4200 GAR $50.75 55000 Jul Trader Supramax
07/07/2023 Indication FOB Kalimantan 5000 GAR $64 75000 Jul Trader Panamax, blended cargo
07/07/2023 Indication FOB Kalimantan 4500 NAR $63.25 75000 Jul Trader Panamax
07/07/2023 Trade FOB Kalimantan 5200 NAR $83 75000 Jul Trader Panamax, high sulfur
07/07/2023 Offer FOB Kalimantan 4200 GAR $51 55000 Jul Producer Supramax

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

Coal Trader International July 10, 2023

CHINA DATA: Compliance emission allowance Thermal coal forward curves, Jul 10
trade volume surges over 200% on week Bid Ask Midpoint* Platts symbol Change* % Change
CIF ARA 6,000 NAR
„ Compliance emission allowance price Aug-23 107.35 107.65 107.50 CSAM001 -5.45 -4.83
Sep-23 108.30 108.60 108.45 CSAM002 -4.55 -4.03
at $8.07/mtCO2e, down 3.1% on week Q4-23 106.90 107.20 107.05 CSAQ001 -6.95 -6.10
„ Weekly compliance allowance trade volume at 1.53 mil mtCO2e Q1-24 110.65 110.95 110.80 CSAQ002 -7.10 -6.02
Q2-24 112.10 112.40 112.25 CSAQ003 -5.00 -4.26
„ Domestic voluntary carbon credits in Q3-24 109.85 110.15 110.00 CSAQ004 -10.15 -8.45
$5.46-$21.99/mtCO2e range 2024 112.85 113.15 113.00 CSAY001 -6.50 -5.44
2025 111.85 112.15 112.00 CSAY002 -7.00 -5.88
2026 105.10 105.40 105.25 CSAY003 -7.00 -6.24
The total trade volume for China’s compliance emission
*Fields are calculated.
allowances or CEAs was at 1.53 million mtCO2e for the week
ended July 7, surging over 200% week on week, Shanghai
Environment and Energy Exchange data showed.
The daily weighted average price of CEAs was at Yuan 58.17/
mtCO2e ($8.07/mtCO2e) on July 7, down 3.1% week on week, SEEE
data showed.
The CEA price and trade volume data are published daily by
SEEE, which hosts the trading system of China’s compliance
carbon market. It does not provide information on bids, offers or
counterparties.

CCER market
Trade volume for China’s domestically certified voluntary
carbon credits, China Certified Emission Reductions, totaled
95,085 mtCO2e for the week ended July 7, 27.9% higher from
last week’s level, data from Singapore-based digital exchange
MetaVerse Green Exchange or MVGX showed.
Based on available price data, weekly average CCER prices
were Yuan 158.43/mtCO2e ($21.99/mtCO2e) at Sichuan United
Environment Exchange, Yuan 80/mtCO2e ($11.10/mtCO2e) at
Beijing Green Exchange, Yuan 52/mtCO2e ($7.22/mtCO2e) at China
Emissions Exchange (Shenzhen), and Yuan 39.37/mtCO2e ($5.46/
mtCO2e) at China Emissions Exchange (Guandong), according
to MVGX.
China released its draft regulations for voluntary
greenhouse gas emission trading late July 7. The draft
regulations, which will be finalized after public consultations
ends on Aug. 6, will pave the way for a relaunch of the
CCER scheme.
The relaunch will enable registration of new projects and
relieve the CCER supply shortage. CCERs circulating in today’s
markets were all issued from projects registered before March
2017 under the old scheme.
CCERs are considered eligible under the Carbon Offsetting
and Reduction Scheme for International Aviation. Platts assessed

PODCAST
Power price fundamentals
10-Jul-23 Change
Brent oil (month ahead - $/b) AAYES00 78.430 +0.860
Coal CIF ARA (year ahead - $/mt) CSAY001 113.000 -6.500
EEX EUA carbon (front December - Eur/mt) EADLP00 86.300 +0.140
UK NBP gas (month ahead - p/th) NGAAE00 71.900 -9.400
Dutch TTF gas (year ahead - Eur/MWh) GTFTZ00 50.700 -3.975

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

Coal Trader International July 10, 2023

CORSIA-eligible carbon credits at $1.49/mtCO2e on July 7, S&P

Global Commodity Insights data showed.
— Ivy Yin

China releases draft voluntary emission

trading rules to crack down on integrity issues
„ Carbon credits approved under the
old system can still be traded and used
„ Project owners, third-party verifiers face
tougher punishments for malpractice
„ Rules for cross-border trading to be announced separately later

China has tightened supervision of its voluntary greenhouse

gas emissions trading scheme and issued stricter rules for third-
party verification agencies to crack down on integrity issues like
data falsification, the Ministry of Ecology and Environment (MEE)
said in draft regulations issued late July 7.
The draft regulations, which will be finalized after public
consultations end on Aug. 6, pave the way for a relaunch of the
China Certified Emission Reduction market, after the scheme was
paused in 2017.
The new draft measures are designed to be a broad
regulatory umbrella that covers all stakeholders and activities
in the new CCER system, within which more specific rules can
be formulated. They cover general rules and the verification of
projects, emission reductions, CCER issuance, CCER trading, system were proposed by carbon industry stakeholders in a
third-party agencies, roles of supervisory bodies and liabilities of bottom-up approach, some of which have been challenged.
market participants. These old methodologies will no longer be allowed for issuing
All third-party organizations that verify CCER projects new CCERs, but CCERs approved for issuance before March
and validate the respective emissions reduction volumes will 14, 2017, when the old registry was halted, will be transferred to
be vetted by MEE and the State Administration for Market the new registry, and allowed to be traded and used as usual,
Regulation (SAMR), before they provide any CCER-related MEE said.
service. However, CCERs will only be issued to certify emission
The MEE and SAMR have tightened operating and financial reductions that occur after Sept. 22, 2020, when President Xi
requirements for companies that apply to become third- Jinping announced China’s climate targets of peaking carbon
party verification agencies. Meanwhile, MEE asked provincial emissions by 2030 and reaching carbon neutrality by 2060,
environmental agencies to provide whistleblower channels for the MEE said.
general public to report integrity issues and specified fines and
punishments for malpractice by project owners and third-party What’s next
agencies. MEE said separate guidance will be issued for CCER trading
The trading of CCERs will also move from nine regional carbon across national boundaries, which needs coordination with other
exchanges in the old system to a centralized platform, hosted by regulatory bodies, adding that another guidance will be released
the Beijing Green Exchange, in the new system. for the use of new CCERs in the compliance emission trading
scheme or ETS.
New approach As of now, MEE allows compliance entities to use CCERs
Under the revamped system, new measures will be released in to offset up to 5% of their ETS-eligible emissions, without
a centralized, top-down approach that addresses wider integrity limiting the methodologies or types of CCERs to be used.
issues that have been raised about carbon offsetting globally. CCER has been recognized as a potential instrument to be
New methodologies to generate CCERs will be vetted and used under the Paris Agreement Article 6, attracting foreign
approved individually, with the first batch expected in a separate investors to finance decarbonization projects in China, especially
statement, MEE said. the capital-intensive ones.
In contrast, approximately 200 methodologies under the old — Ivy Yin

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

Coal Trader International July 10, 2023

Platts daily metallurgical coal assessments, Jul 10

Asia-Pacific coking coal ($/mt)
Platts FOB Australia
Change Platts CFR China Change Platts CFR Change
symbol symbol symbol India
HCC Peak Downs Region HCCGA00 231.50 0.00 HCCGC00 242.55 -0.25 HCCGI00 243.95 -0.30
Premium Low Vol PLVHA00 229.00 0.00 PLVHC00 224.00 0.00 PLVHI00 241.45 -0.30
Low Vol HCC HCCAU00 197.00 0.00 HCCCH00 189.00 0.00 HCCIN00 209.45 -0.30
Low Vol PCI MCLVA00 177.00 -2.00 MCLVC00 150.00 0.00 MCLVI00 189.45 -2.30
Mid Vol PCI MCLAA00 173.50 -2.00 MCLAC00 145.00 0.00 MCVAI00 185.95 -2.30
Semi Soft MCSSA00 164.00 -1.00 MCSSC00 138.00 0.00 MCSSI00 176.45 -1.30
Premium Low Vol China Netback PLVHD00 212.95 +0.25

TSI coking coal indices ($/mt)

TSI Premium Hard (PHCC) FOB Australia TS01034 229.00 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 229.00 100.00% PLVHC00 224.00 100.00%
Peak Downs HCPDA00 231.50 101.09% MCBAA00 242.55 108.28%
Saraji HCSAA00 229.00 100.00% MCBAB00 240.05 107.17%
Oaky North HCOKA00 230.50 100.66% MCBAR00 241.55 107.83%
Illawarra HCIWA00 231.50 101.09% MCBAH00 242.55 108.28%
Moranbah North HCMOA00 231.50 101.09% MCBAG00 242.55 108.28%
Goonyella HCGOA00 231.50 101.09% MCBAE00 242.55 108.28%
Peak Downs North HCPNA00 230.00 100.44% MCBAJ00 241.05 107.61%
Goonyella C HCGNA00 230.00 100.44% MCBAI00 241.05 107.61%
Riverside HCRVA00 230.00 100.44% MCRVR00 241.05 107.61%
GLV HCHCA00 224.00 97.82% MCBAF00 235.05 104.93%
Low Vol HCC HCCCH00 189.00 84.38% 100.00%
Lake Vermont HCC MCBAN00 208.05 110.08%
Carborough Downs MCBAO00 206.05 109.02%
Middlemount Coking MCBAP00 198.05 104.79%
Poitrel Semi Hard MCBAQ00 195.05 103.20%
July 10 freight rates. Australia to China: Panamax = $11.05/mt Capesize = $9.85/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 222.00 -1.00 19.25% 8.25% 0.95%
High Vol A AAWWS00 209.00 -3.00 32.25% 7.5% 0.95%
High Vol B AAWWT00 200.00 -3.00 36.00% 8.00% 1.00%

Premium Low Vol

$/mt Change VM Ash S
Premium Low Vol HCC CFR NWE PLVHE00 242.15 0.00 21.50% 9.30% 0.50%
Premium Low Vol FOB Australia PLVHA00 229.00 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 1650 PCCMB04 1685 PCCMC04 1880 PLVHJ04 214.07
PCC Met Shanxi High Sulfur Premium Low Vol PCCMD04 1400 PCCME04 1440 PCCMF04 1630 PLVHD04 188.34
PCC Met North China Fat Coal PCCMG04 1650 PCCDG04 190.76
PCC Met Shanxi PCI PCCMH04 1125 PCCMI04 1160 PCCMJ04 1265 MCLCC04 144.13
PCC Met Shandong Semi Soft PCCMK04 1325 PCCML04 1345 MCSSD04 148.94

PCC Met Rail Freight Shanxi – Tangshan PCCMM04 200

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

North China prompt port stock prices

Platts Ex-stock Jingtang Platts CFR Jingtang
symbol (Yuan/mt, incl VAT) symbol equivalent ($/mt)**
Premium Low Vol* AAWZN00 1800.00 AAWZO00 217.39
Low Vol HCC* AAWZP00 1550.00 AAWZQ00 186.68
*Weekly (assessed July 7), 20-day delivery from date. **Ex-stock price, net of port charges, import tax and VAT.

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

Coal Trader International July 10, 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 0.45% CPCSP00 1.03
Per 1% VM (air dried) 18-27% CPVPA00 0.00% CPVMP00 0.00
Per 1% TM (as received) 8-11% CPTPA00 0.00% CPTMP00 0.00
Per 1% Ash (air dried) 7-10.5% CPAPA00 -0.50% CPPAP00 -1.15
Per 0.1%S (air dried) 0.3-1% CPSPA00 0.00% CPSPV00 0.00

US Low Vol HCC Penalties & Premia; Differentials ($/mt)

Within Platts % of US Low Vol HCC FOB Platts Net value
min-max symbol USEC assessment price symbol
Per 1% CSR 50-64% CPPBA00 0.30% CPPBB00 0.67
40-49% CPPBC00 0.40% CPPBD00 0.89
Per 0.1% S 0.70-1.05% CPPBE00 0.85% CPPBF00 1.89
1.06-1.25% CPPBG00 1.80% CPPBH00 4.00
Per 1% TM (as received) 6-11% CPPBK00 1.00% CPPBL00 2.22
Per 1% Ash 5-10% CPPBI00 1.75% CPPBJ00 3.89

US weekly brand relativities ($/mt), July 7

Platts FOB Spread vs US LV
symbol
Blue Creek No. 7 MCAPB04 226.75
Blue Creek No. 4 MCAPC04 207.00
Beckley MCAPD04 224.25 100.56%
Low Vol FOB USEC AAWWR00 223.00 100.00%
Windber MCAPE04 215.00 96.41%
Buchanan MCAPF04 210.00 94.17%

July 7 Panamax freight rates. Hampton Roads to Rotterdam = $10.50/mt, Hampton Roads to Brazil = $11.00/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 10 Metallurgical coke, Jul 10

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 226.000 -1.500 -0.659 FOB North China 66/65 MCCNC00 312.00 0.00 0.00
Sep-23 MCPLM02 224.500 -3.000 -1.319 65/63
MCCHB00 298.00 0.00 0.00
Oct-23 MCPLM03 229.000 -4.500 -1.927 64/62
AAWVL00 288.00 0.00 0.00
Q4-23 MCPLQ01 237.000 -2.000 -0.837 62/60
MCCHA00 283.00 0.00 0.00
Q1-24 MCPLQ02 245.500 -3.000 -1.207 CFR India 66/65 MCCNI00 331.00 0.00 0.00
Q2-24 MCPLQ03 243.500 -1.000 -0.409 65/63
MCINB00 314.00 0.00 0.00
2024 MCPLY01 244.000 -1.250 -0.510 64/62
MCCEI00 304.00 0.00 0.00
2025 MCPLY02 232.000 -1.250 -0.536 62/60
MCINA00 299.00 0.00 0.00

Domestic
Yuan/mt
Platts China PLV, met coke price differentials, Jul 10 DDP North China (weekly) 62/60 AAWVJ00 1950.00 +25.00 +1.30
Price spreads Platts symbol $/mt $/mt
Import-Shanxi Premium Low Vol CFR China PLVHK04 8.93 FOB North China equivalent (DDP weekly) 62/60 PLVHM04 278.48 +3.46 +1.24
Import-port stock Premium Low Vol CFR China PLVHL04 6.61
62/60% CSR coke export-domestic FOB North China PLVHN04 3.52

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

Coal Trader International July 10, 2023

Asian spot LNG prices increase Weekly Averages for Platts Thermal Coal Price
Assessments ($/mt)
amid rising temperatures
CV (kcal/kg) Basis Week ending Week ending Change
07-Jul 30-Jun
„ APAC Physical MOC: PetroChina offers Aug 13-15 DES JKTC FOB Kalimantan 5,900 GAR 88.550 87.875 +0.675
FOB Kalimantan 5,000 GAR 69.450 68.525 +0.925
„ BPCL partially awards buy tender FOB Kalimantan 4,200 GAR 51.250 51.363 -0.113
„ GAIL reissues buy tender for Sep cargo FOB Kalimantan 3,800 GAR 41.240 42.038 -0.798

Asia-Pacific regional spot LNG prices trended up as demand

emerged through tenders in South Asia, while sufficient Monthly and Quarterly Averages for Platts Forward
Benchmark Coal Price Assessments ($/mt)
inventories kept northeast Asian end-users on the sidelines.
CV (kcal/kg) Basis Jun-23 May-23 Apr-23 Q2-23 Q1-23
Platts assessed the JKM for August at $11.724/MMBtu July 10. Platts SEAT 4,200 GAR 62.76 76.59 79.77 73.05 84.39
Platts assessed the first half of August at $11.675/MMBtu and 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
the second half of August at $11.774/MMBtu, with an intramonth CFR Bangladesh 5,000 GAR 83.77 101.68 106.21 97.22 108.00
contango of 9.9 cents/MMBtu. 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
Platts observed the cash differential between H1 August and European Blended Price 6,000 NAR 98.02 106.28 123.19 108.32 140.07
H2 August physical prices and the September JKM derivatives 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
at a discount of 12.5 cents/MMBtu and a discount of 2.6 cents/ FOB Newcastle 20% Ash 5,500 NAR 88.80 112.73 121.38 107.58 127.57
MMBtu, respectively. 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
In the physical Platts Markets on Close assessment process FOB Kalimantan 5,000 GAR 75.24 92.23 95.68 87.73 98.57
from S&P Global Commodity Insights, PetroChina offered a 3-3.3 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
TBtu cargo at an outright price of $11.70/MMBtu for Aug. 13-15 CFR India West 5,500 NAR 91.75 118.59 130.85 113.61 139.99
DES JKTC. 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
During the derivative MOC, Vitol and Gunvor bought 25 lots CFR India East 5,500 NAR 93.24 120.19 132.43 115.17 140.96
from PetroChina at $11.80/MMBtu at 4.28.35 pm Singapore 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
time and 4.28.46 pm, respectively. Vitol also bought 25 lots from CIF Med 75kt 6,000 NAR 118.00 130.00 130.00 125.38 150.46
Unipec at $11.90/MMBtu and PetroChina sold 25 lots to Gunvor at 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
$11.75/MMBtu. FOB Hampton Roads 6,000 NAR 120.56 135.83 139.48 131.78 166.94
Dare placed the most competitive bid for the September 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
contract at $11.71/MMBtu and the most competitive offer FOB Colombia 6,000 NAR 107.55 110.81 121.00 112.69 131.68
at $11.99/MMBtu at close. September JKM derivatives were 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
assessed at $11.80/MMBtu.
Downstream end-users were cautiously optimistic about
available supply despite rising temperatures in parts of north On tenders, India’s BPCL was heard to have partially awarded
Asia and reported limited outright buying activity for the prompt. its buy tender closed July 7 for a July 26 DES cargo at $11.80-$12/
“Pipeline gas storage is full and sufficient, and it is challenging MMBtu. The Sept. 12 cargo was not awarded due to high prices,
to use it up at present,” a China-based end-user said. sources said.
“Coal supply is also still abundant and we haven’t seen much GAIL reissued its buy tender for one cargo to be delivered
gas to coal switching.” Sept. 15-25 DES Dhamra, which closes July 11. The company
The average ex-terminal trucked LNG prices averaged Yuan previously closed a buy tender July 4 for the same delivery period
4,100-4,300/mt across regions July 10, according to domestic but did not award the tender.
sources. Novatek was heard to have awarded its sell tender for an
High inventories in Japan persisted and weighed on demand early-September cargo, which closed July 6.
from importers. Platts is part of S&P Global.
“Some LNG power plants are scheduled to be shut for — Christel Goh
maintenance after summer, which would reduce consumption,” a
Japanese end-user said, adding that it had no plans to purchase US coal train loadings fall to 12-week low: STB
spot cargoes.
Industry sources noted that demand from India remained „ Illinois Basin loadings drop by 47.3%
thin as importers were considering spot procurement from the „ Q4-delivered Illinois Basin 11,800 Btu/lb
domestic market. rail coal falls to $50.15/st: Platts
“There are available volumes for August, we may not need to
buy,” an Indian importer said. Weekly US coal train loadings declined 8% on the week to
“Power demand in India is weaker, given the amount of rain we a 12-week low of 68.5 trains/day in the week ended June 30,
are experiencing now.” Surface Transportation Board data showed July 7.

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

Coal Trader International July 10, 2023

Compared with the year-ago week, US coal train loadings Loadings in non-primary coal producing regions declined
were 8.1% lower. All major US coal production regions decreased 26.9% on the week and 47.9% on the year to 3.8 trains/d. It was
average daily coal train loadings compared with the week before. the lowest loading rate for non-primary coal regions since an
Illinois Basin coal train loadings fell 47.3% on the week to an average of 3.7 trains/d were loaded in the week ended June
average of 4.2 trains/d in week 26. Compared with the year-ago 12, 2020.
week, Illinois Basin coal train loadings were 18% higher. Utah is a non-primary coal producing region. Utah 11,500 Btu/
Platts July 7 assessed Illinois Basin 11,800 Btu/lb rail coal for lb rail coal for Q4 was unchanged on the session at $76.75/st July
prompt-quarter delivery down 50 cents from the previous session 7, according to the Platts Weekly Price Survey.
at $50.15/st. Platts is part of S&P Global Commodity Insights.
Northern Appalachia coal train loadings dropped 17.6% on the — Morgan Snook
week and 27.2% on the year to 7.1 trains/d.
Northern Appalachia Pittsburgh Seam 13,000 Btu/lb rail coal Improved spot availability steadies
was unchanged on the session July 7 at $54.25/st, according to Asian metallurgical coal prices
the Platts Weekly Price Survey.
Central Appalachia coal train loadings averaged 13.2 „ Mid-August loading Australian low-vol PCI
trains/d in the latest week, down 4.7% from the previous week. heard traded at $140/mt CFR Indonesia July 7
Compared with the year-ago week, CAPP coal train loadings were „ Indianslikely to eye post-monsoon
14.9% higher. September-arrival cargoes: sources
Central Appalachia 12,500 Btu/lb CSX coal for fourth-
quarter delivery was unchanged from the previous session at The week started July 10 on a steady note for Asian
$64.65/st July 7. metallurgical coal prices amid improved spot liquidity on pockets
Combined NAPP and CAPP loadings averaged 20.4 trains/d in of demand from ex-China markets.
week 26, which was 9.7% lower on the week and 4.4% lower on Platts assessed the benchmark Premium Low-Vol Hard Coking
the year. Coal unchanged from July 7 at $229/mt FOB Australia July 10,
while the delivered CFR China price was also assessed steady
from the last session at $224/mt CFR China.
In the FOB Australia market, market participants continued to
hug the sidelines awaiting clarity on price direction.
Demand from India has weakened significantly during
the monsoon season, affecting logistics and activities at the
construction sites, and is exerting downward pressure on the PLV
prices in the near term, an international trader said.
“There is no significant demand left in the market for Prime
hard coking coal. Indian buyers have fulfilled their requirement
for monsoon,” a major steelmaker source said.
Pockets of demand were heard coming from a few end-users
sourcing part cargoes of September-arrival hard coking coal.
“Right now, anyone who is in urgent need for a prime hard coal
Powder River Basin coal train loadings fell 2.9% on the week will need to pay up. No seller will be willing to lower prices,” an
and 5.2% on the year to 40.1 trains/d. international trader said.
Platts assessed Powder River Basin 8,800 Btu/lb coal for Another international trader, meanwhile, said that major
prompt-quarter delivery down 5 cents on the session at $11.50/st. Australian miners still have more August-loading PHCC cargoes
available. That, coupled with the unsold cargoes in the hands
of traders and the lackluster demand during the off-season in
India and China, have led to weakness in the market, the same
trader said.
For the weaker grade of coal, a trade of 80,000 mt of
Australian low-vol PCI, which was concluded July 7, was reported
at $140/mt CFR Indonesia, with a mid-August loading laycan.
The coal was understood to have 11%-12% volatile matter, 9%
total moisture, 12% ash, 0.7% sulfur, 7,450 gross caloric value,
and fluorine level at 190 μg/g. The deal was verified with the
buyer, an Indonesia-based end-user, as well as the seller, an
international trader.
This PCI coal is considered less desirable among end-users

© 2023 by S&P Global Inc. All rights reserved. 10

Coal Trader International July 10, 2023

given its high ash content, a Singapore-based trader said. An Coal EMEA FOB Richards Bay Daily
India-based end-user, meanwhile, noted that the VM level is a bit Platts assessed the FOB Richards Bay 5,500 kcal/kg NAR at
low, and Indian market typically prefers mid-vol PCI. Its fluorine $80.65/mt July 10, down $3.25 on the day.
content level is also considered a bit high for the Chinese market, No bids, offers or trades were heard for the FOB Richards Bay
where there is a cap at 200 μg/g, a major Chinese steelmaker 5,500 kcal/kg NAR coal price, so an index-linked discount was
source said. applied to the FOB Richards Bay 6,000 kcal/kg price.
The CFR China market kicked off the week on a steady note A trade for FOB Richards Bay 6,000 kcal was heard at $103/
with bid-offer activities muted on the day, while buyers were kg. The FOB Richards Bay 6,000 kcal/kg NAR index to the
heard keeping their indications for seaborne materials steady, physical 5,500 kcal/kg NAR grade was $15/mt. After the discount
with tradable levels heard at $215-$230/mt CFR China levels for was applied, the price was converted to account for the heat
Australian premium low-vol hard coking coal. difference between 6000 kcal/kg NAR and 5500 kcal/kg NAR.
The domestic Chinese metcoke market also observed some Platts is part of S&P Global Commodity Insights.
stability on the day following the landing of the price uptick by The above rationale applies to the FOB Richards Bay 5,500
Yuan 50-60/mt July 7, a major Chinese coke producer said. kcal/kg NAR assessment, with the associated code AAXE00.
Chinese metcoke sellers are more cautious these days with
their FOB China offers given the volatility in the yuan/dollar Coal EMEA CFR Pakistan Daily
exchange rates, a Chinese coke trader said. Platts assessed the 30 to 60-day price of CFR Pakistan 5,750
In the Indian metcoke market, seaborne trades remained thin kcal/kg NAR coal at $95.70/mt on July 10, down $3.65 on the day.
with buyers opting for domestic coke and portside stocks as and No bids, offers or trades were heard for the CFR Pakistan
when needed. 5,750 kcal/kg NAR coal price, so a FOB Richards Bay 5,500 kcal/
Tradable levels for domestic coke were heard at Rupee kg NAR plus Richards Bay, South Africa, to Port Qasim, Pakistan,
34,000-35,000/mt ex-plant levels ($411.60), according to sources. freight rate calculation was applied.
Platts is part of S&P Global Commodity Insights. Platts assessed the FOB Richards Bay 5,500 kcal/kg NAR at
— Staff $80.65/mt and the freight rate to move 50,000 mt of coal from
the Richards Bay Coal Terminal to Port Qasim at $15.05/mt.
Platts is part of S&P Global Commodity Insights.
Assessment Rationales The above rationale applies to the CFR Pakistan 5,750 kcal/kg
NAR assessment, with the associated code TPKCA00.
Platts Thermal Coal Indonesia Daily Rationale
Platts assessed the seven- to 45- day price of FOB Kalimantan Platts Hard Coking Coal Premium Low Vol CFR China
4,200 kcal/kg GAR coal at $52.45/mt on July 10, up $1.50 from Daily Rationale
July 7, on higher demand fundamentals. Platts assessed premium low-vol HCC steady from July 7 at
The best offer was heard at $52.50/mt FOB on a Supramax $224/mt CFR China July 10, in line with tradable levels reported.
basis for a cargo loading over July-August. The tradeable levels were heard at $215-$230/mt CFR China
No bids were heard before the Platts Markets on Close for Australian Premium Low-Vol coal, at parity to Platts PLV CFR
assessment process. China, based on current brand price relativity.
Two trades, with the first heard at $54/mt FOB and the second Exclusions: No market data was excluded from the
at $53.27/mt FOB on a Supramax basis for cargoes loading over assessment process.
July-August, were not included in the assessment, as they could Platts is part of S&P Global Commodity Insights.
not be confirmed before the MOC. The above rationale applies to Platts Premium Low Vol CFR
Platts is part of S&P Global Commodity Insights. China assessment (PLVHC00) & TSI Prem JM25 CFR Jingtang
The above rationale applies to the FOB Kalimantan 4,200 kcal/ (TS01044).
kg GAR assessment, with the associated code: CSBKI00
Platts Hard Coking Coal Premium Low Vol FOB Australia
Coal EMEA CIF ARA Daily Daily Rationale
Platts assessed the 15- to 60-day price of CIF ARA 6,000 kcal/ Platts assessed premium low-vol unchanged from July 7 at
kg NAR coal at $113/mt on July 10, down $1 on the day. $229/mt FOB Australia July 10, in line with tradable levels reported.
A bid and an offer were heard at $111/mt and $115/mt, Tradable levels were reported at $220-$232/mt FOB Australia
respectively, for August-loading cargo on a Supramax basis. for Australian Premium Mid-Vol Goonyella. This was normalized
Another bid and an offer were heard at $111/mt and $108/mt, down by $2.5/mt to $217.5-229.5/mt to account for Goonyella’s
respectively, on a Supramax basis for September-loading cargoes. premium to Platts PLV FOB Australia, based on current brand
Platts is part of S&P Global Commodity Insights. price relativity.
The above rationale applies to the CIF ARA 6,000 kcal/kg NAR Exclusions: No market data was excluded from the
assessment, with the associated code CSARM01. assessment process.

© 2023 by S&P Global Inc. All rights reserved. 11

Coal Trader International July 10, 2023

Platts is part of S&P Global Commodity Insights. coal loading at other Black Sea ports will be considered.
The above rationale applies to Platts Premium Low Vol FOB Platts would also consider cargo sizes from 30,000-150,000
Australia assessment (PLVHA00) & TSI Premium Hard Coking Coal mt for normalization, and also consider coals with calorific value
Australia Export FOB East Coast Port (TS01034). 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
Subscriber Notes value of 1%, maximum ash value of 16% and maximum moisture of
14% will also be considered.
Platts launches new FOB Vancouver thermal coal price The assessment would be published on a dollar per metric
effective June 28, 2023 ton basis and would follow the London weekly publishing
Platts, part of S&P Global Commodity Insights, has launched a schedule time stamp with the market close at 4:30 pm London
daily thermal coal FOB Vancouver netback price (basis 5,750 kcal/ time, every Friday. Please send all comments or questions to
kg NAR, max 1% sulfur) effective June 28, 2023. coal@spglobal.com and pricegroup@spglobal.com by July
The netback reflects the price of North American thermal 14, 2023.
coal compared to Platts North East Asian thermal coal price For written comments, please provide a clear indication if
assessment - NEAT - minus the Panamax freight rate from comments are not intended for publication by Platts for public
Roberts Bank, British Columbia, to Japan, in USD per metric viewing.
ton, based on loading 15 to 60 days forward from the date Platts will consider all comments received and will make
of publication. The netback normalizes calorific values from comments not marked as confidential available upon request.
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 Platts updates sulfur range, typical specification for CIF Turkey
schedule, reflecting the market as of 11:30 am ET. Platts opened petcoke assessment July 3
a formal proposal on May 9, 2023, in a subscriber note available Platts, part of S&P Global Commodity Insights, has updated the
here: https://www.spglobal.com/commodityinsights/en/our- range and typical specification of sulfur in petcoke for the CIF
methodology/subscriber-notes/050923-platts-proposes-to- Turkey assessment (CPAGH00) from 4%-5.5% to 5%-6.5%, and
launch-fob-vancouver-5750-kcalkg-nar-netback from 5% to 5.5%, respectively, effective July 3, 2023. Petcoke with
The netback will be published in Platts Coal Trader, Platts Coal sulfur content outside this range will be normalized to this new
Trader International, and on Platts North American Coal Alert standard for assessment purposes.
page GCN0230. The changes capture a more reflective range and typical
Platts proposed to discontinue the existing FOB Vancouver specification of sulfur, being continuously observed in the market,
8,800 Btu/lb netback (COVCU00) and 5,000 kcal/kg NAR for petcoke imported and consumed in Turkey.
assessment (CTVCA00) effective August 21, 2023, in a subscriber The assessment is published along with all our weekly petcoke
note May 23, 2023, available here: https://www.spglobal. assessments, heards, news and analysis in the Petcoke Weekly
com/commodityinsights/en/our-methodology/subscriber- supplement to Coal Trader on Wednesdays and Coal Trader
notes/052323-platts-proposes-to-discontinue-fob-vancouver- International on Thursdays.
5000-kcalkg-assessment-and-8800-btulb-netback-effective- Platts opened a formal proposal on April 3, 2023, in a
aug-21-2023 subscriber note available here:
Platts invites any questions and feedback to https://www.spglobal.com/commodityinsights/en/our-
coal@spglobal.com and pricegroup@spglobal.com. For written methodology/subscriber-notes/040323-platts-proposes-to-
comments, please provide a clear indication if comments are not update-sulfur-range-and-typical-specification-for-cif-turkey-
intended for publication by Platts for public viewing. Platts will petcoke-assessment
consider all comments received and will make comments not Platts published a formal decision on May 12, 2023, in a
marked as confidential available upon request. subscriber note available here:
https://www.spglobal.com/commodityinsights/en/our-
Platts proposes FOB Black Sea thermal coal assessment methodology/subscriber-notes/051223-platts-to-update-sulfur-
Platts, part of S&P Global Commodity Insights, proposes to range-typical-specification-for-cif-turkey-petcoke-assessment
launch a weekly assessment for FOB Black Sea thermal coal, Please send any questions, comments, or feedback to
effective Aug. 11, 2023. coal@spglobal.com and pricegroup@spglobal.com.
The proposed assessment would reflect the value of thermal For written comments, please provide a clear indication if
coal based on spot transactions for cargoes loading 30 to 60 comments are not intended for publication by Platts for public
days forward from the date of publication. The assessment would viewing.
be basis 6,000 kcal/kg NAR, normalized to a 50,000-mt cargo Platts will consider all comments received and will make
size, and use Taman Dry Bulk Terminal as a basis port, although comments not marked as confidential available upon request.

© 2023 by S&P Global Inc. All rights reserved. 12

Coal Trader International July 10, 2023

Current Vessel Fixtures

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

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

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

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

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

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

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

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

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

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

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

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

Phaeton TBN 75,000/10 Nacala/Vizag Jul 23-25 around $10.15/mt CNR

TBN 55,000/10 Maputo/New Mangalore Jul 17-23 around $12/mt CNR
TBN 55,000/10 Maputo/Rotterdam Jul 17-23 $16.50/mt Mercuria
Russia

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

© 2023 by S&P Global Inc. All rights reserved. 13