COAL TRADER INTERNATIONAL

Volume 19 / Issue 38 / Friday, February 22, 2019

Australian, Chinese officials dismiss fears of Daily prompt physical thermal coal assessments, Feb 22

Australian coal ban at China’s northeastern ports CV (kcal/kg) Window Platts symbol $/mt Chg
North East Asia
■■China denies import ban claims NEAT Coal Index 5,750 NAR 15-60 day JKTCA00 75.36 -1.29
■■No ‘dramatic effect’ on Australian economy
Atlantic

Singapore—Sentiment in the Asia-Pacific thermal coal market has CIF ARA 6,000 NAR 15-60 day CSARM01 72.20 -0.80

been calmer Friday as Australian and Chinese officials downplayed the FOB Richards Bay 5,500 NAR 7-45 day AAXEX00 62.15 +1.15

impact of a reported Chinese coal ban. Australia

China’s foreign ministry has denied claims that the country FOB Newcastle 20% Ash 5,500 NAR 7-45 day AAVUW00 59.55 -1.05
imposed import bans on Australian coal, saying that all ports in China FOB Newcastle 23% Ash 5,500 NAR 7-45 day AAVVB00 58.00 -1.00
accept coal imports, including those from Australia, Chinese local FOB Newcastle Ash Differential AAVVA00 0.51
media reported Friday. FOB Newcastle 6,300 GAR 7-45 day CSNCB00 89.55 -0.05
A foreign ministry spokesman said during a press conference
(continued on page 11) Indonesia
FOB Kalimantan (Geared Supramax) 4,200 GAR 7-45 day CSBKI00 37.55 +0.05
News Headlines FOB Kalimantan (Geared Supramax) 3,800 GAR 7-45 day CSCKJ00 29.10 0.00
FOB Kalimantan (Geared Supramax) 5,900 GAR 90-day CSAKH00 71.50 0.00
Indonesia set to benefit from China’s FOB Kalimantan (Geared Supramax) 5,000 GAR 90-day CSAKI00 55.50 0.00
restrictions on Australian thermal coal India
■■Lackluster Chinese demand for Newcastle high-ash coal
CFR India West (Gearless Panamax) 5,500 NAR 30-60 day CIWCI00 71.70 -0.90
■■Chinese domestic prices stable
CFR India West (Gearless Panamax) 5,000 GAR 30-60 day TCAKP00 63.95 0.00
Atlantic thermal coal market subdued CFR India West (Gearless Panamax) 4,200 GAR 30-60 day TCAKT00 46.00 +0.05

by European complex, Asian demand CFR India West (Geared Supramax) 3,800 GAR 30-60 day TCAKR00 40.10 -0.50
CFR India East (Gearless Panamax) 5,500 NAR 30-60 day CIECI00 71.90 -0.90
■■Near-term outlook still bearish
CFR India East (Gearless Panamax) 5,000 GAR 30-60 day TCAKJ00 63.20 0.00
■■CIF ARA futures fall on day
CFR India East (Gearless Panamax) 4,200 GAR 30-60 day TCAKU00 45.25 +0.05
Turkish cement plant heard CFR India East (Geared Supramax) 3,800 GAR 30-60 day TCAKS00 38.10 -0.20

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

■■Demand in Turkey is overall sluggish China
■■FOB Russia Black Sea price rises $1 on week PCC 1 (FOB Qinhuangdao) 5,500 NAR 7-45 day PCCQH00 90.21* -0.02
PCC 2 (FOB Qinhuangdao) 5,000 NAR 7-45 day PCCPN00 78.86* -0.01
FOB RUSSIA  FOB COLOMBIA COAL vs DELIVERED NEAT PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPQ00 44.30 +0.05
BASIS 5,750 kcal/kg PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPP00 62.30 0.00
($/mt)
120 PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSC00 67.00 -1.00

Yuan/mt
PCC 1 (FOB Qinhuangdao) 5,500 NAR 7-45 day PCCQG00 604.00* 0.00
100 PCC 2 (FOB Qinhuangdao) 5,000 NAR 7-45 day PCCPM00 528.00* 0.00
Colombia
Russia PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPR00 296.62 +0.40
NEAT PCC 6 (VAT included) 3,800 NAR 30-60 day PCCPS00 344.08 +0.46
80 PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPO00 417.15 +0.10
PCC 7 (VAT included) 4,700 NAR 30-60 day PCCFB00 483.89 +0.11
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSD00 448.62 -6.59
60 PCC 8 (Duty & VAT included) 5,500 NAR 15-60 day PCCFA00 520.40 -7.64
Feb-18 May-18 Aug-18 Nov-18 Feb-19
Source: S&P Global Platts *Includes VAT

www.platts.com www.twitter.com/PlattsCoal
Coal Trader International Friday, February 22, 2019

Indonesia set to benefit from China’s
restrictions on Australian thermal coal
■■Lackluster Chinese demand for Newcastle high-ash coal
■■Chinese domestic prices stable
Singapore—Indonesian thermal coal miners were keenly watching any
further developments in China following the country’s restrictions on
Australian coal cargoes, sources said Friday.
An Indonesia-based trader said Australian miners are worried
about the export outlook for China.
The trader is unsure if the imports ban will be extended to other
Chinese ports as well, adding that demand for Australian 5,000–5,500
kcal/kg NAR coals has been affected.
Indonesia-based coal producers are hoping that China will divert
their seaborne buying interest to Indonesia, he said.
“Indonesia can easily fill Chinese demand if given a proper lead
time,” he added.
An Indonesia-based producer is seeing higher demand coming
from China and India, and heard a few Supramax spot shipments of
4,200 kcal/kg GAR concluded this week at $36.50/mt FOB Kalimantan.
A Singapore-based trader received a firm bid for Indonesian
4,200 kcal/kg GAR coal at $37.50/mt FOB Kalimantan for March on a
Weekly prompt physical thermal coal prices, Feb 22
Code CV Basis Sulfur $/mt Chg
(kcal/kg)
CIF Turkey CTCMT04 6,000 NAR 0.8% 82.00 -3.00
FOB Colombia CSABZ00 6,000 NAR 0.8% 72.00 +1.00
FOB Russia Baltic CSAKC00 6,000 NAR 0.5% 66.00 -0.55
FOB Russia Pacific CSAKG00 6,300 GAR 0.3% 92.00 0.00
FOB USEC Baltimore CUAAA04 6,944 NAR 2.6% 73.00 -1.00
FOB USEC Hampton Roads CUABA04 6,667 NAR 1.0% 93.15 -0.50
FOB USGC New Orleans CUACA04 6,111 NAR 2.9% 52.96 -2.04
Normalized
FOB USEC Baltimore CUADA04 6,000 NAR 63.08 -0.86
FOB USEC Hampton Roads CUAEA04 6,000 NAR 83.83 -0.45
FOB USGC New Orleans CUAFA04 6,000 NAR 52.00 -2.00
Platts physical thermal coal netbacks, Feb 22
Code CV Basis Sulfur $/mt Chg
(kcal/kg)
Coal ($/mt)
CIF ARA CSARM01 6,000 NAR 1.0% 72.20 -0.80
NEAT Coal Index JKTCA00 5,750 NAR 1.0% 75.36 -1.29
CFR India West CIWCI00 5,500 NAR 0.8% 71.70 -0.90
Panamax Freight ($/mt)
USEC-Rotterdam CDBUR00 8.25 0.00
Mobile-Rotterdam CDMAR00 11.25 0.00
Roberts Bank-Japan CDRBK00 12.20 -0.15
Richards Bay-India West CSAKL00 10.70 0.00

Supramax basis. Penalties & Premia ($/mt)

Per 0.1% Sulfur (USGC) COPAP00 0.47 +0.05
He pegged the fair value of Indonesian 4,200 kcal/kg GAR coal at Total S discount (USGC) COPBP00 8.93 +0.95
$37.50/mt FOB Kalimantan.
Netbacks ($/st)
FOB US East Coast* COUSC00 12,500 GAR 1.0% 64.46 -0.81
Newcastle high-ash coal FOB US Gulf Coast* COUGU00 11,500 GAR 2.9% 48.21 -1.61
Meanwhile, market sources said business in the China seaborne FOB Vancouver* COVCU00 8,800 GAR 0.8% 45.95 -0.83

market for Australian 5,500 kcal/kg NAR cargoes had come to a Netbacks ($/mt)
FOB Richards Bay CSEUW00 6,000 NAR 0.8% 69.61 -1.04
standstill Friday, as it made little sense for shippers to offer cargoes
* CV = Btu/lb

GLOBAL COAL PHYSICAL PRICE SNAPSHOT, FEBRUARY 22 $/mt, kcal/kg)

FOB Baltic Russia 6,000 NAR* 66.00

CIF ARA 6,000 NAR 72.20

FOB Baltimore 6,000 NAR * 63.08 CIF Turkey 6,000 NAR* 82.00
NEAT Coal Index 5,750 NAR 75.36
FOB Hampton Roads 6,000 NAR* 83.83
FOB New Orleans 6,000 NAR * 52.00 PCC 1 (FOB Qinhuangdao) 5,500 NAR 90.21
CFR India East 5,500 NAR 71.90
PCC 8 (CFR South China) 5,500 NAR 67.00
CFR India West 5,500 NAR 71.70
CFR India East 4,200 GAR 45.25
CFR India West 4,200 GAR 46.00

FOB Colombia 6,000 NAR* 72.00

FOB Kalimantan 4,200 GAR 37.55

FOB Richards Bay 5,500 NAR 62.15 FOB Newcastle 5,500 NAR 59.55
FOB Richards Bay 6,000 NAR 69.61 FOB Newcastle 6,300 GAR 89.55

* Weekly price, assessed Fridays

Source: S&P Global Platts

© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
Coal Trader International Friday, February 22, 2019

given the latest import curbs at China’s northern ports.
One market source said the lower offers heard Thursday for
Newcastle 5,500 kcal/kg NAR thermal coal at about $55/mt FOB into
the Indian market were “cheap,” but “stands to reason with no China
business.”
In the Newcastle 6,000 kcal/kg NAR thermal coal market, a May-
loading parcel of this grade for 25,000 mt traded at $95/mt FOB on
globalCOAL. This price was down $1/mt from the last screen trade for
May shipment at $96/mt on Monday, also for 25,000 mt.
In Japan, annual price negotiations for Japanese financial year
supply contracts for Australian 6,300 kcal/kg GAR thermal coal starting
April 1 are centered around a wide bid and offer spread, at around $90/
mt against $110/mt FOB Newcastle, sources said.
Chinese domestic prices
Domestic coal prices in China appeared to stabilize Friday, said a
China-based trader.
Offers for 5,500 kcal/kg NAR domestic coal were heard at Yuan
605/mt FOB Qinhuangdao, while offers for the 5,000 kcal/kg NAR grade
were at Yuan 530-535/mt FOB.
He added that the coal burn is lower than 600,000 mt/day and
only there is no significant restocking amid existing stock levels at the
Spot dry bulk freight assessments, Feb 22
Platts symbol $/mt Chg
Capesize
Australia-China CDANC00 6.10 -0.10
Queensland-Japan CIGAJ00 6.70 -0.10
New South Wales-Korea CINAK00 7.55 -0.10
Bolivar-Rotterdam CIBCR00 6.95 0.00
Roberts Bank-Japan CDRKJ00 8.50 -0.10
Richards Bay-Rotterdam CIRBN00 5.50 0.00
Panamax
Richards Bay-India West CSAKL00 10.70 0.00
Kalimantan-India West CSAKP00 7.70 0.00
Richards Bay-India East CSAKN00 10.75 0.00
Kalimantan-India East CSAKR00 6.40 0.00
Richards Bay-Rotterdam CIRRN00 9.50 0.00
Richards Bay-Spanish Med CIRBT00 9.00 0.00
Richards Bay-Jorf Lasfar CIRBJ00 8.75 0.00
Bolivar-Rotterdam CIBRN00 10.25 0.00
USEC-India CDBUI00 27.00 0.00
USEC-Rotterdam CDBUR00 8.25 0.00
USEC-Brazil CDBUB00 8.00 0.00
Mobile-Rotterdam CDMAR00 11.25 0.00
Mobile-Taranto CDMAI00 9.75 0.00
Roberts Bank-Japan CDRBK00 12.20 -0.15
Australia-China CDBFA00 10.15 -0.15
Australia-India CDBFAI0 11.25 -0.25

end-users.
The impact of the recently reported Australian import curb was
said to be limited in China’s domestic market as demand is weak,
sources noted.
Pockets of buying interest were seen for 5,500 kcal/kg NAR
Russian coal from the cement industry in China, sources said.
— Michael Cooper, Fred Wang, Jenny Ma
Platts Thermal Coal Indonesia Daily Rationale
S&P Global Platts assessed the 7-45 day price of FOB Kalimantan 4,200 kcal/kg
GAR coal at $37.55/mt Friday, up 5 cents/mt day on day and between the
highest bid and the lowest firm offer heard. A bid was heard at $37.50/mt FOB
for a March-loading Supramax shipment, while offers were heard at $39-$40/mt
FOB. No trades were reported during Asian hours. No data was excluded from
the assessment. The above rationale applies to the FOB Kalimantan 4,200 GAR
assessment, with the associated code: CSBKI00

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COAL TRADER INTERNATIONAL Officers of the Corporation: Charles E. Haldeman, Jr., Non-Executive
Chairman; Doug Peterson, President and Chief Executive Officer;
Volume 19 / Issue 38 / February 22, 2019 Ewout Steenbergen, Executive Vice President, Chief Financial Officer;
ISSN: 1746-8914 Steve Kemps, Executive Vice President, General Counsel
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Coal Trader International Friday, February 22, 2019

Recent heards in the thermal coal market

Date Heard type Product (kcal/kg) Price (per mt) Volume size Delivery period Source Additional
reported (mt) Notes

22-Feb Trade CIF Turkey 5800 NAR $81 120,000 March, May, June Trader 3 x 40 kt cargoes –
Mozambique origin
22-Feb Trade CIF Jorf Lasfar 6000 NAR $75-77 190,000 Q2 Trader 5 x 38 kt cargoes
22-Feb Bid CIF ARA 6000 NAR $72 50,000 March Braemar
22-Feb Bid CIF ARA 6000 NAR $73.5 50,000 April Braemar
22-Feb Offer CIF ARA 6000 NAR $73.25 50,000 April Braemar
22-Feb Offer FOB Richards Bay 6000 NAR $77 50,000 March globalCOAL
22-Feb Bid FOB Richards Bay 6000 NAR $81.75 50,000 April globalCOAL
22-Feb Offer FOB Richards Bay 6000 NAR $83.5 50,000 April globalCOAL
22-Feb Bid FOB Richards Bay 6000 NAR $76 50,000 March Broker
22-Feb Offer FOB Richards Bay 6000 NAR $76.7 50,000 March Broker
22-Feb Trade FOB Richards Bay 6000 NAR $76.7 50,000 March Broker
22-Feb Trade FOB Newcastle 6000 NAR $95 25,000 May globalCOAL Parcel
22-Feb Trade FOB Qinhuangdao 5500 NAR Yuan605 Unknown Spot cargo Trader
22-Feb Offer FOB Qinhuangdao 5500 NAR Yuan605 Unknown Spot cargo Trader
22-Feb Offer FOB Qinhuangdao 5000 NAR Yuan535 Unknown Spot cargo Trader
22-Feb Offer FOB Qinhuangdao 5000 NAR Yuan530 Unknown Spot cargo Trader
22-Feb Bid FOB Kalimantan 3400 NAR $28 55,000 March Trader Supramax
22-Feb Offer FOB Kalimantan 3800 NAR $40 75,000 March Trader Panamax
22-Feb Bid FOB Kalimantan 4200 GAR $37.5 55,000 March Trader Supramax
22-Feb Offer FOB Kalimantan 4200 GAR $39-40 55,000 March Producer Supramax
22-Feb Bid/Offer FOB Kalimantan 5100 GAR $58.50 vs 59.50 75,000 March Trader Gearless vessel
21-Feb Trade FOB Richards Bay 6000 NAR $82 50,000 April globalCOAL
21-Feb Offer FOB Baltic 5800 NAR $-5.5 75,000 March Broker index linked
21-Feb Bid FOB Richards Bay 4800 NAR $-27 75,000 March Broker index linked
21-Feb Offer FOB Richards Bay 5500 NAR $-21 75,000 March Broker index linked
21-Feb Bid CIF ARA 6000 NAR $72.75 50,000 March Braemar
21-Feb Bid CIF ARA 6000 NAR $74 50,000 April Braemar
21-Feb Offer CIF ARA 6000 NAR $73.75 50,000 April Braemar
21-Feb Offer FOB Richards Bay 6000 NAR $75 50,000 March globalCOAL
21-Feb Bid FOB Richards Bay 6000 NAR $82 50,000 April globalCOAL
21-Feb Offer FOB Richards Bay 6000 NAR $83 50,000 April globalCOAL
21-Feb Offer FOB Newcastle 5500 NAR $55 75,000 April Market Panamax
21-Feb Offer FOB Kalimantan 3800 GAR $28.50-29 55,000 March Trader Supramax
21-Feb Trade FOB Kalimantan 3800 NAR $39 75,000 March Trader Panamax
21-Feb Bid FOB Kalimantan 3800 NAR $38 75,000 March Trader Panamax
21-Feb Trade FOB Kalimantan 3800 NAR $37.5 55,000 March Trader Supramax
21-Feb Bid/Offer FOB Kalimantan 4200 GAR $37.25 vs 37.75-38 55,000 March Trader Supramax
21-Feb Offer FOB Kalimantan 4200 GAR $38-39 55,000 March Trader Supramax
21-Feb Offer FOB Kalimantan 4200 GAR $39 75,000 March Trader Gearless vessel
21-Feb Trade FOB Kalimantan 4200 GAR $38.25 75,000 March Trader Gearless vessel
21-Feb Trade FOB Kalimantan 4800 NAR $57.75 75,000 March Trader Panamax
21-Feb Bid FOB Kalimantan 4800 NAR $58.2 75,000 March Trader Panamax
21-Feb Trade FOB Kalimantan 4600 GAR $46 75,000 March Trader Panamax
21-Feb Offer FOB Kalimantan 4100 GAR $37.25 50,000 March Broker
21-Feb Bid FOB Kalimantan 4200 GAR $37.75 70,000 March Broker
21-Feb Offer FOB Kalimantan 4200 GAR $38 50,000 March Broker
21-Feb Offer FOB Kalimantan 5400 GAR $63.5 50,000 March Broker
20-Feb Trade FOB Richards Bay 6000 NAR $76.25 50,000 March globalCOAL
20-Feb Bid FOB Richards Bay 6000 NAR $76.25 50,000 March globalCOAL
20-Feb Offer FOB Richards Bay 6000 NAR $78 50,000 March globalCOAL
20-Feb Offer FOB Richards Bay 6000 NAR $83.75 50,000 April globalCOAL
20-Feb Bid FOB Richards Bay 6000 NAR $82 50,000 April globalCOAL
20-Feb Bid CIF ARA 6000 NAR $74.25 50,000 April Braemar
20-Feb Offer CIF ARA 6000 NAR $73.5 50,000 April Braemar
20-Feb Offer CIF ARA 6000 NAR $72.5 50,000 March Braemar

© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 4
Coal Trader International Friday, February 22, 2019
Atlantic thermal coal market subdued
by European complex, Asian demand
■■Near-term outlook still bearish
■■CIF ARA futures fall on day
London—The delivered-Europe thermal coal market remained bearish
Friday, with sources pointing to European energy complex and Asian
coal markets as the key drivers behind the current mood.
In Europe, stockpiles at Dutch terminals remain persistently high
on a year-on-year basis, with sources commenting it would require
sustained stronger coal burn to make a dent into these stocks.
The needed coal burn, however, did not appear likely on Friday as
weather in Europe was expected to be milder and more wind power
generation was expected to limit demand for coal.
Furthermore, new coal cargoes were still arriving to the European
continent from main supplier Russia, and from less traditional suppliers
South Africa and Australia.
Two Capesize vessels laden with coal were currently on route to
Rotterdam from South Africa, according to Platts trade flow software
cFlow, while Capesize vessels from Australia were also been reported.
Sources said this flow was mainly due to weaker spot demand in
Asia, the traditional market for South African and Australian coal.
Sources had spent most of the week speculating on possible
Chinese import controls for Australian coal, and while demand from
India had recovered in recent weeks, it was still not enough to mop up
the oversupply in the Pacific basin, sources said.
These factors led to negative expectations in the near term,
sources said.
Platts assessed the CIF ARA physical 6,000 kcal/kg NAR price at
$72.20/mt, down 80 cents on the day and up 65 cents on the week.
CIF ARA thermal coal futures trended lower on Friday after trading
sideways for most of the session.
A European trader said coal market fundamentals were weak and
expected limited upward price movement in the near term.
This movement was in line with European gas and German year-
ahead power contracts, sources said.
Platts assessed the CIF ARA Cal-20 contract at $77.50/mt, down
$1.20 on the day and $1.50 on the week.
— Joseph Clarke
Turkish cement plant heard
buying Mozambique coal
■■Demand in Turkey is overall sluggish
■■FOB Russia Black Sea price rises $1 on week
London—Sentiment in the Turkish thermal coal market remained
muted Friday as demand continued to wane; however, a deal from
Mozambique was reported by traders.
S&P Global Platts assessed the CIF Turkey 6,000 kcal/kg NAR,
90-day price for Panamax vessels at $82/mt, down $3 on week.
A Turkish cement plant was said to have purchased three 40,000
mt cargoes of Mozambique high ash, 5,800 kcal/kg NAR coal for
delivery in March, May and June at $81/mt on a CIF basis.
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Thermal coal forward curves, Feb 22
Bid Ask Midpoint* Platts symbol Change* % Change
CIF ARA 6,000 NAR
Mar-19 72.85 73.15 73.00 CSAM001 -0.30 -0.41
Apr-19 73.70 74.00 73.85 CSAM002 -0.15 -0.20
Q2-19 74.65 74.95 74.80 CSAQ001 -0.20 -0.27
Q3-19 76.85 77.15 77.00 CSAQ002 -0.50 -0.65
Q4-19 78.80 79.10 78.95 CSAQ003 -0.45 -0.57
Q1-20 78.75 79.05 78.90 CSAQ004 -0.65 -0.82
2020 77.35 77.65 77.50 CSAY001 -1.20 -1.52
2021 76.45 76.75 76.60 CSAY002 -1.10 -1.42
2022 75.65 75.95 75.80 CSAY003 -0.95 -1.24
FOB Newcastle 6,300 GAR
Mar-19 93.45 93.95 93.70 CSCM001 0.00 0.00
Apr-19 93.50 94.00 93.75 CSCM002 -0.05 -0.05
Q2-19 93.20 93.70 93.45 CSCQ001 -0.10 -0.11
Q3-19 92.75 93.25 93.00 CSCQ002 0.00 0.00
Q4-19 92.30 92.80 92.55 CSCQ003 +0.05 +0.05
Q1-20 92.00 92.50 92.25 CSCQ004 -0.05 -0.05
2020 89.30 90.30 89.80 CSCY001 -0.65 -0.72
2021 87.10 88.10 87.60 CSCY002 -0.10 -0.11
2022 85.95 86.95 86.45 CSCY003 0.00 0.00
*Fields are calculated.
Platts Coal Switching Price Indicator (CSPI)
Platts UK Platts UK Platts Netherlands
February 21, 2019 symbol (p/th) symbol (Eur/MWh) symbol (Eur/MWh)
Month ahead EUKVM00 64.07 EUKTM00 25.17 EDUTM00 16.13
Quarter ahead EUKVQ00 64.85 EUKTQ00 25.48 EDUTQ00 16.40
Year ahead EUKVY00 66.87 EUKTY00 26.27 EDUTY00 17.08
Efficiency used is 50% for gas plants, 35% for UK coal plants and 40% for Dutch coal plants. Platts
CSPI is the theoretical threshold at which gas is more competitive than coal in power generation.
When the gas price is higher than the CSPI, CCGTs are more expensive to run than coal-fired plants.
Clean dark spreads, Feb 21
Platts 35% Platts 45% Platts 35%
symbol efficiency symbol efficiency symbol efficiency
CPS*
Germany (Eur/MWh)
Month ahead CCGTM00 -4.81 CCGUM00 1.07
Month ahead+1 CCGTM27 -5.29 CCGUM27 0.65
Quarter ahead CCGTQ00 -3.63 CCGUQ00 2.39
Quarter ahead+1 CCGTQ27 -1.07 CCGUQ27 5.15
Year ahead CCGTY00 -1.18 CCGUY00 5.13
Year ahead+1 CCGTY27 -3.48 CCGUY27 2.76
Year ahead+2 CCGTY28 -2.45 CCGUY28 3.72
UK (GBP/MWh)
Month ahead CCUZM00 9.55 CCHZM00 -7.97
Month ahead+1 CCUZM27 9.58 CCHZM27 -7.94
Quarter ahead CCUZQ00 8.41 CCHZQ00 -9.10
Quarter ahead+1 CCUZQ27 8.43 CCHZQ27 -9.08
Season ahead CCUZS00 8.47 CCHZS00 -9.04
UK (Eur/MWh)
Month ahead CCUTM00 10.99 CCHTM00 -9.17
Month ahead+1 CCUTM27 11.03 CCHTM27 -9.14
Quarter ahead CCUTQ00 9.69 CCHTQ00 -10.48
Quarter ahead+1 CCUTQ27 9.70 CCHTQ27 -10.46
Season ahead CCUTS00 9.75 CCHTS00 -10.41
*The CPS clean dark spreads incorporate the cost of the UK government’s Carbon Price Support
levy. For full details of the rates, please see Platts methodology on www.platts.com.
Source: S&P Global Platts, EEX
5
Coal Trader International Friday, February 22, 2019
In the cement sector, there has been some increased interest for
coal given the recent fall in CIF ARA 6,000 kcal/kg NAR prices;
however, buyers still remained fixed on procuring petcoke and
domestic coal for cost reasons.
“The Mediterranean market is generally quite quiet,” a European
trader said.
The source said the slight rebound in freight rates in the Atlantic
has given a little support to the bearish coal market.
A major Turkish utility was heard looking for two Capesize vessels
for Q2 delivery.
A second European trader said that despite the utility having
acquired large sums for 2019 already, a decision by the Turkish
government to move the utilities’ maintenance date has led to
increased demand for coal.
The source said sellers of Colombian coal have to remain
competitive, given the readiness of Russian producers to facilitate
tenders at low prices, and that said utilities have been looking for
Capesize vessels in the low $70s/mt CIF.
The FOB Russia Black Sea 6,000 kcal/kg NAR price was estimated
by sources at $77/mt, up $1 on week.
Sources reported the tender released by Morocco’s ONEE (Office
National de l’Electricité et de l’Eau Potable) for five 38,000 mt cargoes
for delivery in the second quarter on a CIF Jorf Lasfar basis was
awarded around $75-$77/mt.
“Moroccan prices are too low, they (sellers) are dumping coal at the
current levels,” said the second European trader.
— Piers De Wilde
Coal stocks at Indian power plants rise
to 23.7 mil mt, 22-month high: CEA
■■Current stocks enough for 15 days cover
■■Imports expected to grow throughout 2019
London—Thermal coal stocks at Indian power plants continued to
show strong signs of recovery in the week ending Wednesday, climbing
to 23.7 million mt, the highest level since April 2017, according to data
published Friday by the Central Electricity Authority.
Stock levels have been steadily climbing since the end of the
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Coking coal swaps assessment, Feb 22
Platts symbol $/mt Chg % Chg
TSI Premium Hard Coking Coal Australia Export FOB East Coast Port
Mar-19 MCPLM01 213.500 +0.670 +0.315
Apr-19 MCPLM02 206.000 -1.580 -0.761
May-19 MCPLM03 200.000 -2.170 -1.073
Q2-19 MCPLQ01 200.000 -2.220 -1.098
Q3-19 MCPLQ02 189.500 -0.380 -0.200
Q4-19 MCPLQ03 190.750 +0.080 +0.042
2020 MCPLY01 183.750 -0.330 -0.179
2021 MCPLY02 173.250 -0.080 -0.046
Metallurgical coke, Feb 22
Seaborne
% CSR Platts symbol $/mt Chg % Chg
FOB North China 66/65 MCCNC00 358.00 +1.00 +0.28
65/63 MCCHB00 347.00 +1.00 +0.29
64/62 AAWVL00 343.00 +1.00 +0.29
62/60 MCCHA00 333.00 +1.00 +0.30
CFR India 66/65 MCCNI00 371.00 +1.00 +0.27
65/63 MCINB00 360.00 +1.00 +0.28
64/62 MCCEI00 356.00 +1.00 +0.28
62/60 MCINA00 346.00 +1.00 +0.29
Domestic
Yuan/mt
DDP North China (weekly) 62 AAWVJ00 2260.00 +40.00 +1.80
$/mt
FOB North China equivalent (DDP weekly) 62 PLVHM04 343.95 +8.58 +2.49
Platts China PLV, met coke price differentials, Feb 22
Price spreads Platts symbol $/mt
Import-Shanxi Premium Low Vol CFR China PLVHK04 -24.42
Import-port stock Premium Low Vol CFR China PLVHL04 -2.89
62% CSR coke export-domestic FOB North China PLVHN04 -1.95
Monthly and Quarterly Averages for Platts Forward
Benchmark Coal Price Assessments ($/mt)
CV (kcal/kg) Basis Jan-19 Dec-18 Nov-18 Q4-18 Q3-18
NEAT Coal Index 5,750 NAR 79.95 79.02 81.78 83.29 88.42
CIF ARA 6,000 NAR 81.10 87.40 86.42 91.63 99.42
FOB Richards Bay 5,500 NAR 65.36 66.96 61.96 67.04 81.43
FOB Newcastle 20% Ash 5,500 NAR 63.58 61.15 63.21 64.04 68.90
FOB Newcastle 23% Ash 5,500 NAR 61.97 59.59 61.59 62.39 67.14
FOB Newcastle 6,300 GAR 98.05 99.93 99.42 102.78 117.92
FOB Kalimantan 5,900 GAR 69.48 68.02 69.35 70.09 78.14
FOB Kalimantan 5,000 GAR 49.86 46.35 48.74 49.51 59.00
FOB Kalimantan 4,200 GAR 32.84 30.21 31.54 33.63 41.83
FOB Kalimantan 3,800 GAR 26.95 25.84 26.77 28.01 34.00
CFR India West 5,500 NAR 76.94 79.38 75.50 80.93 95.59
CFR India West 5,000 GAR 58.25 55.92 58.50 59.93 69.48
CFR India West 4,200 GAR 41.23 39.77 41.30 44.06 52.86
CFR India West 3,800 GAR 36.12 36.35 37.38 39.42 46.50
CFR India East 5,500 NAR 77.24 79.73 75.89 81.31 95.94
CFR India East 5,000 GAR 57.48 55.10 57.54 58.94 68.56
CFR India East 4,200 GAR 40.46 38.95 40.34 43.07 51.39
CFR India East 3,800 GAR 34.90 35.08 35.72 37.86 44.52
CIF Turkey 6,000 NAR 90.50 96.00 98.40 99.46 103.08
FOB Colombia 6,000 NAR 79.38 81.75 84.30 86.29 91.48
Russia Baltic* 6,000 NAR 76.64 80.28 79.63 84.43 93.95
Russia Pacific 6,300 GAR 100.00 100.75 104.40 106.77 119.75
*Assessed on a 6,400 kcal/kg GAR basis before January 2, 2015. See methodology for further details.
6
Coal Trader International Friday, February 22, 2019

Platts daily metallurgical coal assessments, Feb 22

Asia-Pacific coking coal ($/mt)
Platts FOB Change Platts CFR Change Platts CFR Change
symbol Australia symbol China symbol India
HCC Peak Downs Region HCCGA00 213.50 0.00 HCCGC00 212.50 +0.50 HCCGI00 224.75 -0.25
Premium Low Vol PLVHA00 212.50 0.00 PLVHC00 211.50 +0.50 PLVHI00 223.75 -0.25
HCC 64 Mid Vol HCCAU00 182.85 +0.15 HCCCH00 193.00 0.00 HCCIN00 194.10 -0.10
Low Vol PCI MCLVA00 126.10 +0.15 MCLVC00 136.25 0.00 MCLVI00 137.35 -0.10
Mid Tier PCI MCLAA00 124.10 +0.15 MCLAC00 134.25 0.00 MCVAI00 135.35 -0.10
Semi Soft MCSSA00 116.60 +0.15 MCSSC00 126.75 0.00 MCSSI00 127.85 -0.10
TSI coking coal indices ($/mt)
TSI Premium Hard (PHCC) FOB Australia TS01034 215.20 +0.80
TSI Hard FOB Australia TS01035 182.85 +0.15
TSI Prem JM25 CFR Jingtang TS01044 211.50 +0.50
TSI Hard JM25 CFR Jingtang TS01045 193.00 0.00
Atlantic coking coal ($/mt)
Platts FOB US
symbol East Coast Change VM Ash S
Low Vol HCC AAWWR00 189.00 +2.00 19% 8% 0.80%
High Vol A AAWWS00 207.00 0.00 32% 7% 0.85%
High Vol B AAWWT00 170.00 0.00 34% 8% 0.95%
CFR NW Europe Change VM Ash S
PLV NetForward PLVHE00 221.90 -0.10 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 1680 PCCMB04 1715 PCCMC04 1940 PLVHJ04 229.42
PCC Met Shanxi High Sulfur Premium Low Vol PCCMD04 1220 PCCME04 1255 PCCMF04 1480
PCC Met North China Fat Coal — — PCCMG04 1510
PCC Met Shanxi PCI PCCMH04 920 PCCMI04 955 PCCMJ04 1155
PCC Met Shandong Semi Soft PCCMK04 1090 PCCML04 1110 —

PCC Met Rail Freight Shanxi – Tangshan PCCMM04 230

PCC Met Truck Freight Shanxi – Tangshan PCCMO04 260
*Weekly (assessed February 20).

North China prompt port stock prices

Platts Ex-stock Jingtang Platts CFR Jingtang
symbol (Yuan/mt, incl VAT) symbol equivalent ($/mt)**
Premium Low Vol* AAWZN00 1700.00 AAWZO00 214.39
HCC 64 Mid Vol* AAWZP00 1550.00 AAWZQ00 195.13
*Weekly (assessed February 22), 20-day delivery from date.
**Ex-stock price, net of port charges, import tax and VAT.

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
HCC 64 Mid Vol 62% 21.50% 8.00% 0.45% 0.06% 10.50% 100
Penalties & Premia: Differentials ($/mt)
Within Platts % of Premium Low Vol FOB Platts Net Value
Min-Max symbol Australia assessment price symbol ($/mt)
Per 1% CSR 60-71% CPCSA00 0.50% CPCSP00 1.06
Per 1% VM (air dried) 18-27% CPVPA00 0.50% CPVMP00 1.06
Per 1% TM (as received) 8-11% CPTPA00 1.00% CPTMP00 2.13
Per 1% Ash (air dried) 7-10.5% CPAPA00 1.50% CPPAP00 3.19
Per 0.1%S (air dried) 0.3-1% CPSPA00 1.00% CPSPV00 2.13
US low-vol HCC Penalties & Premia; Differentials ($/mt)
Within Platts % of US low-vol HCC FOB Platts Net value
Min-Max symbol USEC assessment price symbol ($/mt)
Per 1% CSR 50-64% CPPBA00 0.50% CPPBB00 0.95
40-49% CPPBC00 0.50% CPPBD00 0.95
Per 0.1% S 0.70-1.05% CPPBE00 0.75% CPPBF00 1.42
1.06-1.25% CPPBG00 1.10% CPPBH00 2.08
Per 1% TM (as received) 6-11% CPPBK00 1.00% CPPBL00 1.89
Per 1% Ash 5-10% CPPBI00 1.75% CPPBJ00 3.31
The assessed price of HCC Peak Downs® originates with Platts and is based on price information for a range of HCCs with a CSR> 67% normalized to the standard of HCC Peak Downs® (CSR 74%). Peak
Downs® is a registered trade mark of BM Alliance Coal Operations Pty Limited “BMA”. This price assessment is not affiliated with or sponsored by BMA in any way.

© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 7
Coal Trader International Friday, February 22, 2019
monsoon season late last year, and appear to have further room to
grow. Earlier in the week, reports circulated from an industry event in
New Delhi that India’s coal imports will continue to grow throughout
2019 to supplement domestic production.
Coal stocks as of Wednesday were enough for 15 days cover,
having last been at this level in May 2017. Stocks of imported thermal
coal rose to 780,000 mt, up 73,000 mt on the week and the highest
level since July 2017.
“[Coal will] continue to be a key driver for power generation, with
Coal India accounting for almost 83% of domestic production,” the
state-owned producer said Friday.
— Joseph Clarke
Unions scale down industrial action on Australian
coal rail network as negotiations progress
■■Action planned for Thursday and Friday was withdrawn
■■Proposed actions through to February 28 remain
Sydney—Progress has been made in negotiations between Australian
rail operator Aurizon and the unions while industrial action on the
Central Queensland Coal Network has been scaled down, the Rail,
Tram and Bus Union said Thursday.
“Aurizon has agreed to resume bargaining during our
campaign, and negotiations have begun to proceed, at least in the
coal area, a little more seriously,” RBTU Queensland secretary
Owen Doogan said.
“We have decided to begin to de-escalate the campaign in
recognition of this breakthrough. A number of protected actions
planned for this week have been withdrawn,” he said.
A spokeswoman for Aurizon said Thursday night that industrial
action planned for Thursday and Friday for traincrew based in the
depots that service the Blackwater corridor, has been withdrawn.
Action planned for Thursday for maintenance crew in depots servicing
Blackwater and Goonyella corridors was also pulled, she said.
There is still proposed action including overtime bans at coal
depots in Queensland at various times through to Thursday February
28, she added.
“Aurizon Coal is working closely with its above-rail haulage
customers to minimize disruptions to their business,” she said.
“Across all bargaining, Aurizon remains committed to reaching a
fair and reasonable outcome for employees and the business,
providing real wage growth for employees and an agreement aligned
to the needs of our business,” she said.
Unions have been taking industrial action on the CQCN for the last
few months. Aurizon said recently in its half year report that the strikes
had impacted hauled volumes of coal in July-December. CQCN moved
76.4 million mt during the period, which is down 2% from 77.8 million
mt the year before. This was “despite strong demand and the
commencement of railings for QCoal’s Byerwen mine due to increased
supply chain constraints compared to 1HFY2019 and the impact of
projected industrial action in December,” it said.
— Nathan Richardson
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Platts daily Asia Pacific metallurgical coal
relativities, February 22, 2019
February 22 Spread Spread
CFR China vs PLV vs HCC 64
$/mt
Peak Downs 212.50* 100.47%
*Peak Downs FOB Australia (China netback) after accounting for Haypoint-Qingdao Panamax
freight = $202.35/mt.
Saraji 211.50 100.00%
Premium Low Vol 211.50** 100.00%
**Premium Low Vol FOB Australia (China netback) after accounting for Haypoint-Qingdao
Panamax freight = $201.35/mt.
German Creek 210.25 99.41%
Illawarra 209.25 98.94%
Moranbah North 209.25 98.94%
Oaky North
Goonyella
210.00 99.29%
209.25 98.94%
Goonyella C 207.50 98.11%
Peak Downs North 207.50 98.11% 107.51%
Standard 208.25 98.46% 107.90%
Premium 208.25 98.46% 107.90%
Hail Creek 204.00 96.45%
HCC 64 Mid Vol 193.00 91.25% 100.00%
Lake Vermont HCC 193.00 100.00%
Carborough Downs 191.50 99.22%
Middlemount Coking 176.00 91.19%
Poitrel Semi Hard 171.00 88.60%
February 22 freight rates. Australia to China: Panamax = $10.15/mt Capesize = $6.10/mt.
The Platts Metallurgical Coal Relativities CFR China assessments do not reflect any restrictions
or import duties, including duty rebates applied to coals under different import regimes, which
may affect the transacted price of the commodity. CFR China assessments are based on pricing
information before any additional, if any, import tariffs are imposed such as a 3% import tax
on Canadian, Russian and US coals. The definition of CFR is based on International Chamber of
Commerce Incoterms ® 2010.
A detailed explanation of the Platts Metallurgical Coal Relativities can be found here: http://www.
platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/metcoalmethod.pdf.
For further information about this data please contact cokingcoal@platts.com.
Source: S&P Global Platts
Platts weekly metallurgical coal relativities table
February 22, 2019
February 22, FOB Spread
Hampton Roads vs US LV
Oak Grove 212.00 112.17%
Blue Creek No. 7 212.00 112.17%
Blue Creek No. 4 205.00 108.47%
Beckley 195.00 103.17%
Low Vol FOB USEC 189.00 100.00%
Windber 183.00 96.83%
Buchanan 184.00 97.35%
Pinnacle 181.00 95.77%
February 22 Panamax freight rates. Hampton Roads to Rotterdam = $8.25/mt, Hampton Roads to
Brazil = $8.00/mt, Mobile to Rotterdam = $11.25/mt.
For further information about this data please contact cokingcoal@platts.com.
Source: S&P Global Platts
8
Coal Trader International Friday, February 22, 2019
Chile thermal coal imports
slump in December
Santiago—Chile imported 498,000 mt of thermal coal in December,
down 41.4% from 12 months earlier, as coal lost ground to hydropower
in the country’s electricity market, government data showed Thursday.
The fall in imports comes against the background of a sharp rise in
hydroelectric generation during the final quarter of last year limiting
demand for the country’s coal-fired power plants as well as
maintenance shutdowns at some major plants.
The monthly data also marked a drop of 56.0% from November.
Chile relies on coal for around 40% of its electricity supplies. But
according to the government, the country’s coal-fired power plants
generated 5,669 GWh of electricity during the final quarter of last year,
down from over 8,000 GWh in each of the two previous quarters.
Chile’s hydroelectric reservoirs, meanwhile, generated 3,885 GWh, a
100% increase on the following quarter, after strong rains during last
year’s Southern Hemisphere winter.
Data showed that Colombia (with 331,000 mt) remained Chile’s
principal supplier of coal in December, followed by the US (116,000 mt)
and Australia (51,000 mt). The numbers bring annual coal imports to
11.1 million mt, barely changed from 2017.
Chile exported just 1,000 mt of coal in December, to neighboring
Argentina, according to the data.
The country’s only significant coal producer, Mina Invierno, has
previously delivered coal to far away as Spain, India and China, but has
been hit in recent months by a ban on blasting and this year a
paralyzing strike.
— Tom Azzopardi
China’s met coal buyers unfazed
by talk of port restrictions
Singapore—China’s metallurgical coal buyers remained largely
unfazed Friday as more details emerged of port restrictions
tightening on cargoes arriving from main supplier Australia, market
sources said.
Dalian Customs told traders at a meeting on Wednesday that only
cargoes from Indonesia and Russia were being allowed to berth at the
five northern ports of Dalian Bay, Bayuquan, Panjin Port, Dandong and
Beiliang, sources in China told S&P Global Platts.
A quota of 12 million mt of coal was also being imposed on arrivals
at Dalian port over February-December, the sources said. This is a few
million mt less than the typical volume received in the same period in
previous years, according to the sources. Official comparative data
was not immediately available.
Sources at two steelmakers that use Dandong and Bayuquan ports
said no official advisory had been issued by port authorities. “It is
unlikely to ban just Australia’s coal; I think the quota applies to all coal
from regions including Australia, Russia, Mongolia and Indonesia,” one
of the sources said.
End-users in northeast China accounted for 25.89% of the premium
hard and hard coking coal trade volume that Platts observed in 2018.
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Reports of China restricting Australian metallurgical coal imports
initially surfaced in early February, when customs clearance for
cargoes from Australia was heard stretching to 40-45 days from the
usual 20 days.
Despite this, Chinese buying activity picked up after the Lunar New
Year. A total 735,000 mt of Australian premium hard and hard coking
coal was traded in China over February 14-21, according to Platts data.
The Platts Premium Low Vol CFR China marker has risen $8/mt since
participants returned to the market on February 11.
Market participants attributed the strength in CFR prices in
February to tight supply generally for March-April, which was having
more bearing on the market than the policies imposed on Australian
coking coal.
“There are not many cargoes in the market and with Anglo
American’s mine accident [in Queensland earlier this week],
sentiment has been positive,” a source at major steelmaker in north
China said. “Besides, it’s merely a delay for customs clearance.
Cargoes can still be unloaded at port and that gives us confidence,”
the steelmaker added.
“The situation at northeast China port looks serious, but end-users
elsewhere in China are still seeking cargoes,” a Chinese trader noted.
A source at a major steelmaker in east China agreed, saying:
“Prolonged customs clearance is OK for us. We will continue to
consider Australia’s coking coal when prices are right.”
Platts to adjust US FOB coal assessments
S&P Global Platts is proposing to discontinue some of its weekly US FOB
assessments for physical thermal coal on April 5, 2019, and add new ones.
The following assessments would be discontinued:
*FOB Baltimore 6,944 kcal/kg NAR 2.6% sulfur (CUAAA04);
*FOB Hampton Roads 6,667 kcal/kg NAR 1% sulfur (CUABA04);
*FOB New Orleans 6,111 kcal/kg NAR 2.9% sulfur (CUACA04).
The related monthly and quarterly averages would
also be discontinued, as follows:
*FOB Baltimore 13000 Btu/lb GAR 2.6%S $/mt Mavg (CUAAA03);
*FOB Baltimore 13000 Btu/lb GAR 2.6%S $/mt Qavg (CUAAA05);
*FOB Hampton Roads 12500 Btu/lb GAR 1%S $/mt MAvg (CUABA03);
*FOB Hampton Roads 12500 Btu/lb GAR 1%S $/mt QAvg (CUABA05);
*FOB New Orleans 11500 Btu/lb GAR 2.9%S $/mt MAvg (CUACA03);
*FOB New Orleans 11500 Btu/lb GAR 2.9%S $/mt QAvg (CUACA05).
In addition, Platts is proposing to launch a new assessment
for thermal coal for export from the Port of Baltimore, as follows:
*FOB Baltimore 6,900 kcal/kg NAR 3% sulfur.
The proposed assessment would also include a monthly and quarterly average.
Finally, the existing assessments for FOB Hampton Roads 6,000 kcal/kg NAR 1%
sulfur (CUAEA04) and FOB New Orleans 6,000 kcal/kg NAR 2.9% sulfur
(CUAFA04), which previously were calculated based on the assessments for
FOB Hampton Roads 6,667 kcal/kg NAR 1% sulfur (CUABA04) and FOB New
Orleans 6,111 kcal/kg NAR 2.9% sulfur (CUACA04), respectively, will instead be
converted into assessments, with value based on trades, bids, offers and
indications heard in the market.
Please address any questions or comments by March 1 to coal@spglobal.com
and pricemethodology@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.
9
Coal Trader International Friday, February 22, 2019
A source at a steelmaker in south China said his recent Panamax
cargo of Australian coking coal had been delayed by 10-15 days, but
was cleared by customs earlier this week and Australian “vessels were
not banned”.
Market sources noted that restrictive policies on Australian
coking coal may support domestic coking coal prices. “We can
expect some changes in domestic coking coal prices in the near
term,” one trader said.
China’s domestic coking coal prices have remained largely stable
since the start of the year as production and activity typically slows
ahead of Lunar New Year. Coking coal futures traded on the Dalian
Commodity Exchange rose Thursday, with the most liquid May contract
settling at Yuan 1,285.50/mt, up Yuan 26.50/mt day on day.
— Yi-Le Weng, Kate Zhou
US low-vol picks up
after high-vol rises
London—Atlantic met coal prices saw US low-vol HCC prices catch up
Friday with earlier increases seen in high-vol A and B, as inquiries for
low-vols and mid-vols from Turkey, Brazil and Ukraine were reported
for the second quarter.
While in China met coal import restrictions and a targeting of
Australian coals in particular among seaborne origins were a talking
point, the spot market seemed to take this bearish factor in its stride,
at least for now.
Australian premium HCC pricing remains stronger on the prior
week, adding support to the sector.
China may be viewed as increasingly controlling coal imports to
protect market share and limit price volatility in its domestic mining,
energy and steel industries, the met coal market was described to be
well balanced through April and May.
US price ideas may be linked to comparative Australian delivered
pricing in Europe, into live tenders for premium type coals.
A big trader was heard to be marketing volumes of mid-to-high-vol
HCC from Alabama’s Mobile, by sources close to the port.
Steady demand in the Atlantic and concerns around safety checks
at Moranbah North mine after a fatality limiting output kept bids and
offers up, according to sources.
The S&P Global Platts assessment of US East Coast low-vol hard
coking coal rose $2 to $189/mt FOB, based on 58% coke strength after
reaction and 19% volatile matter material.
The Platts US high-vol A index ened the week at $207/mt FOB USEC
assessment, stable after Thursday’s rise, and at a new monthly high. The
high-vol A assessment rebounded to the highest price since January 3.
This assessment is based on 32% volatile matter and 1.1% reflectance
straight coal, with low ash and sulfur and CSR typically in the low 60s.
Platts’ US high-vol B assessment remained at $170/mt FOB USEC,
based on 34% VM unblended product. High-vol B is at the highest level
so far this year.
The Premium Low Vol Hard Coking Coal net forward price fell 10
cents/mt to $221.90/mt CFR Rotterdam.
— Hector Forster
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Seaborne met coal prices
stabilize on thin trading
Singapore—Seaborne metallurgical coal prices stabilized Friday after
the rally seen this week.
S&P Global Platts assessed Premium Low Vol coal steady at
$212.50/mt FOB Australia, while the CFR China assessment was up 50
cents at $211.50/mt Friday.
In China, there was still some talk about port restrictions on
Australian coking coal but China-based buyers were not too
concerned. “We still need to buy Australia’s coking coal,” a major North
China-based steelmaker said. The delay was likely due to customs
clearance, the steelmaker source added. However, others said that
there was still some “risk,” as it was not clear why there was a long
delay for customs clearance of Australian coals.
The pick-up in raw material costs is expected to further erode
profit margins, sources said. “The steel margins have not improved
much, and an increasing raw material cost will worsen the
situation,” a major steelmaker source said. A South China-based
steelmaker said that other than the increased raw materials cost,
demurrage related costs due to prolonged delays at ports could add
to the cost rise.
No fresh offers were heard Friday as sellers were in no hurry to
make offers given the tight supply of March-April cargoes.
The FOB market saw thin trading Friday, with a firm offer for
a 75,000-mt cargo at $225/mt FOB Australia for Semi Premium
blend Peak Downs North type of coal with a mid-April laycan.
The magnitude of impact from Moranbah North mine closure
remains unclear which may leave prices volatile in the near
term, sources said.
In the met coke segment, domestic coke prices stabilized after
the first round of increase was accepted. Many were skeptical about
the likelihood of a second round of increase, citing weak profit
margins and sufficient inventory at steel mills as they had restocked
after the Lunar New Year break. The tradable level was placed
between $330-$340/mt for Chinese 62%/60% coke. A trader said
that while the spreads between each type of coke was largely
unchanged, the high CSR coke, for example the 65% and above
grades, could fetch a larger premium in the near term as imports of
high CSR coking coal from Australia slows down due to the restrictive
policies in place since early February.
— Kate Zhou
Platts China Hard Coking Coal (Premium Low Vol) CFR
China Daily Rationale (PMA page 1067)
S&P Global Platts assessed Premium Low-Vol HCC up 50 cents at $211.50/mt
CFR China Friday. The most competitive indicative offer was at $215/mt CFR
China for 85,000 mt of Australian Premium Low-Vol Saraji with March 1-10
laycan, assessed at parity to Platts PLV CFR China. The highest bid was
indicated at $205/mt CFR China for the same type of coal. No data was
excluded from this assessment. The above rationale applies to Platts
premium low vol CFR China assessment (PLVHC00) & TSI Prem JM25 CFR
Jingtang (TS01044)
10
Coal Trader International Friday, February 22, 2019
Platts Hard Coking Coal FOB Australia Daily Rationale
(PMA page 1068)
S&P Global Platts assessed Premium Low-Vol HCC steady at $212.50/mt FOB
Australia Friday. The highest bid was indicated at $204/mt FOB Australia for
Australian Premium Low-Vol Saraji assessed at parity to Platts PLV FOB
Australia. No data was excluded from this assessment. The above rationale
applies to Platts premium low vol FOB Australia assessment, with the
associated data code: PLVHA00
Warrior, Arch high-vol A projects may add
competitive pressure for US met coal supplies
London—Longer-term US high-vol A coking coal supply may find new
projects from Arch Coal and Warrior Met Coal announced this month
increasing options for export markets such as Europe, Brazil and Asia.
As major existing met coal miners, Arch’s decision was to pursue
organic growth and add to Leer high-vol A with the Leer South project,
while key premium low-vol HCC and mid-vol HCC miner Warrior may
grow organically into a new segment.
Warrior is likely to make a final decision on the 3 million-6 million
st/year Blue Creek mine in early 2020, to develop reserves and enter
the high-vol A market, with potential to offer a broader range of
custom blends with a third in-house grade.
Warrior “expects Blue Creek will be fully permitted and ‘shovel ready’
by early 2020 at which point Warrior would be in a position to make a
decision on development,” the Alabama miner said in a report Thursday.
“We are extremely excited by the potential we see at Blue Creek
and believe the project could become the cornerstone of our future
portfolio. We look forward to providing updates to our shareholders on
our progress and key milestones over the next twelve months,” Warrior
CEO Walt Scheller said.
As these projects are anticipated to finalize early next decade,
interest and anticipated competition for high-vol A and high-vol B
grades usage into metallurgical coke blends at steel mills and
merchant coke plants could intensify over that time.
Strong domestic North American demand is absorbing material,
especially higher quality grades. High met coal prices have given
miners and traders the incentive to invest in new US supplies, partly to
replace extinguishing lower cost resources, which may lead to more
competition in high-vol and blend exports.
Suppliers were heard commanding premiums over spot indexes for
high-vol A in 2018 in some forward sales further out from spot laycan
periods, with a combination of market tightness and backwardated
structure of the prevailing forward curve in premium HCC referenced.
A buyer this week refused to pay above index for high-vol A, saying
several suppliers were able to offer cargoes at or below index as they
had done previously, and there was flexibility in pricing methods.
US-origin sellers have met strong end-user demand for high-vols,
with spot high-vol A premiums over high-vol B enlarging as met coal
prices recovered from lows in 2015-16.
S&P Global Platts assessed high-vol A spot prices at a 28%
premium over high-vol B in 2018, up from a 21% premium in 2017. Over
2015-16, the premium of high-vol A was 8.6%.
Premium higher CSR grades became scarcer and some mines and
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
export flows were more prone to disruptions as demand in Asia rose and
steel margins created the incentive for high strength blast furnace coke.
New US suppliers and traders, along with major US miners, are
helping global buyers diversify from Australian and Canadian coals,
with supply-side risks such as changing geology, and logistics
congestion already leading to several price spikes in the seaborne spot
market over recent years.
A major buyer suggested US high-vol A pricing had been less affected
by premium low-vol Australian prices, as regional and US supply and
demand factors may play a bigger part. He saw US prices and contracts
fragmenting more from benchmark relative pricing formulas or accords
seen when the quarterly and annual benchmark system was in use.
Warrior noted pricing relationships between grades are shifting.
“High Vol A has traditionally priced at a slight discount to the
Australian Premium Low Vol and the US Low Vol coals; however,
recently it has been priced at or slightly above these coals,” the
company said.
“Warrior expects High Vol A coals will continue to become
increasingly scarce as a result of Central Appalachian producers
mining thinner and deeper reserves, which is expected to continue to
support prices.”
— Hector Forster
Australian, Chinese officials dismiss
fears of Australian coal ban ... from page 1
Friday that China is strengthening quality checks on imported coal, as
some imported coal did not match the country’s environmental
protection standards.
During a press conference earlier on Thursday, the spokesman said
that China’s customs assesses the safety and quality of imported coal,
analyzes possible risks, and conducts corresponding examinations and
inspections compliant with laws and regulations.
“By doing so, it can better safeguard the legitimate rights and
interests of Chinese importers and protect the environment,”
according to a transcript of the press conference available on the
ministry’s website.
Reserve Bank of Australia Governor Philip Lowe told Australia’s
parliament early Friday that reports of Australian coal being blocked at
certain Chinese ports coal, if confirmed, would not have a “dramatic
effect” on Australia’s economy.
“It’s entirely possible that if it cannot enter China, it can go to other
markets ... we’ll find another market, perhaps at a lower price,” he was
quoted as saying in Australian media reports.
Calming effect
Market sources in China said these official responses had some
calming effect on the seaborne thermal coal market.
“We don’t think it’s a big deal and the impact on thermal coal will
be small,” said an Australia-based source.
“I think the market is calmer as details are emerging,” he added.
S&P Global Platts reported Wednesday that five ports at northeast
China had imposed an apparent ban on Australian coal, and lowered
11
Coal Trader International Friday, February 22, 2019
the five ports’ allowable February-December 2019 import volume to 12
million mt. This is down from about 18 million mt from 2018, according
to China-based sources.
Chinese coking coal market participants said the market was
largely unfazed on updates of import restrictions imposed on
Australian cargoes arriving in China, as buying activities persist despite
reports of a possible curb on imports from Australian coal first
emerged early February.
The May-dated futures contract for coking coal at Dalian
Commodity Exchange was up 0.7% Friday during Asian trading to Yuan
1295/mt after spiking 2% a day ago.
The May-dated Chinese futures contract for thermal coal at
Zhengzhou Commodity Exchange was down around 0.85% Friday to
Yuan 583/mt.
However, several thermal coal market sources based in China were
still concerned about importing Australian cargoes.
Since the beginning of 2019, market sources had reported
different degrees of restrictions on imports of Australian coking
and thermal coals, with delays of around 40 to 60 days, for
customs clearance.
Chinese buyers had pulled back from procuring Australian high-ash
coal in view of the delays, said market sources.
“Our channel checks so far suggest while there are delays in
getting imported coal, it is still getting through. This has been
confirmed by our own conversations with buyers in China,” said ANZ
Visit http://blogs.platts.com/ now!
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Research Friday.
According to ANZ Research, Australian coking coal made up about
50% of China’s total coking coal imports in 2018, while Australia’s
market share of thermal coal is about 25%.
“Australia is also the biggest source of premium hard coking coal,
which is highly sought after due to its high quality. Chinese steel mills
would struggle to find alternatives in the short to medium term,” said
the research note.
Impact may be limited
Citibank bank analysts on Friday noted that coal exports comprise
roughly 12% of all Australian exports to China, “while Dalian ports only
impact about 1.8% of Australian coal exports.”
“If the impact is confined to the Dalian Port Group, then we think
trade flows would quickly rebalance and the price and volume impact
may be limited,” said UBS Resources.
Market sources in China expect the import restrictions for
Australian thermal coal would lend some support to domestic coal.
The price of Australian 5,500 kcal/kg NAR, 23% ash thermal coal
was assessed Thursday at $58/mt FOB Newcastle, slightly down from
$60/mt FOB at early January.
Prices of domestic Chinese thermal coal of the same grade was
assessed at Yuan 604/mt FOB Qinhuangdao, up from Yuan 580/mt on
January 2, according to Platts data.
— Hui Min Lee
THE BARREL
The Platts blog that spans the
commodities spectrum
Read and respond to posts from Platts editors and analysts
on issues affecting a wide range of the world’s energy,
petchem, and agriculture resources.
Oil, Natural Gas, Electricity and Coal, Steel and Metals,
Petrochemicals, Biofuels and Agriculture, Renewables
…as well as commentary, analysis and observations on
everything from global politics, to market dynamics. The Barrel
strives to be the world’s most complete commodities blog, and
its comment section is always open for your thoughts.
12
Coal Trader International Friday, February 22, 2019

Current Vessel Fixtures

Vessel Quantity (Mt) Origin/Destination Loading Dates Rate Charterer
Australia
KSC TBN 125,000 Newcastle/Hadong Mar 6-15 6.97 KEPCO
TBN 75,000 Dalrymple Bay/Visakhapatnam Mar 20-29 13.45 SAIL
MG Hammond 75,000 Gladstone/Qingdao Mar 5-8 9.60 XCoal
Panocean TBN 165,000 Hay Point/Kwangyang Mar 5-14 5.27 POSCO
TBN 75,000 Gladstone/Visakhapatnam Mar 14-24 12.90 SAIL
Cargill TBN 75,000 Dalrymple Bay/Visakhapatnam Mar 14-25 13.10 SAIL
TBN 75,000 Dalrymple Bay/Visakhapatnam Mar 6-15 13.45 SAIL
TBN 140,000 Gladstone/Liuheng Mar 1-10 6.30 Zhejiang Energy
TBN 75,000 Dalrymple Bay/Visakhapatnam Mar 1-10 12.85 SAIL
TBN 75,000 Gladstone/Visakhapatnam Feb 22-Mar 3 13.25 SAIL
TBN 75,000 Dalrymple Bay/Visakhapatnam Feb 24-Mar 5 12.45 SAIL
TBN 150,000 Dalrymple Bay/Gangavaram Mar 5-14 7.90 RINL
Canada
TBN 165,000 Puerto Bolivar/Rotterdam + options Feb 28-Mar 10 6.95 Oldendorff
ECTP TBN 160,000 Puerto Bolivar/Rotterdam Feb 1-10 9.00 Oldendorff
TBN 160,000 Puerto Bolivar/Rotterdam Feb 1-15 9.10 Swiss Marine
Golden Cumulus 165,000 Drummond/Ashkelon or Hadera Feb 3-12 9.10 K-Line
Berge Kinabalu 160,000 Drummond/Iskenderun Jan 24-Feb 2 10.40 Oldendorff
RWE TBN 160,000 Puerto Bolivar/Rotterdam Feb 1-10 9.00 ECTP
Keeper 160,000 Puerto Bolivar/Rotterdam Jan 1-10 9.65 Mercuria
TBN 160,000 Puerto Bolivar/Hadera or Ashkelon Jan 12-21 10.60 NCSC
Swiss Marine 150,000 Puerto Bolivar/Isreal Jan 1-10 10.60 NCSC
Thetis 60,000 Colombia/Eren Dec 18-22 18.00 Trafigura
KLine TBN 160,000 Puerto Bolivar/Rotterdam Dec 16-25 9.00 NYK
Stella Anita 165,000 Drummond/Ashkelon or Hadera Dec 16-25 10.25 K-Line
Caro 160,000 Puerto Bolivar/Rotterdam Dec 1-10 7.65 Swiss Marine
Ocean Camelot 160,000 Puerto Bolivar/Rotterdam Nov 19-24 9.60 JERA
Mineral Kyoto 160,000 Puerto Bolivar/Iskenderun Nov 12-23 11.75 Oldendorff
Colombia
TBN 165,000 Puerto Bolivar/Rotterdam + options Feb 28-Mar 10 6.95 Oldendorff
ECTP TBN 160,000 Puerto Bolivar/Rotterdam Feb 1-10 9.00 Oldendorff
TBN 160,000 Puerto Bolivar/Rotterdam Feb 1-15 9.10 Swiss Marine
Golden Cumulus 165,000 Drummond/Ashkelon or Hadera Feb 3-12 9.10 K-Line
Berge Kinabalu 160,000 Drummond/Iskenderun Jan 24-Feb 2 10.40 Oldendorff
RWE TBN 160,000 Puerto Bolivar/Rotterdam Feb 1-10 9.00 ECTP
Keeper 160,000 Puerto Bolivar/Rotterdam Jan 1-10 9.65 Mercuria
TBN 160,000 Puerto Bolivar/Hadera or Ashkelon Jan 12-21 10.60 NCSC
Swiss Marine 150,000 Puerto Bolivar/Isreal Jan 1-10 10.60 NCSC
Thetis 60,000 Colombia/Eren Dec 18-22 18.00 Trafigura
KLine TBN 160,000 Puerto Bolivar/Rotterdam Dec 16-25 9.00 NYK
Indonesia
TBN 65,000 Tanjung Bara/Xinsha Mar 17-20 5.50 CNBM
TBN 75,000 Muara Pantai/Haimen Mar 1-10 4.50 Leading Resource
TBN 150,000 Taboneo/Mundra Feb 18-23 4.25 K-Line
TBN 150,000 Samarinda/Mundra Feb 11-16 5.20 Libra
TBN 75,000 Port Kembla/East Coast India Mar 7-16 13.10 SAIL
TBN 65,000 Muara Satui/Quanzhou Feb 17-20 4.80 CNBM
TBN 75,000 Taboneo/East Coast India Feb 9-15 5.65 SAIL
TBN 70,000 Tanjung Pemancingan/Kemen Feb 8-11 4.40 CNBM
TBN 75,000 Taboneo/East Coast India Feb 1-7 6.25 SAIL
Five Ocean TBN 120,000 Taboneo/Samcheonpo Jan 25-Feb 3 6.12 KEPCO
TBN 75,000 Taboneo/East Coast India Dec 5-15 7.85 SAIL
TBN 75,000 Taboneo/Gangavaram Nov 26-Dec 5 7.05 RINL
TBN 75,000 Taboneo/East Coast India Nov 21-30 8.80 SAIL
Belgravia 150,000 Samarinda/Mundra Nov 5-10 7.60 Libra
Leading Resource TBN 70,000 Muara Pantai/Yuhuan Oct 25-29 7.50 cnr
TBN 150,000 Samarinda/Mundra Oct 24-30 7.90 cnr
TBN 75,000 Taboneo/East India Oct 1-10 9.95 SAIL
TBN 75,000 Taboneo/Dalian Sep 18-22 8.75 CNBM

© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 13
Coal Trader International Friday, February 22, 2019

Current Vessel Fixtures (Continued)

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

Latvia
TBN TBN 60,000 Mo-I-Rana/Ijmuiden Nov 10-15 7.25 TS Global
Uniper 60,000 Mo-I-Rana/Ijmuiden Sep 28- Oct 2 7.30 TS Global Procurement
Swiss Marine TBN 60,000 Mo-I-Rana/Ijmuiden Jul 31- Aug 5 8.10 TS Global
Norway
TBN 60,000 Mo-I-Rana/Ijmuiden Nov 10-15 7.25 TS Global
Uniper 60,000 Mo-I-Rana/Ijmuiden Sep 28- Oct 2 7.30 TS Global Procurement
Swiss Marine TBN 60,000 Mo-I-Rana/Ijmuiden Jul 31- Aug 5 8.10 TS Global
South Africa
CCL TBN 170,000 Richards Bay/Kandla Mar 1-10 5.50 Oldendorff
Tata NYK TBN 150,000 Richards Bay/Krishnapatnam Mar 20-30 8.90 IMR
Cape Brazilia 150,000 Richards Bay/India Jan 25-Feb 5 9.00 Jaldhi
Global Enterprise 150,000 Richards Bay/Rotterdam Jan 24-Feb 4 7.40 Jera
Alpha Confidence 150,000 Richards Bay/Gangavaram Dec 15-25 11.10 Gandhar
TBN 75,000 Richards Bay/Paradip Dec 19-28 13.10 JSPL
Oldendorff TBN 75,000 Richards Bay/Paradip Dec 10-19 13.50 IMR
Five Ocean TBN 150,000 Richards Bay/Younghueng Dec 15-24 12.37 KEPCO
TBN 160,000 Richards Bay/Hadera Nov 20-29 9.50 LD Bulk
Korea Line TBN 140,000 Richards Bay/Younghueng Nov 10-19 15.65 KEPCO
TBN 160,000 Richards Bay/Rotterdam end Oct 7.65 Glencore
TBN 150,000 Richards Bay/Gangavaram Oct 21-30 12.75 Gandhar
United States
TBN 75,000 Newport News/Paradip Mar 1-10 25.90 MMCC
Ionic Kibou 70,000 Mobile/Rotterdam Mar 3-13 10.30 TKSE
Klaveness TBN 75,000 Associated Terminals/Rotterdam Feb 25-Mar 8 12.50 ECTP
TBN 75,000 Mobile/Rotterdam Feb 20-March 2 10.90 TKSE
TBN 75,000 Baltimore/Rotterdam Feb 19-28 7.85 XCoal
Iolcos Vision 80,000 CMT/Rotterdam Feb 12-17 11.25 Uniper
TBN 75,000 Newport News/Visakhapatnam Mar 11-20 26.05 SAIL
TBN 60,000 Newport News/Jorf Lasfar Feb 5-14 8.75 Jera
TBN 67,000 Hampton Roads/Brindisi Feb 3-10 12.60 Jera
TBN 75,000 Newport News/Visakhapatnam Mar 10-20 27.50 SAIL
TBN 75,000 Newport News/Visakhapatnam Mar 1-10 27.60 SAIL
CMB Chardonnay 80,000 CMT/Rotterdam Feb 1-5 11.70 Uniper
Mozambique
TBN 38,000 Beira/Gangavaram Feb 27-Mar 4 16.55 RINL
TBN 38,000 Beira/Visakhapatnam – Paradip Mar 26-31 19.70 SAIL
TBN 38,000 Beira/Visakhapatnam – Paradip Mar 11-16 18.40 SAIL
TBN 38,000 Beira/Visakhapatnam Feb 2-7 16.50 RINL
TBN 38,000 Beira/Visakhapatnam Feb 19-24 19.85 SAIL
TBN 38,000 Beira/Visakhapatnam Feb 10-15 19.35 SAIL
Oldendorf TBN 175,000 Nacala/Kwangyang & Pohang Jan 21-25 12.00 Vale
TBN 38,000 Beira/Vizag Jan 2-7 19.40 RINL
TBN 38,000 Beira/Vizag-Paradip Jan 10-15 23.25 SAIL
TBN 38,000 Beira/Vizag Dec 5-10 25.45 SAIL
TBN 38,000 Beira/Gangavaram Nov 25-30 22.75 SAIL
Brazil
Oldendorff TBN 180,000 Ponta Da Madeira/Rotterdam Jun 20-Jul 3 6.80 TKSE
Russia
Artvin 75,000 Murmansk/Rotterdam end Jan 5.25 Jera
Coral Opal 75,000 Murmansk/Rotterdam Jan 18-20 5.85 SUEK
Daelim TBN 140,000 Vanino/Dangjin Dec 11-15 5.10 KEPCO
Cosco TBN 130,000 Vostochny/Mailiao Nov 20-29 3.60 Formosa
TBN 75,000 Vanino/Ho Ping Nov 17-21 6.00 Bocimar
TBN 75,000 Ust Luga/Rotterdam Sep 23-25 7.50 Suek
GNS 145,000 Vanino/Hadong Aug 26-30 6.25 KEPCO
Oldendorf TBN 80,000 Vostochny/Hazira Sep 1-10 12.10 Avani
TBN 75,000 Murmansk/Rotterdam Aug 17-19 7.25 Suek
TBN=To be nominated. PPT=Prompt

© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 14
COAL TRADER INTERNATIONAL ANALYTICS
Friday, February 1, 2019

Coal consumption in Europe and China was again boosted this week by colder-than-normal temperatures. Persistently high stockpiles at ARA and
days of cover in China sitting nearly 50% higher Y/Y are pushing prices lower. Russian exports and a flow of shipments from the US continues to
keep European buyers well supplied, while a slide in European gas prices suggests that coal consumption should fade after the winter cold
dissipates.

As Chinese buying activity wanes in the lead up to New Year celebrations, seaborne supply has been abundant, despite reports of some loading
issue in Indonesia. This week, provincial authorities in Shaanxi called for increased safety checks across the province, which could last through
June, but Chinese production has been rising steadily over the last few months as China’s drive to close outdated coal capacity is largely finished.
Qinhuangdao port stocks are within the five-year range and domestic supply appears to be adequate, especially given that demand will be
slowing over the next few weeks due to the New Year holiday.
ASIA
GUANGZHOU STOCKPILES ('000 mt) QINHUANGDAO STOCKPILES ('000 mt)

CHINA STOCKPILES ('000 mt)

Port 25-Jan 26-Jan 27-Jan 28-Jan 29-Jan 30-Jan 31-Jan MoM Change YoY Change
Qinhuangdao 5,650 5,650 5,650 5,560 5,560 5,415 5,375 -485 -1,345
Guangzhou 1,616 1,616 1,616 1,621 1,621 1,621 1,760 -220 522
TOTAL 7,266 7,266 7,266 7,181 7,181 7,036 7,135 -705 -823

SCHEDULED EXPORTS FROM KALIMANTAN, TOP DEPARTURE DESTINATIONS FROM KALIMANTAN,

INDONESIA ('000 mt) INDONESIA ('000 mt)

SCHEDULED EXPORTS FROM KALIMANTAN BY DESTINATION ('000 mt)

26-Jan 27-Jan 28-Jan 29-Jan 30-Jan 31-Jan 01-Feb Week Total WoW Change
CHINA 178 178 55 235 308 68 232 1,253 -381
INDIA 157 170 315 132 55 124 160 1,112 227
KOREA 0 73 0 0 76 0 72 222 -119
INDONESIA 70 39 0 58 0 0 0 167 -16
SPAIN 162 0 0 0 0 0 0 162 0
HONG KONG 0 161 0 0 0 0 0 161 -16
TOTAL 730 667 449 555 557 300 598 3,855 -332
Source: PT Indo Dharma Transport Does not include Tanjung Bara Coal Terminal

ANALYTICS REPORT
COAL TRADER INTERNATIONAL

ASIA CONTINUED
INDIA COAL IMPORTS/ARRIVALS ('000 mt) INDIA COAL IMPORTS BY TYPE ('000 mt)

INDIA TOP RECEIVERS ('000 mt) INDIA COAL IMPORTS BY TYPE ('000 mt)
Week YoY
20-Jan 21-Jan 22-Jan 23-Jan 24-Jan 25-Jan 26-Jan Total Change
Anthracite 0 8 0 0 0 0 0 8 0
Coking Coal 115 0 0 28 130 236 71 579 -61
Petcoke 55 20 0 0 33 0 0 108 0
Steam Coal 743 696 176 630 221 658 609 3,734 380
TOTAL 913 724 176 658 384 894 680 4,429 319

AUSTRALIA
SCHEDULED EXPORTS FROM AUSTRALIA BY PORT/COAL TERMINAL ('000 mt)

Port 01-Feb 02-Feb 03-Feb 04-Feb 05-Feb 06-Feb 07-Feb Week Total WoW Change
ABBOT POINT 147 90 120 175 188 0 0 720 433
BRISBANE 0 0 0 0 0 0 78 78 -145
GLADSTONE 74 364 140 408 0 0 0 986 35
HAY POINT & DBCT 270 190 255 251 389 383 130 1,867 -513
NEWCASTLE 446 650 694 511 457 493 441 3,692 718
PORT KEMBLA 50 0 40 0 75 0 0 165 90
TOTAL 986 1,293 1,249 1,346 1,109 876 649 7,508 617

© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
COAL TRADER INTERNATIONAL

EUROPE
EMO ROTTERDAM STOCKPILES ('000 mt) OBA AMSTERDAM STOCKPILES ('000 mt)

OVET VLISSINGEN STOCKPILES ('000 mt) ATLANTIC MARKET STOCKPILES ('000 mt)
WoW
31-Dec 07-Jan 14-Jan 21-Jan 28-Jan Change YoY Change
EMO Rotterdam 3,800 3,800 3,600 3,600 3,500 -100 1,000
OBA Amsterdam 2,100 2,250 2,100 2,000 2,000 0 750
OVET Vlissingen 810 770 660 660 670 10 450
Total Stocks 6,425 6,710 6,820 6,360 6,260 -90 2,200

© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 3
COAL TRADER INTERNATIONAL

WEATHER
WEATHER FORECAST
Supply Center 02-Feb 03-Feb 04-Feb 05-Feb 06-Feb 07-Feb 08-Feb
AUSTRALIA - New South Wales
High Temperatures 29.9 33.2 34.1 29.8 30.6 31.4 32.2
Low Temperatures 19.7 20.6 21.4 21.4 20.5 20.7 20.7
Precipitation 0.002 0.002 0.01 0.01 0.005 0.005 0.01
AUSTRALIA - Queensland
High Temperatures 28.7 28.4 28 29 28.9 29 29.8
Low Temperatures 24.3 24 23.6 24.1 24.6 24.4 24.3
Precipitation 0.124 0.094 0.074 0.072 0.05 0.064 0.026
COLOMBIA - La Guajira
High Temperatures 31.9 32 34.1 33.5 33.8 33.6 33.3
Low Temperatures 24.6 24.1 23.6 23.8 24.4 24.4 23.5
Precipitation 0 0 0 0 0 0 0
INDONESIA - Kalimantan
High Temperatures 31.5 31.1 30.3 30.2 29.8 29 29
Low Temperatures 24.7 24.7 24.5 24.1 23.9 23.7 23.6
Precipitation 0.032 0.035 0.037 0.032 0.032 0.05 0.037
NORTH CHINA
High Temperatures 7.6 4.9 7 9.7 10 4.8 5
Low Temperatures -2.2 -2 -3.7 -1.9 -0.3 -1.1 -1.8
Precipitation 0 0.006 0 0 0.004 0.02 0.014
RUSSIA EAST
High Temperatures -6.5 -2.5 -8.8 -9.9 -13.7 -14.4 -12.8
Low Temperatures -18.2 -12.5 -15.5 -18.6 -19.5 -21.3 -22
Precipitation 0 0 0.005 0 0 0 0
RUSSIA WEST
High Temperatures -20.8 -20.1 -15.2 -11.5 -8.7 -9.7 -7.8
Low Temperatures -24.6 -26.3 -21.8 -16.1 -12.9 -13.1 -11.5
Precipitation 0 0 0.02 0.02 0.01 0 0

TEMPERATURES / HDD / CDD

Demand Center 02-Feb 03-Feb 04-Feb 05-Feb 06-Feb 07-Feb 08-Feb
CHINA SOUTH
High Temperatures 21 22 21 20 22 22 21
Low Temperatures 12 16 15 14 15 16 17
HDD 3 2 4 4 2 2 2
CDD 0 4 3 2 2 2 3
INDIA EAST
High Temperatures 28 28 27 26 28 30 29
Low Temperatures 13 14 17 16 16 20 20
HDD 0 0 0 0 0 0 0
CDD 4 4 6 4 6 11 11
INDIA NORTH
High Temperatures 22 22 23 23 23 21 17
Low Temperatures 10 10 10 13 14 11 9
HDD 3 4 3 0 0 4 9
CDD 0 0 0 0 0 0 0
INDIA WEST
High Temperatures 30 31 32 32 29 25 28
Low Temperatures 22 20 19 20 20 18 15
HDD 0 0 0 0 0 0 0
CDD 13 13 12 14 10 6 5
NORTH WEST EUROPE
High Temperatures 5 5 7 8 9 9 9
Low Temperatures 1 0 1 3 4 4 4
HDD 27 28 26 23 21 21 21
CDD 0 0 0 0 0 0 0

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