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Coal Trader International

Volume 23 / Issue 104 / June 2, 2023

News Headlines Daily prompt physical thermal coal assessments, Jun 2

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

Atlantic thermal coal pricing remains Asia-Pacific

low on declining spot demand Northeast Asia
Platts NEAT 5,750 NAR 15-60 day JKTCA00 NA NA
„European stockpiles are still extremely high South Asia
„Lack of supply for FOB Richards Bay Platts SEAT 4,200 GAR 15-60 day CSEAA00 NA NA
CFR Pakistan 5,750 NAR 30-60 day TPKCA00 98.95 +1.35
„Increased Chinese demand for FOB Colombia coal CFR Bangladesh 5,000 GAR 30-60 day TCBAN00 NA NA
Sulfur Differential TCSDA00 NA

Turkey’s imported coal price soars China

PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPQ00 NA NA
as lira depreciates against US dollar PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPP00 NA NA
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSC00 NA NA
„CIF Med at $122/mt, $140/mt Yuan/mt
„Italy imports decline amid cheap alternatives PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPR00 NA NA
PCC 6 (VAT included) 3,800 NAR 30-60 day PCCPS00 NA NA
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPO00 NA NA
EGYPT DATA: May coal imports PCC 7 (VAT included) 4,700 NAR 30-60 day PCCFB00 NA NA
PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSD00 NA NA
rise 70% on month to 420,912 mt PCC 8 (Duty & VAT included) 5,500 NAR 15-60 day PCCFA00 NA NA
Indonesia
„Shipments from US, Turkey, Russia, Poland
FOB Kalimantan (Geared Supramax) 4,200 GAR 7-45 day CSBKI00 NA NA
„Russia-origin coal up seven times on year FOB Kalimantan (Geared Supramax) 3,800 GAR 7-45 day CSCKJ00 NA NA
FOB Kalimantan (Geared Supramax) 5,900 GAR 90-day CSAKH00 NA NA
FOB Kalimantan (Geared Supramax) 5,000 GAR 90-day CSAKI00 NA NA
Japan bolsters loan insurance for LNG, critical Kalimantan Floating Crane AKFCA00 NA
minerals purchase, hydrogen supply chains Australia
FOB Newcastle 20% Ash 5,500 NAR 7-45 day AAVUW00 NA NA
„METI amending ordinance to expand loan insurance coverage FOB Newcastle 23% Ash 5,500 NAR 7-45 day AAVVB00 NA NA
FOB Newcastle Ash Differential AAVVA00 NA
„Expected to be used for LNG, critical minerals,
India
SAF equity investments CFR India West (Gearless Panamax) 5,500 NAR 30-60 day CIWCI00 NA NA
„Japan boosting supports for critical minerals developments CFR India West (Gearless Panamax) 5,000 GAR 30-60 day TCAKP00 NA NA
CFR India West (Gearless Panamax) 4,200 GAR 30-60 day TCAKT00 NA NA
CFR India East (Gearless Panamax) 5,500 NAR 30-60 day CIECI00 NA NA
CFR India East (Gearless Panamax) 5,000 GAR 30-60 day TCAKJ00 NA NA
CFR India East (Gearless Panamax) 4,200 GAR 30-60 day TCAKU00 NA NA

Atlantic Basin
Europe
CIF ARA 6,000 NAR 15-60 day CSARM01 106.00 -1.00
European Blended Price (EBP) 6,000 NAR 15-60 day TEBPA00 93.35 +2.15
EBP/CIF ARA Differential 6,000 NAR 15-60 day TEBPB00 -12.65 +3.15
South Africa
FOB Richards Bay 5,500 NAR 7-45 day AAXEX00 82.25 +1.80
North America
FOB Baltimore 3%S 6,900 NAR 15-60 day CUATB04 81.00 +0.50
FOB Hampton Roads 1%S 6,000 NAR 15-60 day CUAEA04 128.30 -4.20
FOB New Orleans 3%S 6,000 NAR 15-60 day CUAFA04 77.50 +0.50
FOB Long Beach 0.5%S 6,000 NAR 15-60 day CTLBA00 150.15 0.00
FOB Oakland 0.5%S 6,000 NAR 15-60 day CTOKA00 135.85 0.00
FOB Vancouver 0.5%S 5,000 NAR 15-60 day CTVCA00 60.90 +0.05
Note: In the absence of transactional data, these assessments represent theoretical value
for export.

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Coal Trader International June 2, 2023

Atlantic thermal coal pricing remains Weekly prompt physical thermal coal prices, Jun 2
Code Kcal/kg Basis Sulfur $/mt Change
low on declining spot demand CIF Med 75kt CTCMT04 6,000 NAR 0.8% 118.00 -2.00
CIF Med 45kt CTCMA04 6,000 NAR 0.8% 111.00 -3.00
„European stockpiles are still extremely high FOB Colombia CSABZ00 6,000 NAR 0.8% 105.25 +5.25
FOB Russia Baltic CSAKC00 6,000 NAR 0.5% 87.25 -22.75
„Lack of supply for FOB Richards Bay
FOB Russia Pacific CSAKG00 6,300 GAR 0.3% 110.00 NA
„Increased Chinese demand for FOB Colombia coal
Platts physical thermal coal netbacks, Jun 2
European CIF ARA prices continued to trend lower amid Code CV Basis Sulfur $/mt Chg
extremely high stockpiles and heavily discounted competitive gas (kcal/kg)
Coal ($/mt)
prices, sources said
CIF ARA CSARM01 6,000 NAR 1.0% 106.00 -1.00
Coal stockpiles at the EMO Rotterdam coal terminal were Platts NEAT JKTCA00 5,750 NAR 1.0% 112.68 NANA
reported at 4.5 million mt at the start of the week, up 800.000 CFR India West CIWCI00 5,500 NAR 0.8% NA NANA
mt from the year-ago period, according to May 29 data from EMO Panamax Freight ($/mt)
Rotterdam. They have been mostly in line with the stockpile level USEC-Rotterdam CDBUR00 11.25 +0.25
Mobile-Rotterdam CDMAR00 15.50 -0.25
so far in 2023, trending between 3.5 million mt and 4.6 million mt. Roberts Bank-Japan CDRBK00 NA NANA
CIF ARA stocks at ARA terminals are at their “highest level Richards Bay-India West CSAKL00 NA NANA
since September 2022,” according to S&P Global Commodity Penalties & Premia ($/mt)
Insights analysts. “The lack of demand throughout May has Per 0.1% Sulfur (USGC) COPAP00 0.68 -0.06
Total S discount (USGC) COPBP00 12.92 -1.14
meant stocks trended higher, placing increased pressure on
thermal coal prices.” Netbacks ($/st)
FOB US East Coast* COUSC00 12,500 GAR 1.0% 95.51 -1.26
Competitive gas prices are another factor in the declining FOB US Gulf Coast* COUGU00 11,500 GAR 2.9% 71.90 +0.34
prices of European coal, according to sources. “CIF ARA coal FOB Vancouver* COVCU00 8,800 GAR 0.8% NA NANA
prices retreated over the month as natural gas prices plumbed * CV = Btu/lb
two-year lows. Delivered European coal prices moved from
nearly $140/mt to $105/mt in the span of one month,” S&P Global Platts assessed the CIF ARA 6,000 kcal/kg NAR at $106/mt
analysts said. June 2, down $1 on the day and 67% from $322.50/mt on the year.
During the week there were no shipments containing ARA In FOB markets, South Africa’s Richards Bay thermal coal
coal exported from the Netherlands, according to Platts cFlow prices continued to plummet over the week ended June 02 amid
shipping and commodity tracking software from S&P Global. a lack of supply in the market, according to sources.
Last week, only one shipment was exported into Germany at A Europe-based trader said that the FOB Richards Bay 5,500
43,600 mt. kcal/kg NAR typical coal which would be sold out of South Africa

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

Coal Trader International June 2, 2023

is currently “not around” due to the country’s continuous rail Spot dry bulk freight assessments, Jun 2
Platts symbol $/mt Chg
issues, including “limited trains” able to transport exports. Capesize
“Producers are moving more high CV coal rather than lower CV Australia-China CDANC00 NA NA
products,” according to a Europe-based trader. Queensland-Japan CIGAJ00 NA NA
The FOB Richards Bay 6,000 kcal/kg NAR index to the physical New South Wales-Korea CINAK00 NA NA
Bolivar-Rotterdam CIBCR00 NA NA
5,500 kcal/kg NAR grade was $8.25/mt June 2.
Roberts Bank-Japan CDRKJ00 NA NA
Platts assessed the FOB Richards Bay 5,500 kcal/kg NAR at
Panamax
$82.25/mt, up $1.80 on the day but down 70% from $277.05/mt on Richards Bay-India West CSAKL00 NA NA
the year. Kalimantan-India West CSAKP00 NA NA
In other FOB markets, FOB Colombia coal prices were heard Richards Bay-India East CSAKN00 NA NA
offered around $100-$110.50/mt. This has been in line with the Kalimantan-India East CSAKR00 NA NA
Ventspils-Rotterdam CILTN00 7.25 +0.25
price level in May so far, falling between $100-$119/mt since the
USEC-India CDBUI00 28.75 0.00
beginning of the month. USEC-Rotterdam CDBUR00 11.25 +0.25
“There’s not much prompt availability out of Colombia, and Mobile-Rotterdam CDMAR00 15.50 -0.25
while Europe is not buying much, the Pacific market is more Roberts Bank-Japan CDRBK00 NA NA
dynamic nowadays,” A Colombia-based trader said. “The market Australia-China CDBFA00 NA NA
Australia-India CDBFAI0 NA NA
will continue to be volatile.”
Prices of Colombian coal are remaining at $100-$119/mt Supramax
Richards Bay-Port Qasim CRBPB00 NA NA
this month amid “increased amounts of Colombia thermal
South Kalimantan-Krishnapatnam CISKK00 NA NA
coal reportedly making its way to China as the importer
opportunistically acquires available high CV supply ahead of its
Thermal coal implied freight table, Jun 2
summer demand,” according to S&P Global analysts.
Basis 5,500 kcal/kg NAR
Platts assessed the FOB Colombia 6,000 kcal/kg NAR 90 days Origin/delivery hub NE Asia SE Asia NW Europe India Med South China
at $105.25/mt, up $5.25 on the week and down 60% on the year FOB Newcastle (20% Ash) 15.38 0.76 4.77 7.55 15.77 13.60
FOB Kalimantan 11.29 -3.33 0.68 3.46 11.68 9.51
from $265.50/mt. FOB Colombia 11.30 -3.32 0.69 3.47 18.33 9.52
— Maria Choudhury FOB Russia Baltic 27.80 13.18 17.19 19.97 9.17 26.02
FOB Russia Pacific 6.95 -7.67 -3.66 -0.88 3.67 5.17
FOB Richards Bay 25.53 10.91 14.92 17.70 25.92 23.75
FOB Baltimore 43.21 28.59 32.60 35.38 43.60 41.43
FOB New Orleans 36.74 22.12 26.13 28.91 37.13 34.96
FOB Vancouver 40.79 26.17 30.18 32.96 41.18 39.01

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Coal Trader International June 2, 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

02/06/2023 Indication CIF Med 6000 NAR $118 75000 July Trader Non russian origin
02/06/2023 Indication CIF Med 6000 NAR $120 75000 July Trader Non russian origin
02/06/2023 Indication CIF Med 6000 NAR $111 45000 July Trader Russian origin only
02/06/2023 Indication CIF Med 6000 NAR $115 45000 July Trader Russian origin only
02/06/2023 Indication FOB Colombia 6000 NAR $108.50-110.50 75000 July Trader
02/06/2023 Indication CIF Med 6000 NAR $111-115 45000 July Trader Russian origin only
02/06/2023 Indication CIF Med 6000 NAR $115 45000 July Trader Russian origin only
02/06/2023 Indication CIF Med 6000 NAR $118-120 75000 July Trader Non Russian origin
02/06/2023 Indication CIF Med 6000 NAR $120 75000 July Trader Non Russian origin
02/06/2023 Indication FOB Colombia 6000 NAR $100 75000 July Trader
02/06/2023 Bid CIF ARA 6000 NAR $100 50000 July Trader Non Russian origin
02/06/2023 Offer CIF ARA 6000 NAR $112 50000 July Trader Non Russian origin
02/06/2023 Bid CIF ARA 6000 NAR $102 75000 July Trader Non Russian origin
02/06/2023 Bid CIF ARA 6000 NAR $100 75000 August Trader Non Russian origin
02/06/2023 Offer CIF ARA 6000 NAR $99 50000 August Trader Non Russian origin
02/06/2023 Bid FOB Richards Bay 6000 NAR $97 50000 July Trader
02/06/2023 Bid FOB Richards Bay 6000 NAR $97 50000 August Trader
02/06/2023 Offer FOB Richards Bay 6000 NAR $98 50000 August Trader
01/06/2023 Bid FOB Richards Bay 6000 NAR $77 50000 July Trader
01/06/2023 Offer FOB Richards Bay 6000 NAR $97 50000 July Trader
01/06/2023 Offer FOB Richards Bay 6000 NAR $98 50000 August Trader
01/06/2023 Bid FOB Richards Bay 6000 NAR $78 50000 August Trader
01/06/2023 Bid CIF ARA 6000 NAR $96 50000 July Trader Non russian origin
01/06/2023 Bid CIF ARA 6000 NAR $98 75000 July Trader Non russian origin
01/06/2023 Offer CIF ARA 6000 NAR $118 50000 July Trader Non russian origin
01/06/2023 Indication FOB NOLA 6000 NAR $72 0 July Broker
01/06/2023 Indication FOB Baltimore 6900 NAR $73 0 July Broker
01/06/2023 Indication FOB Baltimore 6900 NAR $83 0 July Broker
01/06/2023 Indication FOB NOLA 6000 NAR $77 0 July Broker
01/06/2023 Offer CIF China 5500 NAR $107 75000 Jul Trader Panamax, russian origin
01/06/2023 Trade FOB Newcastle 5500 NAR $90 130000 Jul Trader Capesize
01/06/2023 Trade FOB Newcastle 5500 NAR $88 75000 Jun/Jul Trader Panamax
01/06/2023 Trade FOB Newcastle 5500 NAR $87 75000 Jun Trader Panamax
01/06/2023 Bid FOB Newcastle 5500 NAR $86 75000 Jul Trader Panamax
01/06/2023 Bid FOB Newcastle 5500 NAR $84 75000 Jul Trader Panamax
01/06/2023 Bid FOB Kalimantan 5500 NAR $95 55000/75000 Jun Trader Geared vessel
01/06/2023 Bid FOB Kalimantan 4200 GAR $62 55000/75000 Jun Trader Geared vessel
01/06/2023 Bid FOB Kalimantan 4200 GAR $57 55000/75000 Jun Trader Geared vessel
01/06/2023 Offer FOB Kalimantan 3400 GAR $42.5 55000/75000 Jun Trader Geared vessel
01/06/2023 Trade CIF China 5500 NAR $116.75 75000 Jul Trader Panamax, australian origin
01/06/2023 Trade CIF China 6000 NAR $125.19 130000 Aug Trader Capesize, columbian origin
01/06/2023 Indication FOB Russia 6300 GAR $110 75000 Jun/Jul Trader Panamax, pacific origin
01/06/2023 Bid CFR China 6000 NAR $105 75000 Jun/Jul Trader Panamax, russia origin
01/06/2023 Indication CFR China 6000 NAR $120 75000 Jun/Jul Trader Panamax, russia origin
31/05/2023 Bid FOB Richards Bay 6000 NAR $99 50000 July Trader
31/05/2023 Bid FOB Richards Bay 6000 NAR $82 50000 August Trader
31/05/2023 Offer FOB Richards Bay 6000 NAR $102 50000 August Trader
31/05/2023 Bid CIF ARA 6000 NAR $94.5 50000 August Trader Non russian origin
31/05/2023 Offer CIF ARA 6000 NAR $97.5 50000 August Trader Non russian origin
31/05/2023 Bid CIF ARA 6000 NAR $98 50000 July Trader Non russian origin
31/05/2023 Offer CIF ARA 6000 NAR $118 50000 July Trader Non russian origin
31/05/2023 Bid CIF ARA 6000 NAR $96 50000 August Trader Non russian origin
31/05/2023 Offer CIF ARA 6000 NAR $97.5 50000 August Trader Non russian origin
31/05/2023 Trade CIF ARA 6000 NAR $94.5 50000 August Trader Non russian origin
31/05/2023 Offer FOB Richards Bay 4800 NAR $-13 50000 July Trader Index-linked
31/05/2023 Offer FOB Richards Bay 4800 NAR $-13.25 50000 August Trader Index-linked
31/05/2023 Offer FOB Richards Bay 4800 NAR $-13.5 50000 Q323 Trader Index-linked

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

Coal Trader International June 2, 2023

Turkey’s imported coal price soars Thermal coal forward curves, Jun 2
Bid Ask Midpoint* Platts symbol Change* % Change
as lira depreciates against US dollar
CIF ARA 6,000 NAR
„CIF Med at $122/mt, $140/mt Jul-23 94.30 94.60 94.45 CSAM001 +7.95 +9.19
Aug-23 92.70 93.00 92.85 CSAM002 +5.40 +6.17
„Italy imports decline amid cheap alternatives Q3-23 93.75 94.05 93.90 CSAQ001 +7.40 +8.55
Q4-23 92.80 93.10 92.95 CSAQ002 +4.45 +5.03
Q1-24 94.55 94.85 94.70 CSAQ003 +3.45 +3.78
The price of thermal coal imported into Turkey has become Q2-24 92.40 92.70 92.55 CSAQ004 +1.55 +1.70
expensive for Turkey-based consumers, as the lira plunged 2024 94.85 95.15 95.00 CSAY001 +1.50 +1.60
to a new low against the US dollar, sources said in the week 2025 93.60 93.90 93.75 CSAY002 +4.75 +5.34
2026 93.60 93.90 93.75 CSAY003 +4.75 +5.34
ending June 2.
*Fields are calculated.
Turkish lira fell 1.2% at the start of the trading week on May
29 and reached a new record low of 20.36 against the US dollar,
according to local media, following the re-election of President
Recep Tayyip Erdogan for his third term after a second round of
elections on May 28.
The first round of elections took place on May 14 with the
President and rival Kemal Kilicdaroglu failing to secure 50% of
the votes.
“We are experiencing yet another currency crisis,” a Turkey-
based trader said. “Somehow, we will need to be purchasing
imported material paid for in Turkish Lira instead of alternative
currencies to avoid extortionate prices. However, I don’t know
how feasible this is.”
The Turkish lira has been pressured in the past year including
when Turkey’s central bank “loosened policy to spur on economic
growth” in August of the previous year ahead of the most recent
general elections. This led to the lira falling 1% to 18.14 against the
US dollar.
Market participants anticipate a further switch to discounted
Russian material which already accounts for over 60% of all
thermal coal imports to the country.
“There is cheap Russian [material] everywhere for the [Turkey-
based consumers] to buy,” a US-trader said.

Russia supply surges

During the week, 16 shipments entered the regions carrying
a total of 1.1 million mt of thermal coal from Russia, the US and
Colombia, up from 754,400 in the previous week, according to
Platts cFlow ship and commodity tracking software from S&P
Global Commodity Insights,
Russia continued as the key source of material for the regions,
supplying 700,800 mt – or 64% of the total.
Russia has exported over 56 million mt of thermal coal year
to date May 15, according to S&P Global Commodities at Sea
data. This is comparable to the same period of 2022. To date,
shipments to China were at around 7.5 million mt, like the 8.6
million mt China imported from Russia in the January through
May period of 2022.
Shipments have also increased to South Korea by around 1.3 Power price fundamentals
million mt to 8.8 million mt. The strongest increases in shipments 02-Jun-23 Change
have been to India and Turkey, up 120% and 311%, respectively, Brent oil (month ahead - $/b) AAYES00 75.820 +1.320
Coal CIF ARA (year ahead - $/mt) CSAY001 95.000 +1.500
to 8.4 million mt and 9 million mt as pricing and availability of EEX EUA carbon (front December - Eur/mt) EADLP00 78.990 +0.270
Russia’s high-CV material competes into these regions. UK NBP gas (month ahead - p/th) NGAAE00 55.250 +0.750
Dutch TTF gas (year ahead - Eur/MWh) GTFTZ00 43.075 -0.100

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

Coal Trader International June 2, 2023

In the Mediterranean, Turkey was the main importer

accounting for nine shipments, containing a total of 679,900 mt
of material. Russia supplied 512,200 mt and Colombia accounted
for 167,800 mt.
One shipment entered Spain containing 79,500 mt
from the US.
In North Africa, three shipments entered Morocco containing
108,400 mt from the US and 103,400 from Russia.
A single shipment entered Egypt containing 79,500 mt from
the US. One shipment also entered Tunisia containing 5,400 mt
from Russia.
In the Middle East, one shipment entered the UAE carrying
79,800 mt from Russia.

Declining CIF Med prices

Over the week, CIF Mediterranean indications received for CIF
Med 45,000 mt, which take account of Russian-origin coal ranged
from $111-$115/mt, and for CIF Med 75,000 mt price, which takes
account of other origins, including key supplier Colombia, were at
$118-$120/mt.
Platts assessed the CIF Med 45,000 mt price on June 2 at
$111/mt and CIF Med 75,000 mt at $118/mt, down $3/mt and $2/
mt, respectively.
Both prices have dropped consecutively over the past four
weeks since May 5 when the CIF Med 45,000 mt price was at
$122/mt and the CIF Med 75,000 mt was $140/mt.
Platts is part of S&P Global Commodity Insights
— Sarah Matthews
seven times on the year from 5,347 mt. Russia did not provide any
EGYPT DATA: May coal imports shipments in the previous month, and the country last provided
rise 70% on month to 420,912 mt material on Feb. 17, with volumes at 29,600 mt.
Typically an importer rather than an exporter, Poland provided
„Shipments from US, Turkey, Russia, Poland the least amount of coal into Egypt with a singular shipment
„Russia-origin coal up seven times on year containing 6,600 mt via the port of Alexandria. Poland did not
provide any shipments in the previous month or in May 2022. The
Egypt’s coal imports rose 70% month on month and 52% year country last provided coal to Egypt in March, with volumes at
on year to 420,912 mt in May, according to data from the Port of 6,800 mt. This material is most likely “left over resold supply” as
Alexandria June 1. Poland does not often sell into Egypt, according to Europe-based
During the month, 10 shipments entered the country traders.
containing US, Russia, Turkey, and Poland-origin material, with the Platts, part of S&P Global Commodity Insights, assessed the
majority shipped via the port of Alexandria. New Orleans USGC to Alexandria, Egypt, freight rate at $22.25/mt
The US provided the largest amount of coal to the country June 1, down 25 cents on the day.
with six shipments containing 303,774 mt via the port of El — Maria Choudhury
Dekheila, the port of Alexandria and the port of Sokhna. US-origin
shipments were up 84% on the month from 164,925 mt, and Japan bolsters loan insurance for LNG, critical
up almost three times on the year from 114,600 mt. The US has minerals purchase, hydrogen supply chains
remained Egypt’s key supplier of coal in 2023.
Turkey shipped the second-largest amount of coal into the „METI amending ordinance to expand loan insurance coverage
country with two shipments containing 73,337 mt via the port of „Expected to be used for LNG, critical minerals, SAF equity
Sokhna. Turkey-origin shipments were down 11% on the month investments
from 82,500 mt. Turkey did not provide any shipments during the „Japan boosting supports for critical minerals developments
same period in the previous year.
Russia also provided the country with two shipments Japan will bolster providing its loan insurance in areas
containing 37,200 mt of coal via the port of Alexandria, up over including companies procuring LNG and critical minerals, as well

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

Coal Trader International June 2, 2023

Platts daily metallurgical coal assessments, Jun 2

Asia-Pacific coking coal ($/mt)
Platts FOB Australia Change Platts CFR China Change Platts CFR Change
symbol symbol symbol India
HCC Peak Downs Region HCCGA00 NA NA HCCGC00 NA NA HCCGI00 NA NA
Premium Low Vol PLVHA00 NA NA PLVHC00 NA NA PLVHI00 NA NA
Low Vol HCC HCCAU00 NA NA HCCCH00 NA NA HCCIN00 NA NA
Low Vol PCI MCLVA00 NA NA MCLVC00 NA NA MCLVI00 NA NA
Mid Vol PCI MCLAA00 NA NA MCLAC00 NA NA MCVAI00 NA NA
Semi Soft MCSSA00 NA NA MCSSC00 NA NA MCSSI00 NA NA
Premium Low Vol China Netback PLVHD00 NA NA
TSI coking coal indices ($/mt)
TSI Premium Hard (PHCC) FOB Australia TS01034 NA NA
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 NA NA% PLVHC00 NA NA%
Peak Downs HCPDA00 226.00 NA% MCBAA00 237.65 NA%
Saraji HCSAA00 226.00 NA% MCBAB00 237.65 NA%
Oaky North HCOKA00 226.00 NA% MCBAR00 237.65 NA%
Illawarra HCIWA00 227.00 NA% MCBAH00 238.65 NA%
Moranbah North HCMOA00 227.00 NA% MCBAG00 238.65 NA%
Goonyella HCGOA00 227.00 NA% MCBAE00 238.65 NA%
Peak Downs North HCPNA00 226.00 NA% MCBAJ00 237.65 NA%
Goonyella C HCGNA00 226.00 NA% MCBAI00 237.65 NA%
Riverside HCRVA00 226.00 NA% MCRVR00 237.65 NA%
GLV HCHCA00 221.00 NA% MCBAF00 232.65 NA%
Low Vol HCC HCCCH00 NA NA% NA%
Lake Vermont HCC MCBAN00 213.15 NA%
Carborough Downs MCBAO00 211.15 NA%
Middlemount Coking MCBAP00 203.15 NA%
Poitrel Semi Hard MCBAQ00 200.15 NA%
June 1 freight rates. Australia to China: Panamax = $11.65/mt Capesize = $8.75/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 [email protected].

Atlantic coking coal ($/mt)

Platts FOB US
symbol East Coast Change VM Ash S
Low Vol HCC AAWWR00 209.00 0.00 19.25% 8.25% 0.95%
High Vol A AAWWS00 208.00 0.00 32.25% 7.5% 0.95%
High Vol B AAWWT00 192.50 0.00 36.00% 8.00% 1.00%
Premium Low Vol
$/mt Change VM Ash S
Premium Low Vol HCC CFR NWE PLVHE00 NA NA 21.50% 9.30% 0.50%
Premium Low Vol FOB Australia PLVHA00 NA NA 21.50% 9.30% 0.50%
Detailed methodology and specifications are found here: http://platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/metcoalmethod.pdf.

PCC Met (Platts China Coal – Metallurgical) (Yuan/mt)*

Platts Ex-washplant Platts Free-on-Rail Platts DDP Tangshan Platts CFR China
symbol symbol symbol symbol equivalent ($/mt)
PCC Met Shanxi Premium Low Vol PCCMA04 1600 PCCMB04 1635 PCCMC04 1845 PLVHJ04 213.31
PCC Met Shanxi High Sulfur Premium Low Vol PCCMD04 1350 PCCME04 1390 PCCMF04 1710 PLVHD04 201.24
PCC Met North China Fat Coal PCCMG04 1620 PCCDG04 190.16
PCC Met Shanxi PCI PCCMH04 1225 PCCMI04 1260 PCCMJ04 1380 MCLCC04 160.62
PCC Met Shandong Semi Soft PCCMK04 1375 PCCML04 1395 MCSSD04 157.50

PCC Met Rail Freight Shanxi – Tangshan PCCMM04 200

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

North China prompt port stock prices

Platts Ex-stock Jingtang Platts CFR Jingtang
symbol (Yuan/mt, incl VAT) symbol equivalent ($/mt)**
Premium Low Vol* AAWZN00 1700.00 AAWZO00 208.25
Low Vol HCC* AAWZP00 1525.00 AAWZQ00 186.43
*Weekly (assessed June 1), 20-day delivery from date. **Ex-stock price, net of port charges, import tax and VAT.

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

Coal Trader International June 2, 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 ($/mt)
Within Platts % of Premium Low Vol FOB Platts Net value
min-max symbol Australia assessment price symbol
Per 1% CSR 67-74% CPCSA00 NA% CPCSP00 NA
Per 1% VM (air dried) 18-27% CPVPA00 NA% CPVMP00 NA
Per 1% TM (as received) 8-11% CPTPA00 NA% CPTMP00 NA
Per 1% Ash (air dried) 7-10.5% CPAPA00 NA% CPPAP00 NA
Per 0.1%S (air dried) 0.3-1% CPSPA00 NA% CPSPV00 NA
US Low Vol HCC Penalties & Premia; Differentials ($/mt)
Within Platts % of US Low Vol HCC FOB Platts Net value
min-max symbol USEC assessment price symbol
Per 1% CSR 50-64% CPPBA00 0.30% CPPBB00 0.63
40-49% CPPBC00 0.40% CPPBD00 0.84
Per 0.1% S 0.70-1.05% CPPBE00 0.85% CPPBF00 1.78
1.06-1.25% CPPBG00 1.80% CPPBH00 3.76
Per 1% TM (as received) 6-11% CPPBK00 1.00% CPPBL00 2.09
Per 1% Ash 5-10% CPPBI00 1.75% CPPBJ00 3.66
US weekly brand relativities ($/mt), June 2
Platts FOB Spread vs US LV
symbol
Blue Creek No. 7 MCAPB04 219.50
Blue Creek No. 4 MCAPC04 204.50
Beckley MCAPD04 209.50 100.24%
Low Vol FOB USEC AAWWR00 209.00 100.00%
Windber MCAPE04 202.50 96.89%
Buchanan MCAPF04 203.75 97.49%
June 2 Panamax freight rates. Hampton Roads to Rotterdam = $11.25/mt, Hampton Roads to Brazil = $11.50/mt, Mobile to Rotterdam = $15.50/mt.
For further information about these assessments, please refer to the specifications guide:
https://www.spglobal.com/platts/en/our-methodology/methodology-specifications/metals/metallurgical-coal-methodology or contact [email protected].
Source: S&P Global Platts

Coking coal derivatives assessments, Jun 2 Metallurgical coke, Jun 2

Platts symbol $/mt Chg % Chg Seaborne
TSI Premium Hard Coking Coal Australia Export FOB East Coast Port % CSR Platts symbol $/mt Chg % Chg
Jul-23 MCPLM01 NA NA NA FOB North China 66/65 MCCNC00 NA NA NA
Aug-23 MCPLM02 NA NA NA 65/63 MCCHB00 NA NA NA
Sep-23 MCPLM03 NA NA NA 64/62 AAWVL00 NA NA NA
Q3-23 MCPLQ01 NA NA NA 62/60 MCCHA00 NA NA NA
Q4-23 MCPLQ02 NA NA NA CFR India 66/65 MCCNI00 NA NA NA
Q1-24 MCPLQ03 NA NA NA 65/63 MCINB00 NA NA NA
2024 MCPLY01 NA NA NA 64/62 MCCEI00 NA NA NA
2025 MCPLY02 NA NA NA 62/60 MCINA00 NA NA NA
Domestic
Yuan/mt
Platts China PLV, met coke price differentials, Jun 2 DDP North China (weekly) 62/60 AAWVJ00 1900.00 -25.00 -1.30
Price spreads Platts symbol $/mt $/mt
Import-Shanxi Premium Low Vol CFR China PLVHK04 8.69 FOB North China equivalent (DDP weekly) 62/60 PLVHM04 275.93 -5.20 -1.88
Import-port stock Premium Low Vol CFR China PLVHL04 13.75
62/60% CSR coke export-domestic FOB North China PLVHN04 14.07

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

Coal Trader International June 2, 2023

as for developing hydrogen supply chains from July 1, Minister of Weekly Averages for Platts Thermal Coal Price
Assessments ($/mt)
Economy, Trade and Industry Yasutoshi Nishimura said June 2.
CV (kcal/kg) Basis Week ending Week ending Change
The move comes as part of Japan’s efforts to enhance 02-Jun 26-May
its supply chains of critical commodities and materials FOB Kalimantan 5,900 GAR 102.125 106.000 -3.875
FOB Kalimantan 5,000 GAR 87.250 89.580 -2.330
including natural gas and critical minerals and accelerate its FOB Kalimantan 4,200 GAR 61.750 66.490 -4.740
decarbonization. FOB Kalimantan 3,800 GAR 53.750 57.200 -3.450
Under an amendment in its ministerial ordinance promulgated
June 2, METI will allow the state-owned Nippon Export and
Investment Insurance to expand its coverage of loan insurance Monthly and Quarterly Averages for Platts Forward
Benchmark Coal Price Assessments ($/mt)
from July 1 to finance receiving from Japanese financial
CV (kcal/kg) Basis May-23 Apr-23 Mar-23 Q1-23 Q4-22
institutions for Japanese companies’ businesses abroad. Platts SEAT 4,200 GAR 76.59 79.77 83.15 84.39 98.78
Specifically, NEXI will start providing products from July 1 Platts NEAT 5,750 NAR 136.12 147.53 150.45 152.41 174.04
CFR Pakistan 5,750 NAR 105.90 107.67 115.76 138.63 195.31
covering risks in such areas as bolstering supply chains, which CFR Bangladesh 5,000 GAR 101.68 106.21 105.38 108.00 134.89
was recognized as among key priorities at the recent G7, as well Sulfur Differential 0.30 0.30 0.30 0.30 0.30
CIF ARA 6,000 NAR 118.14 143.07 137.81 147.25 238.01
as in the country’s drive toward decarbonization and helping out European Blended Price 6,000 NAR 106.28 123.19 123.63 140.07 225.93
start-ups’ businesses abroad, Nishimura said. EBP Differential 6,000 NAR -11.86 -19.88 -14.18 -7.18 -12.08
FOB Richards Bay 5,500 NAR 91.28 109.93 112.05 111.86 153.66
“In particular, we expect [the loan insurance] to be used for FOB Newcastle 20% Ash 5,500 NAR 112.73 121.38 124.11 127.57 145.15
procurements of such resources as critical minerals and LNG, as FOB Newcastle 23% Ash 5,500 NAR 109.85 118.28 120.94 124.31 141.45
FOB Kalimantan 5,900 GAR 112.00 119.00 122.41 133.36 173.95
well as for developing hydrogen supply chains in Asia and other FOB Kalimantan 5,000 GAR 92.23 95.68 94.10 98.57 124.12
related overseas businesses,” Nishimura told a press conference. FOB Kalimantan 4,200 GAR 69.03 71.06 73.57 76.31 89.84
FOB Kalimantan 3,800 GAR 59.24 60.70 62.47 62.86 71.71
Speaking at a press briefing, Kei Kawahara, director of METI’s CFR India West 5,500 NAR 118.59 130.85 133.77 139.99 163.11
trade and finance division, said that this amendment in the CFR India West 5,000 GAR 103.61 108.62 106.90 110.04 137.48
CFR India West 4,200 GAR 80.40 84.00 86.36 87.78 103.20
ministerial ordinance would help Japanese companies smoothly CFR India East 5,500 NAR 120.19 132.43 135.02 140.96 163.91
secure the finance needed for fortifying supply chains and CFR India East 5,000 GAR 102.79 107.62 105.89 109.14 136.39
CFR India East 4,200 GAR 79.59 82.99 85.35 86.88 102.11
decarbonization. CIF Med 75kt 6,000 NAR 130.00 130.00 138.00 150.46 247.27
“In addition to procurement, this [framework] would be able to CIF Med 45kt 6,000 NAR 117.75 112.50 124.00 124.15 153.31
FOB Baltimore 6,000 NAR 83.71 94.13 93.98 109.97 178.24
be used for equity investment for acquiring stakes abroad in LNG FOB Hampton Roads 6,000 NAR 135.83 139.48 146.00 166.94 230.70
and critical minerals,” said Kawahara, adding that it will be used FOB New Orleans 6,000 NAR 89.68 101.13 103.04 121.41 200.71
FOB Baltimore 6,900 NAR 96.27 108.26 108.08 126.46 204.96
for providing the loan finance for when Japanese companies are FOB Colombia 6,000 NAR 110.81 121.00 120.80 131.68 216.54
receiving loan from financial institutions in the country. Russia Baltic 6,000 NAR 105.56 106.25 109.00 101.92 105.77
Russia Pacific 6,300 GAR 120.88 123.63 129.80 131.38 151.85
“As for decarbonization, NEXI would provide loan insurance,
for instance, for developing hydrogen chains in Asia as well as
for [Japanese companies] securing loan for capitals needed for
investment in SAF [sustainable aviation fuel] projects in Asia,” the Five-Point Plan for Critical Minerals Security.
Kawahara added. “As for Japan, we have secured more than Yen 200 billion ($1.4
The Russian invasion of Ukraine was a wake-up call for billion) fiscal supports for upstream to midstream developments,”
governments to shore up supply chains of strategic commodities Ryo Minami, deputy commissioner for international affairs, and
and materials, with Japan designating supply chains of natural director-general for international policy on carbon neutrality at
gas, critical minerals, semiconductors and storage batteries as the METI’s Agency of Natural Resources and Energy, told S&P
“critical materials” for its economic security. Global Commodity Insights May 26.
Minami said that this is Japan’s first budget of its kind and the
G7 move largest supplementary budget earmarked for mineral resources
The latest move by Japan comes as the G7 adopted April 16 focused on critical minerals, adding that it will be used for equity
the “Five-Point Plan for Critical Minerals Security” at its Sapporo investment and feasibility studies for mineral resources projects.
climate and energy ministerial meeting. Japan will boost critical mineral resources development
The plan called for developing a “plausible forecast” of together with the G7 and other “like-minded countries” as part of
medium and long-term supply and demand for critical minerals; its efforts to bolster its economic security, he said.
developing resources and supply chains responsibly; recycling Demand is expected to soar for lithium, nickel, cobalt
more and sharing capabilities; saving resources through and other metals needed for batteries and electrification
innovations; and preparing for supply disruptions. technologies. Supply chains to bring the commodities to market
G7 countries have pledged $13 billion in fiscal support for face numerous challenges, and refining capacity is heavily
domestic and international critical mineral projects aimed at concentrated in a few countries.
promoting private sector investment on the premise of high “We believe an increase in dependency on specific countries
environmental, social and governance standards, according to [for critical minerals] would aggravate vulnerability for the

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

Coal Trader International June 2, 2023

economic security. We also see moves for resource nationalism Nuclear extended its lead in the monthly power mix,
in some countries pose risk for a resource importing country like dominated by the French fleet, up 22% on the year at 25 TWh.
Japan,” said Minami, adding that this was why it was important to German coal and lignite generated just 7 TWh, down 43%
work with countries facing similar situations and sharing common on the year despite reactor closures and only minor gains for
values of market-driven critical minerals trades. wind and solar as the country swung from exports to record
— Takeo Kumagai imports.
French and Austrian flows helped prop up supply as nuclear
availability improved in France, while Alpine hydro rose sharply.
THERMAL TRACKER: European gas, Generation margins for standard gas units remained above
coal output drops to record-low in May older coal units (35% clean dark spread) for the month-ahead in
Germany, S&P Global Commodity Insights data showed.
„French nuclear rebounds 22% on year Gas-fired generation costs (50% efficiency) dropped to
„German col, lignite down 43% on year Eur80.27/MWh, while coal generation costs (35%) were pegged at
„Gas generation falls across the board Eur111.52/MWh, S&P Global data showed.
Front-month power across many European markets ended
European gas- and coal-fired power generation fell to a record May below Eur80/MWh and near two-year lows, with France
low in May amid weak demand, while French nuclear output falling to a discount needing to ramp down nuclear during
continued to recover, system data showed June 2. episodes of negative hourly prices at weekends.
Across Europe’s five biggest power markets, gas-fired GB power remains at a premium to Continental prices with
generation fell 24% on the year, while coal plunged 45% on month-ahead last assessed at GBP69.40/MWh (Eur80.94/MWh),
the year. according to Platts assessments for S&P Global.

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

Coal Trader International June 2, 2023

Thermal plant output

———— Germany ———— ———— France ———— ———— UK ———— ———— Italy ———— ———— Spain ———— ———— Big 5 ————
(TWh) Change (TWh) Change (TWh) Change (TWh) Change (TWh) Change (TWh) Change
Y/Y (%) Y/Y (%) Y/Y (%) Y/Y (%) Y/Y (%) Y/Y (%)
May
Coal 6.8 -43 0.0 NA 0.0 NA 0.9 -55 0.2 -60 7.9 -45
Gas 2.6 -8 1.1 -61 7.1 -30 7.9 -15 2.7 -13 21.4 -24
Nuclear 0.0 -100 25.0 22 3.1 -24 NA NA 3.8 -7 31.9 3
Combined 9.4 -44 26.1 12 10.2 -29 8.8 -22 6.7 -13 61.2 -17
YTD 2023
Coal 55.0 -16 0.6 -67 0.9 -57 9.1 -10 1.6 -50 67.3 -18
Gas 22.2 5 14.9 -25 38.2 -13 44.2 -20 13.6 -26 133.2 -16
Nuclear 6.7 -51 134.6 0 15.5 -21 NA NA 23.2 0 180.0 -5
Combined 83.9 -16 150.1 -4 54.6 -17 53.4 -18 38.4 -14 380.4 -12
Source: S&P Global Commodity Insights based on preliminary TSO data (adjusted for Italy)

Carbon prices fell to a four-month low with EU carbon and marking the ninth decline in 10 assessments.
allowances last assessed June 1 at Eur78.72/mt, S&P Global The Powder River Basin area, which consists primarily of
data show. Montana and Wyoming, saw the week ended May 27’s only
Assuming average carbon intensity, the 28% on year decline production declines. PRB output dipped to 4.9 million st, down
for gas, coal and lignite generation across the EU in May, roughly 23,000 st, or 0.5%, in seven days. Its year-earlier weekly
translates into over 10 million mt less CO2 emitted by the power total was 5.1 million st. The region came first in production for the
generation sector. most recent reporting week with 109.4 million st of output, 0.4%
Total EU27 power demand fell to 186 TWh, below pandemic ahead of its year-ago pace.
lockdown levels in 2020, according to Entso-e public grid data PRB 9,400 Btu/lb coal for third-quarter delivery drew a
aggregated by Fraunhofer ISE. $15.55/st assessment on May 26, down 5 cents from its previous
Analysts at S&P Global forecast little change to the trend assessment.
in June. Central Appalachia’s 1.4 million st of weekly coal output rose
Lower demand, healthier hydro stocks and generation and 20,000 st, or 1.5%, on the week. In week 21 of 2022, CAPP also
new wind and solar capacity limit the space for fossil fuel produced 1.4 million st of coal. Through the first 21 weeks of 2023,
generation in June 23 versus June 2022, by around 26 GW for the CAPP output has totaled 29.5 million st, 5.1% ahead of production
EU10, according to a weekly report dated June 1. in the same period in 2022.
— Andreas Franke Northern Appalachian weekly coal output rose just 2,000
st in the most recent reporting week to 1.6 million st. Week
US DATA: Weekly coal production ticks up slightly 21 of 2022 also saw roughly 1.6 million st of NAPP output.
on week, EIA says The region produced 35.8 million st through the first 21
weeks of 2023, 0.5% lower than its comparable year-earlier
„Overall US output totals 11.2 million st on week total, making it the only major region to see production trail
„Three of four regions post higher output figures 2022’s pace.
Platts assessed Northern Appalachia Pittsburgh Seam coal at
Modest increases in three of the four major producing regions $59.50/st on May 26, down $5 from its week-earlier assessment.
helped push weekly US coal production up 0.2% in the week
ended May 27, according to US Energy Information data
from June 1.
US production moved up to 11.2 million st in the week,
increasing 23,636 st from the seven days ended May 20. In week
21 of 2022, comparatively, coal output totaled 11.5 million st.
The Illinois Basin showed the biggest weekly increase by
volume and percentage in the most recent reporting week. ILB
production reached 1.6 million st, marking a 30,000 st, or 2.4%,
increase. Regional output for the year-ago week also stood at 1.6
million st. ILB has produced 33.6 million st in the most recent
reporting week, 5.7% higher than the year-ago week.
Platts, part of S&P Global Commodity Insights, assessed
prompt-quarter ILB 11,800 Btu/lb rail coal at $55.90/st in its May
26 Weekly Price Survey, down $1 from its week-earlier assessment — Michael Fox

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

Coal Trader International June 2, 2023

Subscriber Notes schedule time stamp with the market close at 4:30 pm London
time, every Friday. Please send all comments or questions to
Vesak Day publishing schedule for Platts Asia thermal coal [email protected] and [email protected] by July
The S&P Global Commodity Insights office in Singapore will be 14, 2023.
closed Friday, June 2, 2023, for Vesak Day, and there will be no For written comments, please provide a clear indication if
Asia thermal coal assessments on that day. comments are not intended for publication by Platts for public
The weekly Russia Pacific thermal coal price assessment, viewing.
usually published on Fridays, will be brought forward by a day to Platts will consider all comments received and will make
Thursday, June 1. comments not marked as confidential available upon request.
Additionally, S&P Global will close its Platts Market on Close
assessment process in Asia early on Thursday, June 1, and all Platts to create three new thermal coal daily rationales
assessments will be basis 12.30 pm Singapore time (0430 GMT). Platts, part of S&P Global Commodity Insights, will create three
Normal Singapore publishing schedules will resume on new daily thermal coal rationales for the following assessments;
Monday, June 5, 2023. CFR Pakistan 5,750 kcal/kg NAR 15-60 day (TPKCA00), CIF ARA
For full details of S&P Global’s publishing schedule and 6,000 kcal/kg NAR 15-60 day (CSARM01), and FOB Richards Bay
services affected, refer to http://www.platts.com/HolidayHome 5,500 kcal/kg NAR 7-45 day (AAXE00) effective June 12.
For queries, please contact [email protected] and The CIF ARA rationale will be included in Coal Trader and Coal
[email protected] Trader International.
The CFR Pakistan and FOB Richards Bay rationales will be
Platts Coal Trader publishing schedule for US Juneteenth included in Coal Trader International.
holiday The new rationales will increase clarity on the price
In observance of US Juneteenth National Independence Day assessments.
on Monday, June 19, Platts Coal Trader will not be published on Please send questions and comments to [email protected]
that day. or [email protected].
Normal publishing will resume Tuesday, June 20. For written comments, please provide a clear indication if
For full details of the Platts publishing schedule and services comments are not intended for publication by Platts for public
affected, refer to https://www.spglobal.com/commodityinsights/ viewing.
en/our-methodology/holiday. Platts will consider all comments received and will make
For queries, please contact [email protected] or comments not marked as confidential available upon request.
[email protected].
Platts is part of S&P Global Commodity Insights. Platts to update sulfur range, typical specification for CIF
Turkey petcoke assessment
Platts proposes FOB Black Sea thermal coal assessment Platts, part of S&P Global Commodity Insights, has decided to
Platts, part of S&P Global Commodity Insights, proposes to update the range and typical specification of sulfur in petcoke for
launch a weekly assessment for FOB Black Sea thermal coal, the CIF Turkey assessment (CPAGH00) from 4%-5.5% to 5%-6.5%,
effective Aug. 11, 2023. and from 5% to 5.5%, respectively, effective July 3, 2023. Petcoke
The proposed assessment would reflect the value of thermal with sulfur content outside this range will be normalized to this
coal based on spot transactions for cargoes loading 30 to 60 new standard for assessment purposes.
days forward from the date of publication. The assessment would Platts opened a formal proposal on April 3, 2023, in a
be basis 6,000 kcal/kg NAR, normalized to a 50,000-mt cargo subscriber note available here:
size, and use Taman Dry Bulk Terminal as a basis port, although https://www.spglobal.com/commodityinsights/en/our-
coal loading at other Black Sea ports will be considered. methodology/subscriber-notes/040323-platts-proposes-to-
Platts would also consider cargo sizes from 30,000-150,000 update-sulfur-range-and-typical-specification-for-cif-turkey-
mt for normalization, and also consider coals with calorific value petcoke-assessment
of 5,800-6,100 kcal/kg NAR for normalization. The assessment Please send any questions, comments, or feedback to
would consider coals with typical sulfur value of 0.5%, typical ash [email protected] and [email protected].
value of 10%, and typical moisture value of 10%. Maximum sulfur For written comments, please provide a clear indication if
value of 1%, maximum ash value of 16% and maximum moisture of comments are not intended for publication by Platts for public
14% will also be considered. viewing.
The assessment would be published on a dollar per metric Platts will consider all comments received and will make
ton basis and would follow the London weekly publishing comments not marked as confidential available upon request.

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

Coal Trader International June 2, 2023

Platts proposes to discontinue FOB Vancouver 5,000 kcal/kg Platts to launch new FOB Vancouver thermal coal price
assessment and 8,800 Btu/lb netback effective Aug. 21, 2023 effective June 28, 2023
Platts, part of S&P Global Commodity Insights, having reviewed Platts, part of S&P Global Commodity Insights, has decided to
its thermal coal price assessments, proposes to discontinue FOB launch a daily thermal coal FOB Vancouver netback price (basis
Vancouver 8,800 Btu/lb netback (COVCU00) effective Aug. 21, 5,750 kcal/kg NAR, max 1% sulfur) effective June 28, 2023.
2023, after market survey results suggested the COVCU00 heat The netback reflects the price of North American thermal
adjustment to 8,800 Btu/lb GAR should be discontinued due to coal compared to Platts North East Asian thermal coal price
limited liquidity of Powder River Basin 8,800 Btu/lb GAR coal. assessment - NEAT - minus the Panamax freight rate from
In addition, Platts proposes to discontinue FOB Vancouver Roberts Bank, British Columbia, to Japan, in US dollars per
5,000 kcal/kg NAR assessment (CTVCA00) effective Aug. 21, 2023, metric ton, based on loading 15 to 60 days forward from
after previously seeking feedback on CTVCA00 calorific value the date of publication. The netback normalizes calorific
in a Feb. 24 subscriber note posted online here. Market survey values from 5,400 kcal/kg NAR to 6,200 kcal/kg NAR and
results suggested CTVCA00, which is calculated on a cost-plus cargo volumes at 75,000 mt +/- 10%. The netback follows
basis in the absence of transactions, should be discontinued the US daily publishing schedule, reflecting the market as of
due to limited liquidity of input Powder River Basin 9,400 Btu/lb 11:30 am ET.
GAR coal. Platts opened a formal proposal on May 9, 2023, in a
The discontinuation of these two assessments was mentioned subscriber note available here.
in Platts’ proposal to launch a new daily FOB Vancouver netback Platts proposed to discontinue the existing FOB Vancouver
(basis 5,750 kcal/kg NAR, max 1% sulfur) effective June 28, 8,800 Btu/lb netback (COVCU00) and 5,000 kcal/kg NAR
2023, in a subscriber note posted online May 9, which can be assessment (CTVCA00) in a subscriber note on May 23, 2023,
found here. available here.
Please send all comments, feedback, and questions to Platts invites any questions and feedback to
[email protected] and [email protected], by June [email protected] and [email protected], by June
5, 2023. 23, 2023.
For written comments, please provide a clear indication if For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public comments are not intended for publication by Platts for public
viewing. Platts will consider all comments received and will make viewing. Platts will consider all comments received and will make
comments not marked as confidential available upon request. comments not marked as confidential available upon request.

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

Coal Trader International June 2, 2023

Current Vessel Fixtures

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

Berge Mawson 150,000/10 Gladstone/Hon Mieu+Campha Jun 11-20 RNR Wellhunt

Berge TBN 150,000/10 Hay Point/Krishnapatnam Jun 15-20 $8.25/wmt Oldendorff
Rini 178,000/10 TCT via Eastern Australia, Jun 1-2 $15500/Day Multimax
DOP CJK, ReDel China
MSXT Capella 180,000 dwt TCT via Eastern Australia, May 25 Onwards $15250/Day Multimax
DOP Qingdao, ReDel China
TBN 160,000/10 Hay Point/Isdemir Jun 18-27 $10.25/mt Erdemir
TBN 75,000/10 Abbot Point/Paradip June 20-27 $11.75/mt JSPL
NYK TBN 130,000/10 Newcastle/China Jun 11-20 $12.50/mt CNR
TBN 130,000/10 Abbot Point/Hon Mieu+Campha Jun 7-12 $12.75/mt Welhunt
Panocean TBN 150,000/10 Gladstone/Taean Jun 12-21 $9.93/mt Kepco
TBN 170,000/10 TCT via Gladstone/Skorea Jun 12-21 RNR Panocean
TBN 70,000/10 Newcastle/Malaysia June 17-24 $13.20/mt TNB Fuel
Canada

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

Colombia

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

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

TBN 150,000/10 Taboneo/Mundra May 21-27 $6.15/mt LSSOT

TBN 43,000/5 Bunati/Yangzhou Guoxin June 12-15 RNR Xiangyu
TBN 55,000/10 Meulaboh/Hazira June 10-16 $6.50/mt free DA at discharge port CNR
TBN 55,000/10 Meulaboh/Hazira June 6-12 $7/mt free DA at discharge port CNR
TBN 80,000/10 Muara Pantai/Taiwan June 11-20 $4.80/mt Daewoo
TBN 55,000/10 Samarinda/Bhavnagar June 3-9 mid-high $11/mt CNR
TBN 150,000/10 Bunati/Mundra Jun 5-12 $6/mt LSSOT
HMM TBN 75,000/5 Tarakan/Taean June 8-17 $5.74/mt KEPCO
TBN 75,000/10 Muara Banyuasin/Kandla June 8-12 high-$7/mt CNR
TBN 70,000/10 Adang Bay/Meizhouwan June 9-12 low-$5/mt Golden Bricks
TBN 80,000/10 Taboneo/Malaysia June 8-15 $3.96/mt TNB Fuel
TBN 70,000/10 Taboneo/Lianyungang June 1-7 around mid-$6/mt Shanxi Kingstar
TBN 70,000/10 Muara Berau/Malaysia June 1-8 $4.79/mt TNB Fuel
TBN 70,000/10 Balikpapan Coal Terminal/Malaysia June 8-15 $5.28/mt TNB Fuel
South Africa

Ssangyong TBN 150,000/10 RBCT/Younghung Jun 21-30 $15.32/mt Kepco

Berge Rosa 150,000/10 RBCT/Mailiao Jun 13-17 low $13’s/mt Mercuria
TBN 150,000/10 Richards Bay/Gangavaram Jun 5-14 $9.25/mt LSSOT
United States

Paolo Topic 59,914 dwt del. Lamberts Point tct redel. Cont APS June 9-13 $17,000/d Ultrabulk
TBN 75,000/10 Newport News/Visag June 18-28 $32.95/mt SAIL
Mozambique

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

Babycape TBN 150,000/10 Nacala/Gangavaram May 25-28 RNR AI General
Russia

Great Ocean 160,000/10 Taman/China May 29-Jun 2 $24.50/wmt Elsi

Mikata 160,000/10 Taman/China May 21-30 RNR Telf
TBN 160000 Taman/China May 16-22 RNR Elsi
TBN=To be nominated. PPT=Prompt
Philippines

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

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

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