Two recent announcements by major coal suppliers to Asian customers show Japanese utilities are closing deals with major thermal coal suppliers on term prices for annual contracts starting in April, though it is unclear which utilities are involved.
Two recent announcements by major coal suppliers to Asian customers show
Japanese utilities are closing deals with major thermal coal suppliers on term
prices for annual contracts starting in April, though it is unclear which
utilities are involved.
The prices set in early talks between Japanese coal buyers and their suppliers
are typically reflected in negotiations that take place subsequently.
Indonesia
's PT
Bumi Resources (BUMI.JK) said Tuesday that its unit, PT Kaltim Prima Coal, has
secured a 40% price increase for coal it will sell to a large Japanese buyer
this fiscal year at $104 a metric ton, free on board. Bumi's spokesman didn't
specify the name of the buyer.
This follows an announcement by Anglo-Swiss miner Xstrata PLC (XTA.LN) on April
1, in which the company said it finalized a 12-month supply contract for
Australian thermal coal with an unidentified major Japanese utility beginning
April 1 at $98 a ton.
Further pricing discussions about coal for Japanese customers will take place
this week, Xstrata said.
The Nikkei speculated in Tuesday's morning edition that the Japanese customer
in Xstrata's announcement was Chubu Electric Power Co. (9502.TO).
Japan
's
third-largest power utility--a major thermal coal buyer--declined to comment on
either statement or say whether it is currently involved in negotiations.
Other large thermal coal buyers, including Electric Power Development Co. (9513.TO)
and Tokyo Electric Power Co. (9501.TO), also declined to comment.
Japan
imported 92 million tons of thermal coal in 2009, with about 60% coming from
Australia
and
roughly 20% from
Indonesia
,
according to government statistics.
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