- Wednesday December 29,2021
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More coke makers proposed to raise coke prices by 100-120 yuan/t, but some of major steel manufacturers have yet to accept the price rise. Coke prices may draw strength from coking coal production halt or cut toward the end of the year.
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The Indian economy is expected to maintain a real GDP growth of 9.0% each in FY22 and FY23 amid the uncertainty triggered by the Omicron variant of Covid-19, ratings and research firm ICRA said on Dec 28.
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Coking coal supply kept declining, as most state-owned coal mines that had finished whole-year production task cut or halt production out of safety consideration. Some private coal mines in Shanxi and Inner Mongolia had plan to take Spring Festival leave ahead of time.
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Ovo's boss Stephen Fitzpatrick said the rise in gas price and its impact will be "an enormous crisis for 2022." Due to the record-high wholesales gas price, each household will have to pay as much as £2,000 (17,000 yuan) for natural gas in 2022, said BBC citing a prediction by analysts. Without any kind of support from the government, household would pay 50% more for electricity.
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The effective supply of anthracite and PCI coal was 7.7 Mt in Nov, up 3.7% MoM; and consumption declined 1.3% MoM to 6.53 Mt. Supply surpassed demand by 1.17 Mt.
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On Dec 28, coal traffic via Ganqimaodu into China remained low at 84 trucks, and Mongolian 5# raw coal stabilized around 1,750-1,800 yuan/t ex-stock Ganqimaodu with VAT.
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As of 15:00 p.m. (GMT+8) Dec 29, Chinese coke futures opened the daytime session at 2,895.0 yuan/t and closed at 2,934.0 yuan/t, up 0.67%; coking coal opened at 2,166.0 yuan/t and closed at 2,186.0 yuan/t, up 3.33%. Thermal coal fell by 0.03% to 681.0 yuan/t at close, after opening at 674.0 yuan/t.
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As of 11:30 a.m. (GMT+8) Dec 29, Chinese coking coal futures fell 0.21%, coke dropped 0.74%, thermal coal dipped 0.70% and iron ore slid 3.62%.
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Steep temperature drop brought by the cold snap triggered a quick rise in electricity consumption in eastern China's Zhejiang province and drove power load of the province to 82.94 GW at 10:20 on Dec 27, the highest since this winter, up 18% YoY.
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China's steel sector raked in 415.29 billion yuan ($65.2 billion) in gross
profit during Jan-Nov, rising 104.3% year on year, with the growth
slowing down by 27.7 percentage points than the first ten months,
according to the NBS data.
- Tuesday December 28,2021
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Power generated and received by China's largest municipalities Chongqing totaled 25.55 TWh as of Dec 26, up 9.7% YoY. Outsourced coal are arriving at the city at a pace of 36 trains/d averagely and outsourced electricity is transmitted to the city incessantly, marking a initial victory of the city's power and coal supply campaign and ensuring sufficient power supply for this winter and coming spring.
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The sixth cold snap brought steep temperature drop, precipitation and strong wind to Sichuan, helping power load of the province reach 47.97 GW, the highest since this winter.
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Russia produced 39.61 Mt of coal in Nov, up 12.05% YoY but down 0.47% MoM, sending Jan-Nov production at 398 Mt, up 9.04% YoY.
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As of 15:00 p.m. (GMT+8) Dec 28, Chinese coke futures opened the daytime session at 2,926.0 yuan/t and closed at 2,895.0 yuan/t, down 4.42%; coking coal opened at 2,189.5 yuan/t and closed at 2,166.0 yuan/t, down 3.33%. Thermal coal fell by 3.49% to 674.0 yuan/t at close, after opening at 689.2 yuan/t.
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Natural gas transmission of West-to-East gas pipeline network exceeded 100 bcm so far this year, marking first time that the transmission has surpassed the level. It has transmitted over 700 bcm of natural gas since its operation, which helped reduce 932 Mt of standard coal use and cut 1.02 Bt of carbon emission, according to PipeChina.
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