Coking coal resumes sharp decline
After a pause last week following 12 weeks of non-stop selling, the rout on coking coal markets resumed on February 14. The steelmaking raw material fell 4.7% to $154.80/t on the day, the lowest since early September.
Met coal is down more than $150/t below its multi-year high of $308.80/t (Australia free-on-board premium hard coking coal) hit in November despite customs data showing a huge jump in Chinese imports.
Coal as important as renewable for India's energy needs, minister
Coal as a fuel for power generation is as important as renewable sources as it is essential to maintain India's base load, ETEnergyWorld reported, citing power, coal, renewable energy and mines minister Piyush Goyal.
He said the government is, however, working to make coal a cleaner fuel by replacing old plants with newer ones. Goyal said without a base load of coal-based capacity, it would be difficult to add anymore renewable capacity.
India optimistic of being coal-free by 2050
India will not need to build another coal power plant after 2025 if renewables continue to fall in cost at their current rate, according to a report published by the Energy and Resources Institute (TERI) in New Delhi on February 13.
The reported suggests that as long as renewables and batteries continue getting cheaper, they will undercut coal in less than a decade.
If that happens, it will reduce the country's carbon dioxide emissions by about 600 million tonnes, or 10%, after 2030, the report said.
CIL Q3 profit falls 22.42pct on yr
Coal India Ltd (CIL) realized a consolidated net profit of Rs2,884.4 crore for the third quarter ended December 2016, declining 22.42% compared to the corresponding period a year ago, the company said in a regulatory filing released on February 11.
However, the company's total income rose to Rs21,531.2 crore in the quarter from Rs20,928.4 crore in the year-ago period. Net sales during the quarter rose to Rs19,704 crore compared to Rs18,971.5 crore in the corresponding quarter of the previous fiscal.
Teck expects Q1 coking coal sales to drop 17.8 pct
Canadian miner Teck Resources Ltd, North America's largest producer of coking coal, forecasted sales of the steel-making material at approximately 6 million tonnes in the first quarter, down 17.8% from 7.3 million tonnes last quarter, Reuters reported on February 15.
Teck said that inquiries from buyers had picked up recently and that it expects sales to be weighted toward the second half of this quarter.
South32 half-yr profit vaults higher on strong commodity prices
Stronger coal and manganese prices lifted half-year underlying earnings from continuing operations at Australia's South32 18-fold to $479 million from a year earlier, beating market expectations, Reuters reported.
The miner, built around a group of unwanted assets spun-off by BHP Billiton , also declared its first interim dividend of $3.6 cents a share.
Vessel queue at Newcastle PWCS coal terminal hits 5-week low
The vessel queue at the Port Waratah Coal Services terminal at Newcastle port in Australia stood at three ships on February 12, down from six the week before and the shortest in five weeks, Platts reported on February 13, citing the logistics coordinator for the Hunter Valley coal chain.
Over the past seven weeks, the Hunter Valley Coal Chain Coordinator has only once reported a queue of more than 10 vessels in its weekly report, and that was 11. In December, the average vessel queue was 23 ships.
China rejects North Korean coal shipment, report
China rejected a shipment of coal from North Korea a day after the country testfired a ballistic missile in violation of international sanctions, Reuters reported, citing a report from South Korea's Yonhap News Agency on February 15.
A load of around 16,295 tonnes of North Korean coal, estimated to be worth around $1 million, was not allowed to be unloaded at a seaport in Wenzhou in China's Zhejiang province on February 13, and will be returned to the North Korean western port of Nampo, the agency said.
Indonesia thermal coal exports hit 13-month high in Nov
Indonesia, the world's largest thermal coal exporter, shipped a 13-month high of 20.37 million tonnes in November, up 1% on the year and 8% from the previous month, Platts reported on February 14.
Sub-bituminous coal made up the majority of the total at 16.41 million tonnes, while the remaining 3.96 million tonnes was bituminous coal.
Russia Jan coal output and exports climb YoY
Coal-rich Russia produced 33.77 million tonnes of coal in January, a year-on-year rise of 4.72%, showed data from the Energy Ministry of Russian Federation.
That was the first increase after a fourth straight monthly drop, but it fell 3.93% from December last year.
Vietnam Jan coal imports plummet 61.9pct on yr
Vietnam imported 471,200 tonnes of coal in January, plummeting 61.9% year on year, showed customs data released on February 8.
The country was a coal exporter before, yet it is transferring to a coal importer, in order to meet the increasingly growing domestic demand, the demand from power sector in particular.
Colombian Jan thermal coal exports hit 10-month low
Colombia exported of 6.52 million tonnes of thermal coal in January, a 10-month low and down 5% year on year and 18% from December 2016's five-month high, Platts reported on February 13, citing the Colombian shipping agent Deep Blue.
Higher exports to Turkey, Brazil, Chile and the US were offset by falling shipments to the Netherlands, Portugal, South Korea, the UK and Israel.
Arch Coal increases 2017 met coal sales guidance, expects more PCI
US miner Arch Coal expects to sell 7.2-7.8 million tonnes of metallurgical coal in 2017, increasing the upper end of its range, and said almost 75% is committed and priced as of end-December 2016, Platts reported on February 8.
The company indicated almost 2 million tonnes of met coal sales in 2017 is exposed to spot pricing indices and other pricing mechanisms, compared to fixed pricing, based on Platts calculations using figures released in a quarterly earnings statement.
EIA: Coal production, generation set to rise over next 2 years
A rise in natural gas prices will reverse a lengthy trend in the decline of coal, but it will not play out equally in all regions, EIA noted, and will likely be short-term. U.S. coal production bottomed out at 739 million short tons (670 million tonnes) last year, the lowest level since 1978.
But EIA said that in this year and in 2018, as natural gas prices are expected to increase, "coal is expected to regain some share of the electricity generation mix, and coal production is expected to increase slightly."
Ukraine May Declare Energy Emergency Over Coal Shortage
Ukraine's government is considering declaring a state of emergency in the energy sector due to severe shortage of coal deliveries from the conflict-torn Donbas region, which produces a large part of the coal that Ukraine's power-generating plants consume, Ukraine's Unian agency reported on February 13.
"The issue of the introduction of a state of emergency in the Ukrainian energy sector will be on the agenda of the energy staff meeting. We cannot allow the drop in the strategic coal reserves," Ukrainian Prime Minister Volodymyr Groysman told reporters, as quoted by Ukrainian media.
(Writing by Evie Feng Editing by Jessie Jia)
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