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Indonesian Sub-Bituminous Coal Swaps Rise, China Prices Decline

Swap contracts for Indonesian lower-quality coal rose for a second day, Ginga Petroleum Singapore Pte said. Prices for China shipments fell.

The contract for sub-bituminous coal with a calorific value of 4,900 kilocalories a kilogram for loading from Indonesia in the fourth quarter gained 15 cents to $63.60 a metric ton on a net-as-received basis yesterday, the energy broker said in an e-mail today. The August contract was unchanged at $61.75 a metric ton on a net-as-received basis.

The swap for coal with a heating value of 5,500 kilocalories a kilogram for shipment to South China in August dropped 75 cents to $82.50 a ton on a net-as-received basis. The contract for the fourth quarter fell 50 cents to $84.50 a ton, Ginga said.

A commodity swap is a financial agreement whereby a floating price is exchanged for a fixed rate over a specified contract period.

Thermal coal at the Australian port of Newcastle, the benchmark for Asian contracts, declined $2.80 to $85.25 a metric ton in the week ended July 13, according to IHS McCloskey, a Petersfield, U.K.-based provider of coal data. It dropped for the first time in three weeks.

About 60 percent of Indonesia’s coal is classified as sub-bituminous. Higher moisture levels and a lower carbon content reduce the heating value compared with grades with a better quality stock. Sub-bit coal has kilocalories of less than 6,100 per kilogram, according to the Indonesian energy ministry.

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