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China Coal Swaps Drop Along With First-Quarter Indonesian Prices

Swaps fell for thermal coal delivered to South China, according to Ginga Petroleum Singapore Pte.

The swap for coal with a heating value of 5,500 kilocalories a kilogram for shipments to South China in next year’s first quarter declined 60 cents to $85.15 a ton on a net-as-received basis yesterday, Ginga said in an e-mail today. The November contract was 5 cents lower at $82.95 a ton.

Three parcels of October API-8 CFR China swaps for 5,000 tons each were traded at $82.65 a ton, $82.75 and $82.80, according to Ginga. The energy broker started offering the contract for API-8 CFR China swaps on its electronic trading system on June 1.

The contract for sub-bituminous coal with a calorific value of 4,900 kilocalories a kilogram for loading from Indonesia in the first quarter of 2013 fell 5 cents to $62.55 a metric ton on a net-as-received basis, the energy broker said. The swap for November rose 20 cents to $60.60 a ton. Indonesia is the world’s largest exporter of the fuel for electricity generation.

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

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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