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December Swaps Fall for China Coal; Indonesian Supply Unchanged

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

The contract for coal with a heating value of 5,500 kilocalories a kilogram for shipment to South China in the first quarter of 2013 fell 25 cents to $84 a metric ton on a net-as-received basis on Nov. 2, Ginga said in an e-mail today. The swap for December slid 5 cents to $83.80 a ton.

The swap for Indonesian sub-bituminous coal with a calorific value of 4,900 kilocalories a kilogram for loading in the first quarter next year of 2013 was unchanged at $60.50 a ton on a net-as-received basis, the energy broker said. The December contract held at $60.10 a ton.

The price of benchmark power-station coal with energy value of 5,500 kilocalories per kilogram at Qinhuangdao port remained unchanged at 635 ($102) to 645 yuan a ton as of yesterday compared with week earlier, data today from China Coal Transport and Distribution Association show. Stockpiles at Qinhuangdao were little changed at 5.48 million metric tons, down 22,000 tons from a week ago.

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 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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