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Coal Swaps for Indonesia Rise a Second Day; China Contracts Gain

Swaps prices rose for a second day for thermal coal from Indonesia, the world’s largest exporter of the fuel, according to Ginga Petroleum Singapore Pte.

The swap for Indonesian sub-bituminous coal with a calorific value of 4,900 kilocalories a kilogram in the first quarter of 2013 advanced 45 cents to $62.35 a metric ton on a net-as-received basis yesterday, Ginga said in an e-mail today. The December contract added 25 cents to $60.75 a ton.

The contract for coal with a heating value of 5,500 kilocalories a kilogram for shipment to South China in the first quarter of next year rose 30 cents to $84.40 a ton on a net-as-received basis, the energy broker said. The swap for December gained 10 cents to $84 a ton.

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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