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Thermal Coal Swaps Unchanged for Indonesia, China Contracts

Swaps prices were unchanged for thermal coal from Indonesia, the world’s largest exporter of the fuel, according to Ginga Petroleum Singapore Pte.

The contract for Indonesian sub-bituminous coal with a calorific value of 4,900 kilocalories a kilogram in the second quarter of this year held at $66.15 a metric ton on a net-as-received yesterday, Ginga said in an e-mail today. The March contract was unchanged at $65 a ton.

Contracts for coal with a heating value of 5,500 kilocalories a kilogram for shipment to South China in the second quarter remained at $87.10 a ton, the energy broker said. The swap for March were at $85.75 a ton.

Indonesia is the world’s largest exporter of power-station coal. Prices at Australia’s Newcastle port, the benchmark grade for Asia, rose $1.70, or 1.9 percent, to $92.75 a ton in the week ended Feb. 1, according to IHS McCloskey, a Petersfield, U.K-based provider of coal data.

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 fewer than 6,100 kilocalories per kilogram, according to the Indonesian energy ministry.

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