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Thermal Coal Swaps Unchanged for Indonesia, China Contracts

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Feb. 5 (Bloomberg) -- 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.

To contact the reporter on this story: Fitri Wulandari in Jakarta at

To contact the editor responsible for this story: Alexander Kwiatkowski at

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