Weekly SA Coal Report
It was a wildly volatile week, with RB1 prices touching $250 for spot delivery, before falling back to current levels. European power and gas prices were also up some 30% at one point, before coming back down to earth, to end the week on a more bearish note.
Chinese domestic prices have also been volatile as traders return from Golden Week. Zhengzhou coal futures have hit an all time high of around Rmb1 410/t as renewed flooding in Shanxi hampers coal production, with over 60 mines having to shut down production.
In desperate measures, China has even started to release stocks of bonded Australian coal in Chinese ports, even though some cargoes have already been resold into India following the Chinese ban on Australian coal.
Expect significant legal wrangling even though most sellers should already be familiar with Chinese CIQ “technicalities”.
India continues to experience power cuts in the north and east of the country, of up to 14 hours a day, although Coal India is rushing to resupply utilities from its own lower grade stockpiles.
Within Mozambique, Vale expects to secure a buyer for its Moatize operation by year-end, as it seeks a leaner portfolio focused on base metals. Moatize currently produces around 15-million tonnes a year of both metallurgical and thermal coal.
In South Africa, Eskom’s CEO Andre de Ruyter is keen to get coal away from trucks and onto rail and conveyor, suggesting that those coal mines with active conveyor belts into power stations might become valuable coal aggregating and blending points going forward.
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