Rising coal prices slash profit of power producers

China’s power producers were feeling the pinch of soaring coal prices with more and more companies starting to report huge losses in the first half.

Of the 31 power producers who had released profit forecasts for the first half, 19 expected losses and six forecast profit decrease, the Wind Info, a provider of financial data, said on Sunday.
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Ministry to replace two directors at Ministry of Energy and Mineral Resources

The government has decided to replace two seniors officials at the Ministry of Energy and Mineral Resources: Director General of Oil and Gas Luluk Sumiarso and Director General of Mineral, Coal and Geothermal Resources Simon F. Sembiring.
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Swaps lose $5/mt on oil price crash

European API2 (CIF ARA) coal swaps were shorn of around $5/mt Tuesday after a mid-afternoon crash in crude oil prices caused a spurt of late paper selling. Traders said that after a choppy start to the session with prices seesawing, API2 and API4 contracts had dropped on average $6/mt lower before finding support to close around $5/mt down day-on-day. At the close of trading, Platts assessed the API2 Cal-09 contract at $200.50/mt, down $4.50/mt day-on-day.
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Queensland may boost exports by 40%

The Queensland State government said it is considering three new coal mine projects and the development of Australia’s first coal port in 25 years that would boost the state’s coal export capacity by 40%.
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Newcastle prices take a breather

The rapid escalation in prices paid for spot Newcastle steam coal traded out of Newcastle, New South Wales appears to have halted late last week.

“It’s the first fall in Newcastle prices which have been on an upward trajectory for weeks,” said coal market analyst Andrew Harrington at Australian stockbroker Patersons Securities. Newcastle spot prices had been gathering momentum since early April when Japanese utilities fixed their 2008 fiscal year coal contracts at $125/mt and peaked at close to $200/mt FOB last week.
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Napocor to award four spot Indonesian contracts

Philippines’ state-run National Power Corp. is expected to award spot panamax contracts for Indonesian coal for delivery to the Sual and Pagbilao power stations September to December.

In an invitations only tender that closed July 9, Napocor called for bids from eight companies for one panamax shipment for Pagbilao and three for Sual.
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