Chinese coal miner pays 186 mln dlrs for Australia exploration licence SHANGHAI (AFP) — China Shenhua Energy, the country's largest coal miner, said it had paid 299.9 million Australia dollars (185.7 million US dollars) for a coal exploration licence in Australia. The 190-square-kilometre project, located in New South Wales state, is estimated to contain more than one billion tonnes of coal, the company said in a statement with the Shanghai Stock Exchange. If granted a mining licence, Shenhua will have to pay an additional 200 million Australia dollars to the state government, according to the statement. source: AFP 21 November 2008 China National Coal Jan-Oct coal output up 6.8 pct China National Coal Group, the nation’s second largest coal producer, said Tuesday it produced 94.76 million tonnes of coal during the January-October period, up 6.8% year on year. Coal sales climbed 7.6% to 85.26 million tons during the period, of which 13.73 million tons were exported, the company said in a statement. The parent of Hong Kong- and Shanghai-listed China Coal Energy said revenue during the period rose 42% on year to 67.69 billion yuan, while profit jumped 62% on year to 10.43 billion yuan. (Source:en.sxcoal.com)The rest of this article is only accessible to China Coal Resource subscribers To view the whole article, please Login or Subscribe You are not authorized to view this article. To gain access to this information, please upgrade your member level or Contact Us Coal price fall is a rational return, expert says The recent declines in domestic coal prices is a return to normality, as various factors covering up the real supply and demand scenario showed up, said experts at the 2008 Asian-Pacific Coal Technologies and Sustainable Development Forum held in Beijing on Tuesday. The surprisingly high coal price during the Beijing Olympics, nearly 3 times over the beginning of this year, is unsustainable, said Wu Chenghou, one consultant with China Coal Transportation and Distribution Association, adding the 25-30% price fall recently witnessed is normal and reasonable. It is learnt that part of the small enterprises in southern China’s Guangdong and Guangxi provinces stopped operations or went bankruptcy due to the sluggish export market caused by the global financial crisis. This led to a sharp reduction in electricity demand and a negative growth in power generation this October. Besides, steel, cement and other major coal consuming industries had weakened in July and August, but the high demand of some industrial enterprises after the Olympic Game pushed demand. Meanwhile, coal was transporting to loading ports continuously to fill up the storage capacity, with little consideration to the actual demand. An absence of thorough understating of the market demand is a main factor behind the steep decline in October, Wu said. Surging coal price in the Jan-Sep period was also contributed to the purchase craze, due to a series of disasters happened this year, he added. (Source:en.sxcoal.com) Coal Extends Longest Drop in Year as Slowing Growth Cuts Demand By Alistair Holloway Nov. 19 (Bloomberg) -- Coal extended its longest losing streak since at least September 2007 on concerns weaker economic growth will cut demand for the fuel to generate power. The U.S., Japan and the euro region will have the first simultaneous recession in the post-World War II era, the International Monetary Fund said on Nov. 6. Slower economic growth or contractions will reduce the need for coal that generates 40 percent of the world's electricity, according to German coal-importer group Verein der Kohlenimporteure E.V. ``Coal prices have recently tumbled as fears over global growth have increased,'' Tim Dudley, a London-based analyst with Arbuthnot Securities Ltd., said in a Nov. 18 report. ``We expect further declines as pricing power returns to customers.'' Coal for delivery to Amsterdam, Rotterdam or Antwerp with settlement next year fell $1.50, 1.7 percent, to $89.50 a metric by 12:42 p.m. in London. The data reflect actual trades supplied by ICAP Plc, GFI Group Inc., Spectron Group Ltd., Tullett Prebon Plc and TFS. Spot, or immediate, prices at Richards Bay, the biggest source of power coal for Europe, fell to $91.90 a ton last week, the lowest since December 2007, according to data from McCloskey Group Ltd. That's 48 percent below a record reached in July. Power utilities in the European Union need permits to burn fossil fuels, with coal requiring twice as many as cleaner natural gas. RWE AG's Didcot A generator in the U.K. is one unit that can switch between the fuels. A U.K. power utility could make a profit of about 13 pounds ($19.58) a megawatt-hour burning Dutch-delivery coal compared with 8.45 pounds burning U.K. natural gas in the six months through September 2009, the clean spark-spread and clean dark-spread show. The spreads are calculated using the forward prices today for power, gas, coal and permits from energy brokers and exchanges published by Bloomberg. Coal generates about 30 percent of power in the 27-nation EU, according to Brussels-based lobby group Euracoal. Port Waratah Seeks Approval for New Coal Harbor Access System Port Waratah Seeks Approval for New Coal Harbor Access System By Angela Macdonald-Smith Nov. 20 (Bloomberg) -- Port Waratah Coal Services, operator of the two coal-export terminals at Australia's Newcastle, lodged an application with the national competition regulator seeking approval for a new system to manage access to the port. The application, made jointly with the Newcastle Coal Infrastructure Group, is necessary ``to provide certainty for producers in 2009 and avoid long ship queues and crippling demurrage costs'' likely to arise once the existing quota system expires Dec. 31, Port Waratah said in an e-mailed statement. Bottlenecks at Australian ports have helped constrain supplies of the fuel to Asian customers, contributing to record prices earlier this year and increasing costs for mining companies. Newcastle, the world's biggest coal-export harbor, has operated an export quota system since March 2004 as it seeks to reduce waiting times for ships. The systems require approval by the Australian Competition and Consumer Commission, or ACCC. ``The intention is for the short-term arrangement to be a stepping stone to a long-term'' model for allocating port capacity underpinned by contracts, Graham Davidson, general manager of Port Waratah, said in the statement released late yesterday. The application to the regulator assumes a permanent solution is agreed by mid-2009, he said. Xstrata Plc, Rio Tinto Group and BHP Billiton Ltd. are among mining companies that ship coal through Newcastle. Newcastle Port is expected to export about 91.5 million metric tons of coal this year, up 8 percent on last year, Port Waratah said. That compares with export capacity of 102 million tons at the two terminals, which is due to reach 113 million tons next year through a A$500 million ($319 million) expansion. Newcastle Coal Infrastructure Group, which is building a new coal-export terminal at the New South Wales port, is owned by BHP Billiton, Centennial Coal Co., Donaldson Coal and other mining companies. Coal takes lumpsas China's cuts clobber prices A few months ago, coal was riding high alongside oil and natural gas, in demand with lofty prices. But like the other fossil fuels, coal prices have fallen amid the global economic crisis and shrunken demand — even from its biggest fan, China. “China matters because China is the world’s largest producer and consumer of coal,” Pearce Hammond, an analyst with Simmons & Company International in Houston, said Tuesday on a conference call about the state of the coal industry. He said demand weakness stands out in China, which became a net importer of coal last year, because its industrial production rose by 8.2  percent last month, the smallest gain in seven years. In September, that production rose 11.2 percent, Hammond said. But most alarming, he said, is a 17 percent drop in China’s crude steel output, signaling a significant contraction in demand for metallurgical coal, the kind used to make steel. The kind used to generate electricity is called thermal coal. In addition, Hammond said, President-elect Barack Obama and the increased Democratic control of Congress will present challenges to the industry in terms of carbon dioxide emissions regulations and a possible nationwide renewable portfolio standard, a requirement that electric utilities generate a specified amount of power from renewable sources. Way down from its peak The price of Central Appalachian coal on the New York Mercantile Exchange has fallen to less than $80 a ton from its July peak of $143.25. Simmons said the price of coal first made a notable jump in 2004 when it doubled to $60 a ton. China’s hunger for coal had been a boon for the U.S. coal exports because it added coal generation capacity equivalent to the United Kingdom’s electric grid last year and nearly that much in 2006. Hammond said the outlook for U.S. coal exports has become “very opaque” as China is using less and stockpiling more. Another factor is an 80  percent fall in global shipping rates, which allows coal from Australia, the world’s largest exporter of the fuel, to be transported farther and compete in markets where U.S. exports thrive. Francisco Blanch, an analyst with Merrill Lynch, said in a report to investors this month that growth in global coal consumption in recent years has been generated entirely by emerging markets like China, while use in more developed countries remained steady. Steel output off But a global downturn in construction has reduced steel prices by 40 percent, leading steel producers to cut output, Blanch said. “The reduction in steel production has a twofold impact on coal markets. Given that it is a very energy-intensive process, it reduced the amount of coal that is needed as an input fuel. Moreover, as production of metals and steel declines, metallurgical coal will be looking for new buyers,” he said. Weather a factor Thermal coal demand is down as well. Blanch said power production in China, which gets most of its electricity from coal, has fallen to negative 4 percent from 19  percent growth at the beginning of 2008. “The dramatic weakening in global economic activity, the steep falls in steel production, and the sharply lower power generation in Asia certainly do not bode well for coal demand in the first half of 2009,” Blanch said. Simmons noted in a report that U.S. coal demand reacts more to weather than economic downturns. From 1973 through 2007, coal demand compared with the previous year fell in 1982, 1986, 2001 and 2006. But it declined only once in tandem with a negative gross domestic product — in 1982. Texas produced about 42  million tons of coal last year, less than a tenth of the No. 1 producer, Wyoming, according to the U.S. Energy Information Administration. The Electric Reliability Council of Texas says coal generated 37 percent of Texas’ electric power last year, second to natural gas at 45 percent. source: http://www.chron.com/ 19 November 2008 Macquarie cuts coal, iron ore forecast RESPECTED London-based Macquarie analyst Jim Lennon has slashed coal and iron ore contract price forecasts as the demand outlook continued to weaken over the past month. Coking coal prices, which tripled to $US300/tonne this year, are now expected to give back most of their gains and are expected to settle at $US140 in the next Japanese financial year, starting April. The previous forecast was $US350. Iron ore prices are now predicted to fall 20 per cent, down from a previous forecast of no change, and thermal coal prices are expected to fall to $105/tonne from $125. The previous forecast was $US170. “We are more pessimistic than we were a month ago and so are the numbers, especially for coal,” Mr Lennon said. source: www.theaustralian.news.com.au 17 November 2008 China's Shanxi Xishan Coal cuts prices by 28-36 pct BEIJING (XFN-ASIA) - Shanxi Xishan Coal and Electricity Power (SZA 000983) said it has cut the selling prices for major coal products by 28-36 pct, effective from the start of November. In a statement filed with the Shenzhen Stock Exchange, the company said the price for coking clean coal was cut to 1,225 yuan per ton from 1,725. Meanwhile, selling prices for rich clean coal and lean clean coal were cut to 1,290 yuan per ton and 830 yuan per ton from 1,790 and 1,330 respectively. The price cuts are expected to reduce the company's sales in 2008 by about 430 mln yuan. However, it said the 2008 net profit projection made at the end of October will not be affected. Shanxi Xishan Coal projected 2008 net profit growth at 200-250 pct year-on-year, supported by strong prices in the first three quarters. In a separate statement, the company said its board has approved the issue of up to three bln yuan worth of medium-term notes with terms of no less then three years. The proceeds will support working capital. source: Thomson Financial News 16 Novermber 2008 Costly oil, gas drive world to burn more coal-IEA LONDON, Nov 12 (Reuters) - Coal, already the world's second-most used fuel after oil, will grow more competitive after 2015 as oil and gas prices are expected to rise, the International Energy Agency said on Wednesday. Coal's share of global energy demand would rise to 29 percent in 2030 from 26 percent in 2006 -- driven by booming power generation growth mostly in China and India. Global coal consumption was set to grow to 7,011 million tonnes of coal equivalent (Mtce) in 2030 from 4,362 Mtce in 2006, the IEA said in its World Energy Outlook. This was a projected rise of around two percent a year on average to 2030, the biggest percentage increase of all energy sources and twice the annual rate of growth for total primary energy, the IEA said. Of this, China would account for 66 percent of coal demand growth and India for 19 percent. China, currently a net exporter, was set to become a net importer in the near future. Its imports could reach 88 Mtce by 2030, while India's coal imports were expected to grow by 7 percent a year to 220 Mtce by 2030. World coal production would have to rise 60 percent between 2006 and 2030 to meet demand, the IEA said. The biggest share of demand will come from non-OECD countries, which is also where around 90 percent of production growth is concentrated. China's coal production was expected to almost double, India's production would more than double and Russia's would rise by 75 percent, the IEA said. Coal supply costs have risen dramatically during the past year following sharp increases in the price of materials, equipment, diesel, labour and shipping. Projected cumulative investment in coal supply infrastructure was projected at $730 billion between 2007 and 2030 (in year 2007 dollars), of which 91 percent would be spent on mine investments and the rest on ports and shipping. Article Source: Thomson Reuters Wed Nov 12, 2008 Coal price dips in October - NDRC It is reported that domestic coal price dipped slightly in October with ex mine price of CNY 824 per tonnes in main coal producing provinces, edging down 1.27% MoM. In October, the average ex mine price of coal slipped, with thermal coal dipping 0.7% MoM to CNY 560 per tonnes and coking coal down 1.63% MoM to CNY 117 per tonnes. Meanwhile, thermal coal price at Qinhuangdao Port dropped 6.96% MoM to CNY 829 per tonnes. Coal price remain stable in September, when ex mine price stayed at CNY 834 per tonnes, leveling with that in August, and thermal coal price moved up 1.43% MoM to 564 per tonnes and coking coal price lowered 0.54% to CNY 1195 per tonnes. Thermal coal price at Qinhuangdao Port rose to CNY 891 per tonnes, 9.66% higher than August in the review period. Source: Steel Guru 11 Nov, 2008 Shanxi bureau calls on miners to maintain market balance Shanxi provincial government has taken actions to prevent the whole coal market from falling further by controlling the aggregate output even with total demand. The province will halve the current 2,822 legal mines to 1,500, through resources consolidation, mergers and acquisition, according to a document issued by the provincial government in September. Some 800 small local coal mines will be shut down by the end of 2008, reducing some 80-90 million tonnes of production capacity, said Hou Wenjin, an official with the Shanxi Coal Industry Bureau (SCIB). To improve industrial concentration, the province has been actively foster large-sized coal groups at the beginning of this year. Analysts noted that the coal market would probably lose control unless the large-sized coal enterprises take 60%-70% of the production. However, only half of the output in Shanxi is produced by large mines, casting a shadow on future market. Shanxi produced 8 billion tonnes of coal in 2007, but key state-owned and local mines each contributed half of the total. Under such a circumstance, the SCIB asked coal producers to adjust production and supply in accordance with market demand, so as to maintain equilibrium on the market. In the meantime, Shanxi also stepping up efforts to build large-sized modern coal enterprises, enhancing its anti-risk capabilities in the fluctuating market. Small mine is the largest uncertainty in the coal market. These small miners usually sell their coal produced at the market, instead of fulfilling contract commitments when the market is in tight, said insiders. This not only disturbs the market order, also affects the normal supply of thermal coal to power plants. Estimates show, due to rising coal price, the total loss of power plants this year could hit 34 billion yuan, and the five leading power producers may suffer loss of over 200 billion yuan. Amid the global credit crisis, Shanxi’s coal transport volume has slashed since September. The coal shipment by railway, both inside and outside of Shanxi, decreased by 5.33%, 4.53% and 13.44%, respectively, in October. Meanwhile, except power coal and contract coal prices, the prices of other types of coal now have declined 200 to 500 yuan per tonne. (Source:en.sxcoal.com) UPDATE 1-Indonesia says plans coal buffer stock JAKARTA, Nov 10 (Reuters) - Indonesia, the world's top exporter of thermal coal, plans to put in place a coal buffer stock to secure supplies for domestic power plants, the energy minister said on Monday. Coal for the buffer stock would be procured by revising a policy so that producers pay royalties using coal supplies, Minister Purnomo Yusgiantoro said. The policy is expected to affect all coal producers, including companies such as PT Bumi Resources Tbk (BUMI.JK: Quote, Profile, Research, Stock Buzz), Indonesia's largest coal producer and PT Indo Tambangraya Megah (ITMG.JK: Quote, Profile, Research, Stock Buzz), a unit of Thailand's Banpu PCL BANP.BK. "We are considering developing coal buffer stocks and PLN will be authorised to manage it so that when there's a supply problem, it won't cause a panic," Yusgiantoro said, referring to state electricity firm PT Perusahaan Listrik Negara. The government has said earlier this year that it was looking at swapping cash royalties for coal stocks to ensure domestic supply. Under the current scheme, the government gets 13.5 percent of miners' total coal supplies. Miners have to return the proceeds from the sale of this coal back to the government. "We will be able to apply the buffer stock once the policy on swapping cash royalties into coal supplies is completed," Bambang Setiawan, director general of mining, geothermal and coal at the ministry, said at the same news conference. The energy minister said Indonesia may be able to get around 30 million tonnes of coal for buffer stocks under the plan. Disruptions in coal shipments partly due to bad weather caused blackouts in Java and Bali, the two main commercial islands, earlier this year. Last week, PLN was quoted by the state Antara news agency as saying it planned to import coal from Australia to increase stocks ahead of the rainy season due to higher local prices and dwindling stocks at its four major power plants. But the firm later denied the plan and said it would focus on seeking supplies from domestic producer. According to Setiawan, most domestic power plants currently use sub-bituminous coal with low heating value and the new policy should enable the country to have better quality coal by blending different kinds of coal quality. PLN has said it would need more than 40 million tonnes of coal in 2009 up from about 35 million tonnes this year as three new coal-fired power plants start operating. Indonesia coal output is expected rising to 240 million tonnes in 2009 from 235 million tonnes this year, according to date from the industry-backed Indonesian Coal Mining Association. (Reporting by Fitri Wulandari and Muklis Ali; Editing by Ed Davies) Coal price drops by 10% in Shandong It is reported that Coal price has dropped by 10% to 20% in Weifang, Shandong province since mid October.2008. Yangquan produced hard coal slips by CNY 190 per tonnes, and soft coal, by CNY 100 per tonnes, says a local worker in a coal store. Since mid October this year, domestic coal price sees gradual decline in large scale, swerving from the price soaring constantly in the past few years. Coal price doubled in year round before October. Coal price goes in a downward correction since October.2008 owing to over supply. Lump coal produced in Inner Mongolia is priced at CNY 1000 per tonnes to CNY 1100 per tonnes in Shandong. Same product from Yangquan is offered at CNY 1300 per tonnes. Besides, market expectation also tends to a lower quotation, which spurs the coal price to slip further in a certain extent. Source: SteelGuru - Gurgaon,Haryana,India. November 10, 2008 globalCOAL and ICE Futures Europe Announce Official Launch Date of gC ICE Newcastle Futures - 5th December 2008 LONDON, UK – 6th November 2008 globalCOAL and ICE Futures Europe are delighted to confirm that the gC ICE Newcastle Futures contract will be introduced on the ICE platform on the 5th December 2008. With the transition of ICE Futures Europe’s open interest to ICE Clear EuropeTM successfully accomplished, this definitive schedule will ensure that all systems are bedded in and will enable a smooth launch for the much anticipated Newcastle coal Futures contract. globalCOAL Chief Executive Officer Eoghan Cunningham is upbeat about the prospects of gC ICE Coal Futures: “We’ve seen unprecedented volatility in the coal markets, and the credit crisis has taken its toll on the depth of credit available to market participants. These critical conditions have resulted in significant pent-up demand for a cleared coal price risk management product such as the gC ICE NEWC Futures contract. We expect a strong start right from launch.” ICE Futures Europe President David Peniket said, “The addition of the NEWC Futures contract will play a key role in complementing ICE’s existing Rotterdam and Richard’s Bay contracts and result in an unequalled global seaborne coal offering for market participants. In light of the rising popularity of ICE Futures Europe’s coal contracts in recent months, reaching a record 34Mt traded in October, we see a bright future for exchange-listed coal derivatives.” globalCOAL and ICE Futures Europe are also planning the launch of a physically-settled coal Futures contract for delivery of thermal coal to the Amsterdam-Rotterdam-Antwerp (ARA) region. This contract is currently being developed and is expected to be introduced on the ICE in 2009. About gC ICE NEWC Futures: The globalCOAL ICE Newcastle Futures contract will financially settle on the globalCOAL NEWC Index™ – the leading price benchmark for seaborne thermal coal in the Asia-Pacific region. The contract will be traded directly on the ICE platform, as well as through the contingent Exchange of Futures for Swaps (contingent EFS), Exchange of Futures for Physical (EFP) and Block Trade mechanisms. One lot will equal 1,000 tonnes of coal, and the contract will be traded in clips of 5 lots. About globalCOAL: globalCOAL was founded by leading members of the world coal industry to promote screen trading of standardised coal products. The company has developed the world's leading electronic marketplace for thermal coal, as well as a range of standardised coal quality specifications, a Standard Coal Trading Agreement (SCoTA), and robust methodology for coal price index calculation. globalCOAL will be launching two new coal Futures contracts in cooperation with leading energy exchange ICE Futures Europe. For more information, please visit www.globalcoal.com About IntercontinentalExchange: IntercontinentalExchange® (NYSE: ICE) operates regulated global futures exchanges and over-the-counter (OTC) markets for agricultural, energy, equity index and currency contracts, as well as credit derivatives. ICE® offers these markets to participants around the world through its technology infrastructure and trading platform, together with clearing, market data and risk management services. ICE Futures EuropeTM is ICE’s regulated energy futures exchange. ICE’s regulated North American exchanges, ICE Futures U.S.® and ICE Futures CanadaTM, offer markets for agricultural and financial contracts. Creditex, a market leader in trade execution and processing for credit derivatives, is also a wholly-owned subsidiary of ICE. A member of the Russell 1000® and S&P 500 indices, ICE is headquartered in Atlanta, with offices in New York, London, Chicago, Winnipeg, Calgary, Houston and Singapore. www.theice.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding IntercontinentalExchange’s business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2007, and ICE’s Quarterly Report on Form 10-Q, as filed with the SEC on February 13, 2008, August 4, 2008 and October 30, 2008, respectively. SOURCE Global Coal Ltd and IntercontinentalExchange CONTACT IntercontinentalExchange Kelly Loeffler VP, Investor Relations & Corp. Comms T + 1 770 857 4726 Kelly.Loeffler@theice.com or Sarah Stashak Director, Investor & Public Relations T + 1 770 857 0340 Sarah.Stashak@theice.com globalCOAL Eoghan Cunningham Chief Executive Officer M + 44 207 776 5916 Eoghan.Cunningham@globalcoal.com or Patrick Markey Chief Operating Officer M + 65 6538 7386 Patrick.Markey@globalcoal.com or Stephanie Mercier Marketing Manager T + 44 207 776 5908 Stephanie.Mercier@globalCOAL.com India urgently needs coal, but looks for bargains India urgently needs to import additional thermal coal over the next few months to feed power plants which are running out of fuel, Indian traders and coal suppliers said on Thursday. But buyers looking for around 15 million tonnes of extra coal are looking for the right price rather than premium grades. India's coal imports have risen from a few million tonnes in 2003 to a projected 50 million tonnes for 2009. "There is a great deal of buying to be done for now and the first quarter, for power mostly. Some plants have only a few days stocks and there just isn't enough domestic coal," one Indian trader said. "But India has always been a price-driven market. It's all about coal cost not quality," he added. "What was an acceptable price a few months ago at $130.00 a tonne or more FOB Richards Bay for South African coal is now too expensive at $90.00 or $100.00. It's a question of perception," the trader said. Chinese coal is offered for prompt shipment and for the next few months but at prices several dollars above prevailing Richards Bay numbers. Freight from China to India is cheaper than from South Africa but on a delivered basis South African is still more economic, traders said. China last week released its second batch of 2008 coal export licences for 15.9 million tonnes. Analysts in China said that this may be too late for the licences to be entirely used up. But Indian traders said they were confident Chinese export coal would be available in early 2009. Indian traders said they could buy anything from a couple of spot cargoes to several hundred thousand tonnes of Chinese coal but are choosing not to while prices remain uncompetitive. CHINA HALT China halted thermal coal exports to India and Pakistan in 2007. Booming domestic demand and prices made domestic sales more attractive although Chinese exporters continued term sales to key customers throughout Southeast Asia. South African coal prices rose from just under $50.00 a tonne FOB to over $150.00 largely due to the lack of competing coal from China into India. "There is a lot of Chinese coal starting to be available even now," another Indian trader said. "In January I think you'll see even more because the Chinese market can't absorb it all and stocks there are getting really high," he added. "It will have to be exported and then I think we'll see a sharp fall in Richards Bay prices," he added. "End-users in power, in sponge iron, in cement are all being hit by the credit crunch. They mostly still need to buy something but we are being very cautious about who we sell to and they are looking for rock bottom prices." Freight uncertainty has also dissuaded many Indian players from buying. The plunge in freight rates to a 9-year low prompted some to step back and wait for rates to stabilise. (Source:Reuters)

Forthcoming Industry Events McCloskey India Coal Conference 2008 04 December 2008 to 05 December 2008 The Oberoi, New Delhi. For further information regarding this conference please contact: claire.lewis@mccloskeycoal.com, Tel: +44 (0) 1730 265095 or visit: www.mccloskeycoal.com/conferences Exploration, Mining & Processing Fundamentals 09 December 2008 to 10 December 2008 A Comprehensive 2 Day Course Teaching the Technical Fundamentals of Exploration, Geology, Mining Methods & Production for Industry Newcomers Visit: www.ibc-asia.com/exploration for more information today! Exploration, Mining & Processing Fundamentals 09 December 2008 to 10 December 2008 A Comprehensive 2 Day Course Teaching the Technical Fundamentals of Exploration, Geology, Mining Methods & Production for Industry Newcomers. Visit: www.ibc-asia.com/exploration for more information. 9th Annual Coaltrans Americas (Miami) 29 January 2009 to 30 January 2009 This year the 9th Coaltrans Americas is back in tropical Miami to update you on the latest happenings in coal across America and the world. Join us for two days of in-depth sessions and high level networking with over 200 delegates. www.coaltrans.com/americas 8th Coaltrans India (New Delhi) 03 March 2009 to 04 March 2009 India's premier coal industry event - rising demand, rising supply and rising opportunities in the energy sector. In 2009, Coaltrans India returns to New Delhi to examine the wealth of new opportunities arising in this booming market. www.coaltrans.com World Coke & Anthracite Conference (Krakow) 16 March 2009 to 17 March 2009 The one and only event for the world anthracite industry. Coaltrans is going to Krakow for its first ever World Coke & Anthracite Conference. This event will provide delegates with a comprehensive overview of the key coke and anthracite markets. www.coaltrans.com 4th Coaltrans Russia 29 March 2009 to 31 March 2009 Coaltrans Russia returns to Russia in 2009 for the third international gathering of the most influential decision-makers in Russian coal, providing a world-class business forum for this thriving industry. www.coaltrans.com 7th Coaltrans China 20 April 2009 to 21 April 2009 The leading conference for the world’s largest coal industry. Coaltrans Conferences returns to Beijing, the very heart of the coal marketplace for China. The conference will focus on the changing dynamics of the Chinese coal markets and will feature senior level networking. www.coaltrans.com 7th Coaltrans China 20 April 2009 to 21 April 2009 The leading conference for the world’s largest coal industry. Coaltrans Conferences returns to Beijing, the very heart of the coal marketplace for China. The conference will focus on the changing dynamics of the Chinese coal markets and will feature senior level networking. www.coaltrans.com 15th Coaltrans Asia (Bali) 01 June 2009 to 02 June 2009 After the success of its 14th edition – over 1400 participants last year – Coaltrans Asia returns to celebrate its 15th anniversary. With international coal markets as buoyant as ever and an exceptional networking and conference programme, this will be an event to remember. www.coaltrans.com Coal News by Energy Industry Today

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