Coal prices have risen 30 per cent from their low in March. However, for the second half of 2009, there are still risks of tight coal supply. In China, many domestic producers have arbitraged the low offshore prices with higher onshore prices, which has made demand look stronger than it was. So, correction is expected in the new two months. However, strong demand for thermal coal in China and India is expected to help Asia avoid the first fall in imports for a decade this year, and push import growth even higher in 2010.
Mundra Port and Special Economic Zone declared that it has won a contract to develop a coal handling terminal at the port of Mormugao in Goa on a design, build, finance, operate transfer basis. For full story, click here
Coal Minister Sriprakash Jaiswal declared that the government may consider raising the price of coal, depending on the economic situation. Jaiswal stated: With the changes in the economic scenario and price rise in products like petroleum, along with the impact of Sixth Pay Commission on Coal India, if required the coal prices could be increased. [...]
Coal stocks dipped across the board Wednesday after a pileup of bleak economic news sent investors scurrying, worried that a reversal of the market’s rally will translate to more pullback in demand for basic materials. For full story, click here
China Shenhua Energy Co., the country’s biggest coal producer, declared that its first-quarter profit surged 17.2 percent, supported by higher prices and a revival in demand thanks to the government’s economic stimulus spending. For full story, click here
Coal India has recruited 343 freshers from prestigious IITs and IIMs in the current placement season, more than double the number it had hired last season, even as its global peers like Rio Tinto and BHP Billiton have cut jobs amid global economic slump. Coal Chairman Partha S Bhattacharyya stated: We have hired 343 professionals [...]
China Shenhua Energy Co., the nation’s leading coal producer may post a record profit for a second year in 2009 as government efforts to boost economic growth and rise in demand for the fuel. For full story, click here
Monday, September 21, 2009