Regional Coal: China?s Yanzhou Coal settles export prices, volume to Japan

China's biggest listed coal producer, Yanzhou Coal Mining Co Ltd, said on Thursday it had settled negotiations on the company?s coal exports to Japan for 2004 with significant price increase.

According to the company?s release, the contractual volume of coal exports is settled at 10.4 million tonnes, which is equivalent to 86.7 percent of the company?s planned coal exports for the whole year of 12 million tonnes. The average contractual price of coal exports is settled at USD51.93 per tonne, representing an increase of USD21.49 per tonne, or 70.6 percent, from previous year?s figure.

The contractual volume of semi-soft coking coal exports is settled at 5.25 million tonnes, representing an increase of 20,000 tonnes, or 0.4 percent, from last year?s figure. The contractual price is settled at USD55.50 per tonne, representing an increase of USD23.85 per tonne, or 75.4 percent, from last year?s figure.

The contractual volume of thermal coal exports is settled at 5.15 million tonnes, representing a decrease of 0.3 million tonnes, or 5.5 percent, from last year?s figure. The contractual price is settled at USD48.3 per tonne, representing an increase of USD19.03 per tonne, or 65.0 percent, from last year?s figure.

China, the world's second-largest coal exporter behind Australia, has reduced exports to cope with heavy demand at home from the electricity generators and steel makers that are powering a racing economy.

The lower exports have pushed prices higher internationally and forced customers to look to other suppliers.

Energy-hungry China is bracing for another summer of severe power shortages and has ordered miners to preserve thermal coal for domestic power generation to ease the electricity crunch.(alex)