SGX M42F Thermal Coal - Daily Update 23 February 2021
Wednesday, February 24 2021 - 07:03 PM WIB
40kt traded in the Tuesday T session
NLT
Mar-21 traded 40kt @ $40.00
Swaps
NIL
10kt traded in the Tuesday T+1 session
NLT
Mar-21 traded 10kt @ $39.75
Swaps
NIL
February month-to date:
Futures Volume at 588kt, Open Interest at 969kt
Swaps Volume at 50kt, Open Interest at 50kt
Total volume since January 2021: 2,077kt
Physical
Bids were few and far between for Indonesian material, especially now that domestic prices in China have fallen below the delivered price of imports. There are still opportunities for imports, on account of their potential for lower sulphur and lower ash qualities, but the straight energy delivered advantage has been eroded. The recent firming of freight prices has also impacted negatively on imports. For low-rank, a geared vessel was heard offered at $43.00/t FOB, basis 3,800 kc NAR, for March loading, although offers were said to be back at $39.00/t FOB, same basis. For April loading, an offer was reported at $41.50/t FOB, basis 3,800 kc NAR, for a geared vessel. A market for a Panamax loading in March was heard bid at $41.00/t FOB, basis 3,800 kc NAR, against an offer at $43.00/t FOB, same basis. Separately, Panamaxes of low-sulphur material were also heard offered at $43.00-44.00/t FOB, basis 4,200 kc GAR, for April loading. On an index-linked basis, a geared vessel of 3,800 kc NAR material was heard bid at M42 minus $0.50/t for April loading.
Paper
M42 traded at $40.00 for March for 40,000 t over the day session and then a further 10,000 t traded at $39.75 in the evening, also for March. Earlier in the day, March was bid at $39.25 and offered at $40.00, while April was bid at $38.30 and offered at $39.75. Further out, offers were reported at $38.25 for both Q3-21 and Q4-21. A spread for March vs April was bid at M42 plus $0.50 and offered at plus $1.95, while April vs May was bid at plus $0.25 and offered at plus $1.35. May vs June was also heard bid at plus $0.25 and offered at $1.50.
Source: IHS Markit