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Top Vietnam coal miner hikes Japan exports, price
Vietnam's largest coal and minerals miner, Vinacomin, is asking $260 a ton for 3.2 million tonnes of steel-making coal it plans to export to Japan this year, more than tripling last year's price.
Do Dinh Nguyen, general manager of Vinacomin's import and export and division, told Reuters on Tuesday the firm intended to raise exports to the world's second-largest economy from 2.3 million tons in 2007, priced at $70 a ton.
That's despite expectations of lower exports overall from Vietnam this year, seen dwindling to about 20 million tons from 23 million tons last year, because of strengthening domestic demand.
"This year there's an increase in demand for anthracite for steelmaking (in Japan)," the executive said on the sidelines of an industry conference.
"Last year's prices for steel-making anthracite were about $70. This year, it's about $260: a three-fold increase."
Reflecting tight coking coal supplies worldwide, benchmark 2008 prices were settled at about $300 a ton FOB (free on board) between Japanese users and Australian miners, triple last year's price of $98 a ton.
"Vietnamese anthracite (prices) follow Australian coking coal," the Vinacomin executive said.
He added that anthracite exports to China would drop this year, possibly to about 17 million tons, from 18.3 million tons last year.
Chinese users need anthracite of a grade similar to that used in Vietnam, mainly in power generation, cement and fertiliser manufacturing. The Japanese need higher-grade anthracite, the Vinacomin executive explained.
Thanhnien
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