2010

20
10

.
1758

..

,
, ,
.

2 .

,
.

(55%)

(40%) .

(ASTM)
( )

(FC, )

(VM, )

> 98%

<2%

92% - 98%

2% - 8%

86% - 92%

8% - 14%

78% - 86%

14% - 22%

69% - 78%

22% - 31%

31% - 69%

>31%

(CV, maf, btu/lb)

> 14000

13000 14000

10500
10
500 13
13000
000

10500 11500

9500 10500

8300- 9500

6300 - 8300

< 6300

( )

(FSI,
CSN)

(Roga)

>4

1- ,
2-
3-
3

GrayGray
King

435

535

635

>140

>G8

334

434

534

634

>50-140

G5-G8

333

433

533

633

733

>0 50
>0-50

G1 G4
G1-G4

432

532

632

732

832

<0

E-G

323

423

523

623

723

823

>0-50

G1-G4

322

422

522

622

722

822

<0

E-G

321

421

521

621

721

821

312

412

512

612

712

812

311

411

511

611

711

811

B-D

200

300

400

500

600

700

800

900

>10-14

>14-20

>20-28

>28-33

>33

>33

>33

>33

:
6: 33% - 41%
7: 33% - 44%
8: 35% - 50%

>13950

>1296013950

>1098012960

>1026010980

9: 42% - 50%

>45

332a

(
)

2-4

1-2

> 20 -45

332b

B-D
<0

E-G

> 5- 20
100

05
A

V daf (%)

Qgr, maf (btu/lb)

1
>3-10

0-3

>36.5

>6.5
-10

(JM) (Y<25 mm, b<150)

(G)

65-85

50-65

-
(GF) (Y>25 mm,
b>220)

(FM) (Y<25 mm)

>85

1/3
(1/3 JM) (Y<25
mm, b>220)

(QM)
(Y>25 mm, b<150)

(WY)

(SM)

35-50

1/2 (1/2 JM)

30-35
20-30
C (RN)

5-20

(PS)

0-5

(PM)

(BN)

0 - 10

10 - 20

20 - 28

(daf, %)

28 37

(CY)

> 37

. :

(%)

(%)

(%)

(%)

(kcal/kg, Btu/lb)

, ,
.

Ad
(air dry basis)

d
(dry basis)

ar
(as recieved)

Daf
(dry ash free)

dmmf
(dry mineral matter
free)

((%))

/ Sapozhnikov Plastometer /

/FSN/

/Caking index/

/Vitrinite reflectance/

.
,
,

.

(ISO 348)

105-110
1.0-1.5

105-110
1.0

104-110
1.0

815+10

815+10

750

0.5-1.0
500C- 815C

900+10
7

1.0
500C- 750C

950+20
7

/C
/h

/C

(ASTM 3172)

(GB212)

500C
/h

0.5

/C
/min

900+10
7

100

-

HCC
Aus Range

90

- SHCC
World
Range
g

80

Ukhaa
Khudag HCC
-

70
60

Ukhaa Khudag SHCC

50
40
30
20
10

SR
CS

Ro M ax (%
%;
x 10)

CS N (x 1 0)

P (% ad; x 1000)

S (% ad; x 1 0)

F.C.(% aad)

A s h (% aad)

V .M . (% aad)

I.M . (% aad)

T.M . (% aar)

2008 ( )
)
Billion tonnes
US
Russian Federation
Chi
China
Australia
India
Ukraine
Kazakhstan
S h Af
South
Africa
i
Other Europe & Eurasia
Poland
Brazil
Colombia
Germany
Canada
Czech Republic
Indonesia
Other
Total World

Source: World Energy Council 2009.

Anthracite

Sub-bituminous

and bituminus

and lignite

109
49
62
37
54
15
28
30
1
6
6
0
3
2
2
6
411

129
108
52
39
5
19
3
18
1
7
0
7
3
3
3
17
415

Total

Share of
Total

238
157
115
76
59
34
31
30
19
8
7
7
7
7
5
4
23
826

29%
19%
14%
9%
7%
4%
4%
4%
2%
1%
1%
1%
1%
1%
1%
1%
3%
100%

15
. 152 22.3
.

Major Coking Coal Producers (Mt)

Major Coal Producers (Mt)

2007

2008

China

2,549

2,761

USA

1,052

1,075

India

484

Australia

Top 10 Coal Producing

Enterprise (Mt)
2008

2007

2008

China

379

427

Coal India

403

Australia

142

140

Peabody

224

522

Russia

57

65

Shenhua

186

395

398

USA

47

57

Rio Tinto

161

Russia

314

323

Indonesia

29

31

Arch

138

Indonesia

259

284

Canada

28

28

South Africa

244

236

BHPB

116

India

26

28

Germany

205

194

Ukraine

22

22

Anglo

100

Poland

148

148

Kazakhstan

12

14

China Coal

100

Kazakhstan
kh

83

104

Poland

14

12

SUEK

96

Canada

69

68

Germany

14

11

Xstrata

86

Other

686

684

Other

17

20

Total

6,488

6,797

Total

787

855

Source: World Energy Council 2009.

2006
2,804
787
1,306
477
1,555
505
241
399
8,074

2007
2,794
1,986
1,415
338
981
546
255
923
9,238

2008
3,000
2,174
1,451
1,147
674
548
276
802
10,072

1.
2 /50 1.2/
2.
1 2/
3. /1.2 0.25/
4. /0.25 /

-50 + 1.2
.

80% , 20% .

()

Jameson

-1.2
1 2 + 0.25
0 25

-0.25
0 25

Unloading
capacity (Mt)

Ukhaa-Khudag

Coal handling
capacity (Mt)

Coal stockyard
(Mt)

Berth depth (m)

Huanghua

100

2.3

-12.5

110

35--> 1 dock,
50--> 4 dock,
100--> 1 dock

100

Qinhuangdao

200

10 5
10.5

-10, -12.5, -14,

-19.7

7200t/h

30 50
30,
50, 100
100, 150

21

9250t/h

Tianjin

60

-12.8, -19.6

91, 4300t/h

80

6700t/h

Caofeidian

100

-15.5

104

50, 70, 100

16

6000t/h

Jinzhou

50

1.35

-11

day: 24000t,
annual: 8.7Mt

100

35

Ports

Berthing capacity
Number of Loading capacity
Competitive
(thousand)
Berth
(Mt)

Strategy

Chinese ports

Russian ports
Vanino

12

-12

150

Vastochny

12.5

-13

150

9000t/h

TT

Ukhaa-Khudag
Competitive
Strategy

:
0.025 USD/t.km
:
0.015 USD/t.km
:
0.020 USD/t.km

Ukhaa-Khudag
Competitive
Strategy

Ukhaa-Khudag
Competitive
Strategy

.

. 0.06-0.08 USD/t.km

Carbon/ Energy Content of Coal

HIGH

HIGH

Moisture Content of Coal

Brown Coal
(low rank coal)
(48%)

Lignite Coal
(20%)

Sub-Bituminous Coal
(28%)

Hard Coal
(high rank coal)
(52%)

Anthracite
(1%)

Bituminous Coal
(51%)

Thermal
(Steam Coal)

Metallurgical
(Coking Coal)

1000 kgg
Raw coal

700 kg
Clean coal

Blend coal:
(HCC 37%, FC 20%, SHC
18%, LC 11% other 14%)

1700 kg
Iron ore

500 kg
Met coke

150 kg
Limestone

1000 kg
Crude steel

,
. 86-94%
.

,
(96%- )
.
K
, ,

,
, ,

, .

.
, ,
.

. 1100

,
.

.

-50 %

- 35%

- 10%

-5%

(coal tar)

, , ,

, ,
.
,

. , , ,
.
.

\creosote\ , , .- .

\cresols\ - .

. ,
, , .
, , .
. .
, , , , , .
. , ,
, ,

.
.
.
, , .
, , , ,
.

, , .
, .
.

2009 473.3
473 3 .

63%- .

World Coal Production

6'781 Mt

Hard Coal (Sub-bituminous to anthracite)

86%
5'832 Mt

Domestic
4'922 Mt

Brown Coal
14%
949 Mt

Export
910 Mt

Seaborne
815 Mt

Land Trade
95 Mt

Thermal
4'237 Mt

Thermal
608 Mt

Thermal
74 Mt

Coking Coal
685 Mt

Coking Coal
207 Mt

Coking Coal
21 Mt

Source: Barlow Jonker, 2009

Domestic Thermal
949 Mt

Major Coking Coal Importer (Mt)

Major Coal Exporters (Mt)

Australia
Indonesia
Russia
Colombia
USA
South Africa
China
Canada
Other
Total

2007
244
197
98
65
53
66
53
30
98
903

2008
252
203
101
74
74
62
47
32
66
910

Major Coking Coal Exporters (Mt)

2008

Australia

131

137

USA

29

39

Indonesia

29

30

Canada

26

27

Russia

10

16

China

Mongolia *

Other

11

10

241

2008

Japan

58.2

57.4

India

22.0

28.8

Korea

22.5

24.1

Brazil

10.3

11.3

China

6.2

10.3

Germany

9.6

9.3

Ukraine

8.6

7.4

Other

69.5

73.9

Total

206 9
206.9

222 5
222.5

Major Coal Importer (Mt)

2007

Total

2007

264

Japan
Korea
Chinese Taipei
India
Germany
China
United Kingdom
USA
Other
Total

2007
187
88
59
50
46
51
43
33
345
903

2008
186
100
66
60
46
46
44
26
338
910

2009

Mongolian
M
li coall balance
b l
(Thousand
(Th
d tonnes))
Stock of the year beginning
Produced
State owned mining companies
Private sector's mining companies
Import
Consumption
Power station
Industry & Construction
Transport & Communication
Agriculture
Communal housing
Other
Export
Stock of the year end
Mongolian coal export

SGS
ER

Border
Shiveekhuren
Zamiin-Uud
Shiveekhuren
Gashuunsukhait
Zamiin-Uud
Shiveekhuren
Gashuunsukhait

Other mines

Zamiin-Uud, Bichigt

MAC
QH - MAC
TT

Total

2006
391
8,074

2007
317
9,238

2008
381
10,072

4,941
3,133

6,260
2,978

6,674
3,398

0
5,691

1
5,906

1
5,813

4,595
237
121
8
550
180

4,935
203
122
3
455
188

4,850
190
11
7
581
174

2,457
317

3,268
381

4,169
441

2006

2007

198
1,548
628

100
1,140
1,946
12

2008
636
166
1,119
1,990

2009
1,368
12
728
1,895

114

1,327
1,226

83

69

144

160

2,457

3,268

4,169

6,716

7.2
Mt

23
Mt

8.1 Mt
5.6
Mt

14.9
Mt

110
Mt
16 Mt

Source: Barlow Jonker, 2009

53.8
Mt
38
Mt

122
Mt

85 Mt
30
Mt

35 Mt

244
Mt

42 Mt

273 Mt

CokingCoalPrice(FOB)
GoonyellaHCC(A:8.9,S:0.52,V:24.3)
300
250

USD
D/t

200
150
100
50
0
HCC
Semi-Hard

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

51
43

42
36

40
34

43
42

48
39

46
37

57
47

125
103

115
83

96
73

300
284

129
110

US$/t

Broker

Date

2010

2011

2012

2013

2014

LT

ABN-RBS

23-Sep-09

150.0

150.0

145.0

145.0

125.0

92.9

BMO Capital
Cazenove

25-Sep-09
1-Oct-09

145.0
155.0

150.0
155.0

145.0
125.0

n.a.
90.0

n.a.
n.a.

135.0
90.0

Citi
Credit Suisse

25-Sep-09
3-Sep-09

186.5
130.0

188.8
135.0

n.a.
140.0

n.a.
151.5

n.a.
n.a.

120.0
140.0

DB
HSBC

14-Sep-09
18-Sep-09

127.8
160.0

122.5
120.0

117.0
100.0

113.3
100.0

n.a.
n.a.

99.7
90.0

ING
Macquarie

12-Aug-09
13-Sep-09

140.9
160.0

n.a.
140.0

n.a.
140.0

n.a.
n.a.

n.a.
n.a.

90.0
120.0

BAS-ML

14-Sep-09

140.0

140.0

130.0

125.0

n.a.

96.6

Morgan Stanley
RBC

21-Sep-09
14-Sep-09

140.0
150.0

155.0
150.0

160.0
135.0

n.a.
120.0

n.a.
n.a.

97.2
110.0

Sa a Partners
Salman
at es
Scotia Capital

30 Sep 09
30-Sep-09
22-Sep-09

150.0
50.0
164.0

150.0
50.0
n.a.

135.0
35.0
n.a.

n.a.
.a.
n.a.

n.a.
.a.
n.a.

104.2
0 .
n.a.

Societe Generale
TD Newcrest

29-Sep-09
29-Sep-09

145.0
150.0

n.a.
150.0

n.a.
125.0

n.a.
125.0

n.a.
125.0

n.a.
107.8

UBS

4-Sep-09

163.5

n.a.

n.a.

n.a.

n.a.

115.0

150.4
150
4
150.0

146.6
146
6
150.0

133.1
133
1
135.0

121.2
121
2
122.5

125.0
125
0
125.0

107.2
107
2
104.2

Average
Median

Source: Broker reports as of October 1, 2009

Note: All prices based on Japanese fiscal year end and are on a nominal basis (flat 2.5% inflation rate) except for long term price which is on 2009 real terms

US$/t

Broker

Date

2010

2011

2012

2013

2014

LT

ABN-RBS

23-Sep-09

75.0

77.5

80.0

82.5

75.0

60.4

BMO Capital

25-Sep-09

76.0

76.0

72.0

n.a.

n.a.

67.0

Cazenove

1 Oct 09
1-Oct-09

75 0
75.0

75 0
75.0

65 0
65.0

55 0
55.0

na
n.a.

55 0
55.0

Citi

25-Sep-09

80.0

86.3

n.a.

n.a.

n.a.

50.0

Credit Suisse

3-Sep-09

80.0

80.0

85.0

86.6

n.a.

80.0

DB

14-Sep-09

72.0

76.3

80.0

n.a.

n.a.

72.5

HSBC

18-Sep-09

75.0

70.0

60.0

60.0

n.a.

55.0

ING

12-Aug-09

68.2

n.a.

n.a.

n.a.

70.0

60.0

Macquarie

13-Sep-09

70.0

80.0

70.0

n.a.

n.a.

70.0

BAS-ML

14-Sep-09

85.0

85.0

78.0

75.0

n.a.

63.8

Morgan Stanley

21-Sep-09

80.0

90.0

100.0

n.a.

n.a.

61.9

RBC

14-Sep-09

80.0

80.0

75.0

65.0

n.a.

60.0

Salman Partners

30-Sep-09

80.0

80.0

75.0

n.a.

n.a.

63.4

Societe Generale

29-Sep-09

75.0

n.a.

n.a.

n.a.

n.a.

n.a.

Average

76.5

79.7

76.4

70.7

75.0

63.0

Median

75.5

80.0

75.0

70.0

75.0

61.9

Source: Broker reports as of October 1, 2009

Note: All prices based on Japanese fiscal year end and are on a nominal basis (flat 2.5% inflation rate) except for long term price which is on
2009 real terms

.
e-mail: tamir79@yahoo.com
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