Taipower, Formosa, Taiwan Cement seek coal
LONDON, June 22
LONDON, June 22 (Reuters) - Taiwan Cement Corporation , Taiwan Power Company (Taipower) and Taiwan's Formosa Plastics Corporation have all issued tenders to buy thermal coal of varying grades, traders and producers said.
Suppliers who are currently wary of selling prompt cargoes to China, in the wake of widespread price re-negotiation by buyers, said they would prefer to sell into the Taiwanese and upcoming South Korean tenders while prices are unstable.
Taipower is tendering for up to 20 panamaxes of sub-bituminous coal for delivery between September and January; Formosa is seeking 200,000 tonnes of 6,000 kc/kg Gross As Received coal for Q3.
Taiwan Cement is looking to buy around four cargoes of high ash content 5,500 kc/kg Net As Received coal, they said.
The timing is coincidental and fairly routine, they said, but the current slump in prices could encourage stockpiling now for use later in the year. (Reporting by Jacqueline Cowhig; editing by Jason Neely)
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