标题：The evolution of hard coal trade in the Pacific market
出处：Energy Policy 34 (2006) 1853–1866
The evolution of hard coal trade in the Pacific market
Abstract
This article analyses the evolution of hard coal trade in the Asia Pacific region, known as the Pacific market, from the 1980s to the present years. It investigates the development of the trade pattern, the nature of contracts, the price setting, the supply demand and the future of trade.
Over the last two decades, the international trade in the Pacific market has achieved dramatic increases in coal commerce. This achievement is due to strong demand in Japan and North-east Asian countries and progressive coal export in Australia and Indonesia. It is likely that this market will continue to expand and become a more important market in replacing the Atlantic market.
In this market, historically, long-term supply contracts were usual and concluded between producer and consumer. Even recently, there are still annual contracts, but with a small number of deals. In contrast, spot transactions are now becoming more important. Previously, Japan had been influential in price setting by establishing a benchmark price with Australian coal suppliers. Afterward a reference price was becoming a trend. Nowadays, spot price Indices, such as the Barlow Junker, the Barlow Junker ACR and global COAL, have become important to set the price.
The Pacific market growth is not without problems. The exporter countries, particularly Australia and Indonesia, have some challenges that if they are not resolved at present, it would implicate the performance of the coal trade.
1.Introduction
The oil price rise in 1973 initiated a new phase in international hard coal trade, providing a strong incentive to convert power stations and other installations from oil, and resulting in a decision to construct new coal-fired plants to use relatively inexpensive imported coal. The trend was reinforced by the oil price increase in 1979, partly because of new coal-fired plants coming on stream. Since then the international market for hard coal has developed into its present form. The market has continuously grown on average by4.3% per ann um from 221.3 Mt (million tons) in 1979 to Mt in 2002. The trade in international markets is small in comparison with total coal consumption. accounted for about 8.0% of world coal production in 1979 to 16.0% in 2002. At present, the world coal industry is still dominated by local production for local use but the international market is likely to continue to grow. The vigorous expansion of the international hard coal trade has been pushed by three factors. The first is that it concerns about many mines shut down on economics grounds. This is true for European countries and some Asian countries like Japan and South Korea. The second is that more than half of the total trade helps cover growing energy needs, especially in the emerging markets of the Asian economics region.
Finally is, although of minor significance in quantity terms, a growing trade in special quality coal (e.g. special coking coal for improving coking plantsrsquo; input mixes or very low-sulphury steaming coal to ensure adherence to emission limits in power plants) (Grus#39;s et al., 2002).
With regard to regional markets, coal from any of the major exporters will find markets in either Europe or Asia, depending principally on freight costs. Seaborne transport costs tend to contribute to the operation of two regional markets: the Pacific (Asia) and the Atlantic (Europe). The Pacific market Japan, north and south Asia—is supplied preferentially by Australia, Indonesia and China because of the geographic proximity. For the same reason, the Atlantic market is supplied preferentially by South Africa, Poland, US, Colombia and Venezuela.
In 2002, of the 622.9 Mt total international hard coal trade, 54.5% was in the Asia-Pacific region and 34.7%was in the European-Mediterranean region. Total coal trade into the Asia-Pacific rose by 9.4% to reach nearly 340Mt from year 2001 to 2002. Conversely, imports into the European-Mediterranean market declined by 13.5% over the same period to a level of 216 Mt. It is likely that the Pacific market will continue to expand and become a more important market while the Atlantic market is declining. Table 1 shows the growth of hard coal trade in 2002.
The main aim of this article is to analyses the evolution of hard coal trade in the Asia--Pacific region, known as the Pacific market, from the 1980s to the present years. It investigates the commercial operation of the coal market, particularly the evolutionary pattern of the trade, the evolution of the nature of contracts and the evolution of the price setting. The article also briefly analyses the past and present states and the opportunity and challenges in the future of coal demand and supply.
2. Commercial operation of the coal market
2.1. The evolution pattern of hard coal trade
There are two essentially different markets for internationally traded hard coal, steam coal and coking coal markets. The first is for heat-raising in power generation (and industrial steam uses), where the most significant growth in coal uses is now occurring particularly in Asia. This Asian growth outweighs the reductions in coal use in Europe, where rising production costs in the indigenous coal industries of this region, combined with continuing pressure to reduce industry subsidies, have led to substantial decline in production. This production decline in Europe creates the potential for significant increases in coal imports. However, environmental concerns and increased electricity generation from natural gas, nuclear, and hydropower may curtail the coal importrsquo;s growth. Apart from
剩余内容已隐藏，支付完成后下载完整资料
The evolution of hard coal trade in the Pacific market
By：R.Ekawan,M.duchene（Britain）
from：Energy Policy 34 (2006) 1853–1866
Abstract
This article analyses the evolution of hard coal trade in the Asia Pacific region, known as the Pacific market, from the 1980s to the present years. It investigates the development of the trade pattern, the nature of contracts, the price setting, the supply demand and the future of trade.
Over the last two decades, the international trade in the Pacific market has achieved dramatic increases in coal commerce. This achievement is due to strong demand in Japan and North-east Asian countries and progressive coal export in Australia and Indonesia. It is likely that this market will continue to expand and become a more important market in replacing the Atlantic market.
In this market, historically, long-term supply contracts were usual and concluded between producer and consumer. Even recently, there are still annual contracts, but with a small number of deals. In contrast, spot transactions are now becoming more important. Previously, Japan had been influential in price setting by establishing a benchmark price with Australian coal suppliers. Afterward a reference price was becoming a trend. Nowadays, spot price Indices, such as the Barlow Junker, the Barlow Junker ACR and global COAL, have become important to set the price.
The Pacific market growth is not without problems. The exporter countries, particularly Australia and Indonesia, have some challenges that if they are not resolved at present, it would implicate the performance of the coal trade.
1.Introduction
The oil price rise in 1973 initiated a new phase in international hard coal trade, providing a strong incentive to convert power stations and other installations from oil, and resulting in a decision to construct new coal-fired plants to use relatively inexpensive imported coal. The trend was reinforced by the oil price increase in 1979, partly because of new coal-fired plants coming on stream. Since then the international market for hard coal has developed into its present form. The market has continuously grown on average by4.3% per ann um from 221.3 Mt (million tons) in 1979 to Mt in 2002. The trade in international markets is small in comparison with total coal consumption. accounted for about 8.0% of world coal production in 1979 to 16.0% in 2002. At present, the world coal industry is still dominated by local production for local use but the international market is likely to continue to grow. The vigorous expansion of the international hard coal trade has been pushed by three factors. The first is that it concerns about many mines shut down on economics grounds. This is true for European countries and some Asian countries like Japan and South Korea. The second is that more than half of the total trade helps cover growing energy needs, especially in the emerging markets of the Asian economics region.
Finally is, although of minor significance in quantity terms, a growing trade in special quality coal (e.g. special coking coal for improving coking plantsrsquo; input mixes or very low-sulphury steaming coal to ensure adherence to emission limits in power plants) (Grus#39;s et al., 2002).
With regard to regional markets, coal from any of the major exporters will find markets in either Europe or Asia, depending principally on freight costs. Seaborne transport costs tend to contribute to the operation of two regional markets: the Pacific (Asia) and the Atlantic (Europe). The Pacific market Japan, north and south Asia—is supplied preferentially by Australia, Indonesia and China because of the geographic proximity. For the same reason, the Atlantic market is supplied preferentially by South Africa, Poland, US, Colombia and Venezuela.
In 2002, of the 622.9 Mt total international hard coal trade, 54.5% was in the Asia-Pacific region and 34.7%was in the European-Mediterranean region. Total coal trade into the Asia-Pacific rose by 9.4% to reach nearly 340Mt from year 2001 to 2002. Conversely, imports into the European-Mediterranean market declined by 13.5% over the same period to a level of 216 Mt. It is likely that the Pacific market will continue to expand and become a more important market while the Atlantic market is declining. Table 1 shows the growth of hard coal trade in 2002.
The main aim of this article is to analyses the evolution of hard coal trade in the Asia--Pacific region, known as the Pacific market, from the 1980s to the present years. It investigates the commercial operation of the coal market, particularly the evolutionary pattern of the trade, the evolution of the nature of contracts and the evolution of the price setting. The article also briefly analyses the past and present states and the opportunity and challenges in the future of coal demand and supply.
2. Commercial operation of the coal market
2.1. The evolution pattern of hard coal trade
There are two essentially different markets for internationally traded hard coal, steam coal and coking coal markets. The first is for heat-raising in power generation (and industrial steam uses), where the most significant growth in coal uses is now occurring particularly in Asia. This Asian growth outweighs the reductions in coal use in Europe, where rising production costs in the indigenous coal industries of this region, combined with continuing pressure to reduce industry subsidies, have led to substantial decline in production. This production decline in Europe creates the potential for significant increases in coal imports. However, environmental concerns and increased electricity generation from natural gas, nuclear, and hydropower may curtail the coal importrsquo;s growth. Apart from power generation, steam coal is used as a final consumption in industrial sectors, such as cement, non-metallic minerals, paper, pulp and residential s
剩余内容已隐藏，支付完成后下载完整资料
资料编号：[468286]，资料为PDF文档或Word文档，PDF文档可免费转换为Word
以上是毕业论文外文翻译，课题毕业论文、任务书、文献综述、开题报告、程序设计、图纸设计等资料可联系客服协助查找。
