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JSW Group Reports Q2 Results

Coal News - Published on Thu, 16 Jul 2020

Image Source: JSW Coal
Polish coking coal miner JSW Group announced production of 2.60 million tonnes of coal and 0.73 million tonnes of coke in Q2 of 2020, severely hit by reduced activity in mines due to COVID19 outbreak amid sluggish demand from steel mills

Heading2Q 20191Q20202Q 2020YoYQoQ
(a + b) Total production:3.534.072.6-26%-36%
a) Production of coking coal2.473.182.1-15%-34%
b) Coal production for energy purposes1.060.890.5-53%-44%
Total coal sales *3.23.332.96-8%-11%
Total coke production0.880.830.73-17%-12%
Coke sale0.771.040.65-16%-38%
 

In million tonnes

Market conditions in Q2 2020

The hard coal price for Q2 2020 determined by the Nippon Steel method based on the average basket of indexes from the March-May period, compared to the agreed for the previous period decreased by about 8%.

For transactions based on current spot quotations, the most common indicator is The Steel Index covering a hard coal basket. The average daily quotations for this index for Q2 2020 compared to the average for Q1 2020 decreased by approx. 24%.

The average daily quotations for the semi-soft coal index for Q2 2020 compared to the average for Q1 2020 decreased by around 23%.

The estimated average price (expressed in PLN) of coking coals sold by JSW to external recipients in Q2 2020 in relation to the previous quarter remained at a comparable level. After converting to USD according to the average NBP exchange rate for a given quarter, it fell by approx. 4%.

The estimated ratio of coking coal prices sold by JSW in Q2 2020 (converted into USD) to the Nippon Steel index is 88%, and to TS1100%.

Quotations of the Polish Energy Coal Market Index for sales to commercial and industrial power engineering (PSCMI1) in Q2 2020 (data for April-May 2020) increased by approx. 1% compared to the previous quarter.

The average price of steam coal sold by JSW in Q2 2020 compared to the previous quarter increased by approx. 3%.

Blast furnace coke on the European market in Q2 2020 increased by approx. 1% compared to Q1 2020. The total average coke price (expressed in PLN) based on FCA sold by the JSW Group in Q2 2020 decreased by approx. 3% compared to Q1 2020. After converting to USD according to the average NBP exchange rate of the given quarter, the decrease was approximately 7% .

Source :

Posted By : Yogender Pancholi on Thu, 16 Jul 2020
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