June 25, 2009 / 6:13 AM / 9 years ago

Korea's KOSEP shortlists bidders in coal tenders

PERTH, June 25 (Reuters) - Korea South-East Power Co (KOSEP) has shortlisted bidders with offers totalling up to 7 million tonnes of coal, above the 3 million tonnes of the fuel it had sought in recent tenders, trade sources participating in the tenders said on Thursday. Two trade sources said the utility had also requested that the shortlisted bidders lower their prices and submit revised offers by July 1.

KOSEP’s tenders, which are for coal for delivery between 2009-2011, saw a deluge of bids from suppliers for a combined total of as much as 15 million tonnes of coal, with prices ranging between high-$60s to high-$70s per tonne.

Officials from KOSEP declined to comment.

Market sources said KOSEP was in no hurry to award the tenders, which are mostly for long-term supplies. They said the utility was also hoping to secure some tonnage cheaply following the recent drop in Asian coal prices.

One of the tenders was for up to 1 million tonnes of sub-bituminous coal for delivery for one year, starting from August 2009, while three others were for a total of 2 million tonnes of coal per year over three years. [ID:nJKB001217] (Reporting by Fayen Wong)

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