SEOUL, Sept 20 (Reuters) - Korea Midland Power Co Ltd (KOMIPO) bought coal via spot and term tenders, while cancelling one term tender due to high prices, a source from the utility said on Wednesday.
KOMIPO purchased a total of 390,000 tonnes of coal for November loading via a spot tender that closed on Tuesday and a combined 990,000 tonnes per year of coal via a three-year term tender that closed on Friday, the source said.
It also sought to buy another 500,000 tonnes per year of coal via a five-year term tender that closed on Tuesday, but declined to purchase because of high prices, he said adding the utility would re-issued a tender.
Price and seller details were not available for the purchases but other details are as follows.
--Spot TONNES (M/T) SPECIFICATION (NCV) ORIGIN 130,000 X 3 min. 5,700 kcal/kg Australia
--Term TONNES (M/T) SPECIFICATION(NCV) CONTRACT PERIOD ORIGIN
500,000 min. 5,700 kcal/kg Nov.2017 - 2020 Australia 490,000 min. 5,700 kcal/kg Nov.2017 - 2020 Russia
*Note: NCV stands for Net Calorific Value.
