VINACHEM

Powder River Basin 8,800-Btu/lb thermal coal prices for physicaldelivery were assessed 15-25 cents/st higher Monday, reaching their highestlevels this year.

PRB 8,800 prices, which have been steadily moving higher since April,pushed to fresh near-term highs as the front-month and front-year contractswere both seen trading in the physical market.

PRB 8,800 physical June was seen or heard trading at 11.15/st for onetrain, at $11.25/st for one train, and at $11.20/st for one train threetimes. Platts assessed the price at $11.20/st, up 20 cents. The front-month contract has risen 17.3% since April 1. The last time the front-month pricewas assessed above $11.20/st was January 11, 2012.

Also in the physical market, the less-liquid PRB 8,800 Cal 2014 contractwas heard to have traded at $12.75/st for one train. Platts assessed theprice the same, up 15 cents. The front-year contract is up 7.2% since April1, the highest price for a front-year contract since March 12, 2012.

The front-month NYMEX natural gas futures contract has averaged$4.118/MMBtu from April 1-May 13.

In swaps, PRB 8,800 financial June traded at $11.20/st for 5,000 sttwice and 10,000 st.

PRB 8,800 financial Q3 2013 traded at $11.55/st for 5,000 st/month, at$11.60/st for 10,000 st/month, and at $11.65/st for 5,000 st/month. Theprompt-quarter physical contract was assessed at $11.65/st, up 25 cents.The prompt-quarter price is up 8.9% since April 1, the highest level for afront-quarter contract since January 10, 2012.

PRB 8,800 financial Q4 2013 traded at $11.80/st for 10,000 st/month, at$11.85/st for 5,000 st/month, at $11.90/st for 10,000 st/month and 5,000st/month, and at $11.95/st for 5,000 st/month.

PRB 8,800 financial front-half 2014 traded at $12.45/st for 5,000st/month.

PRB 8,800 financial Q4 2013 over Q4 2014 traded at minus $1.20/st for5,000 st/month.

PRB 8,800 financial Cal 2014 traded at $12.75/st for 5,000 st/monthtwice and at $12.70/st for 5,000 st/month.

In the East, with the exception of the Central Appalachianrail-delivered (CSX) front-month contract, prices edged higher along the2013-2014 curve.

CSX physical June was heard to have traded at $61.40/st, at $61.75/st,and at $62/st, each for one train. Platts assessed the price at $62/st, down65 cents.

CSX financial Cal 2014 traded at $69.60/st for 5,000 st/month. Thephysical price was assessed at $69.85/st, up 25 cents.

Norfolk Southern 1% sulfur June was heard to have traded at $62.25/stfor one train.

In CAPP barge, Q3 2013 traded at $61.50/st for five barges/month. Theprice was assessed the same, up 25 cents.

On ICE, CAPP barge Q4 2013 futures were seen on-screen with an offer of$63.75/st for five barges/month.

Q1 2014 futures were offered at $65.50/st for five barges/month.

Q2 2014 futures were offered at $66.75/st for five barges/month.

In the US thermal coal export market, Platts assessed US Gulf CoastEastern-origin (6,000 kcal/kg NAR 3% sulfur) unchanged at $56.25/mt.

US East Coast thermal coal (6,500 kcal/kg NAR 1% sulfur) was assesseddown 50 cents to $80.25/mt.

US Gulf Coast Western-origin (5,000 kcal/kg GAR 0.5% sulfur) wasassessed unchanged at $42.75/mt.

FOB Canada/US West Coast Western-origin (5,000 kcal/kg GAR 0.5% sulfur)was assessed up 25 cents to $54/mt.