Thursday, 27 Jan 2011
Traders in Europe are describing a more relaxed Northern Hemisphere coal market after thermal product prices returned to their lowest levels since early in December, marking falls of up to USD 15 per tonne across the past fortnight.
In start of the week trading, prices for European and South African coal prices fell by USD 2 per tonne to around USD 116 per tonne as traders and utilities forecast more falls.
They’re saying that fears of supply disruptions around the world in the face of severe weather in South Africa, Australia, Colombia and Indonesia spurred end users to replace lost and delayed cargoes at higher, but now the markets more relaxed and prices are down on European demand that’s back to the minimal buying of before December despite a bomb blast that killed 31 at Moscow's Domodedovo airport raising concerns about Russia's stability and the potential for more attacks on its infrastructure.
Also, end users in Europe and India seeking prompt coal are holding out for further falls in prices and freight costs. Two March-loading South African cargoes traded on globalCOAL at USD 116.10 per tonne and USD 116 per tonne by USD 2, while a March loading SA shipment was bid at USD 115.50 and offered at USD 117 per tonne. An April delivery DES ARA cargo was bid at USD 115 per tonne and offered at USD 120.
(Sourced from coalportal.com)
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