Monday, 04 July, 2011
Reuters reported that prompt European physical coal values were stable again recently despite a lack of buying interest from utilities.
Utilities and traders said visible bids, offers and trades at prices little changed from earlier this week give the impression the market is steady but weak demand ought to trim a few dollars from prices.
South African prices have softened slightly bids have dipped to USD 113 from USD 115 last week, a price low enough to have drawn out Indian buyers.
One European trader said "There have been a number of trades at USD 114, USD 115 a tonne FOB Richards Bay this week, all bought by Indian traders."
Having avoided South African spot purchases since last November when prices rose above USD 100 some traders are taking a few cargoes for particular customers who prefer South African coal quality to lower-grade Indonesian.
They said but this will dry up if the current buying is enough to push prices back up closer to USD 118 again. (sourced from Reuters)
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