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Monday, December 19, 2011

Australia thermal coal dips to USD 110 per tonne

Monday, 19 Dec 2011

Reuters reported that Australia thermal coal prices, the benchmark for Asia slipped to around USD 110 per tonne in thin trading, although Chinese buyers were reportedly in the market for some cargoes next year.

Thermal coal on the global COAL Newcastle index for the week to date closed at USD 110.20 per tonne on Thursday down from USD 111.47 per tonne a week earlier. Despite the lower prices, there were reports that supplies from Australia Newcastle port were a little tight for very prompt delivery likely due to some producers overselling for December and January.

Australian thermal coal shipments from Newcastle port rose 34% in the week ended December 12 to 2.58 million tonnes while the vessel queue increased to 20 ships from 12 as some producers rushed to send out a few extra cargoes by the year end.

Chinese import demand for next year was seen picking up although sources said buyers were still not committing to large volumes.

Oe Sydney-based trade source said "It seems like we've seen a little timid term interest come from China."

In China, the domestic coal price benchmark was slightly lower at CNY 830 per tonne last week from CNY 840 the previous week.

(Sourced from Reuters)

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