Tuesday, 14 Feb 2012
Reuters reported that a surge of offers of almost every variety of coal in every cargo size for delivery into Europe pushed physical prices down by around USD 1.00 on Monday to USD 97.00.
TRADES
A March loading South African cargo traded at USD 105.00 a tonne on Friday but a 50,000 tonne March cargo also traded at USD 103.50, down around USD 1.00.
An April loading South African cargo traded at USD 103.10.
PRICES
A March DES ARA multi-origin including US coal cargo and a US cargo were offered at USD 96.90 and USD 96.96 with no bid.
A Russian March DES ARA cargo was offered at USD 98.60.
An April multi origin cargo was bid at USD 96.50 while a multi origin plus US cargo was offered at USD 97.95.
A March loading South African cargo was bid at USD 104.60 and offered at USD 105.00, down 50 cents on the bid.
Prices are set to remain below USD 100 with further falls possible until China resumes buying and a new global price floor is set by whatever price the Chinese are willing to pay. Fall in European power and gas prices also dragged coal lower, as temperatures rose by 15 degrees from last week's freezing conditions.
(Sourced from Reuters)
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