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Friday, February 24, 2012

Steam coal prices stable despite modest gains in oil

Friday, 24 Feb 2012

Reuters reported that prompt physical coal prices were little changed on Thursday on muted trading activity and bid offer spreads for fixed price cargoes widened by around USD 1, too far apart for trades to seem likely.

An April South African cargo was bid at USD 105.75 and offered at USD 107.45, compared with bids and offers of USD 106 on Wednesday.

A May South African cargo was bid at USD 101.25 and offered at USD 102.50.

An April DES cargo was bid at USD 98.50 and offered at USD 100.50

One trader said “The market's moved sideways, if anything, just looking at the wider spreads.”

Oil at over USD 100 a barrel is providing structural support to coal prices, traders and analysts said, although there are spells when coal disconnects from oil and moves more on fundamentals.

(Sourced from Reuters)

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