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Friday, March 9, 2012

Euro coal prices rise slightly with oil

Friday, 09 Mar 2012

Reuters reported that prompt physical coal prices rose slightly by 20 to 75 US cents a tonne on Wednesday with stronger oil and the euro's gains but activity was muted and no fresh physical trades were reported.

Portugal's EDP is tendering for several cargoes of US or Colombian coal for 2012 delivery and is expected to award by early next week but otherwise end-user buying has been quiet and below the radar, suppliers said.

Utility traders continue to quietly shed unwanted cargoes still arriving into Europe and there is limited buying of prompt material to store until Q4 to take advantage of the current contango.

There might be more stockpile space available at terminals in ARA during the spring months for leasing by traders and banks which are not usual terminal customers but this would depend on what the utilities themselves need.

Source - Reuters

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