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Sunday, 14 February 10
NEWCASTLE STEAM COAL TRADES AT US$ 91 TO US$ 92


Reuters reported that prompt cargo prices for coal delivered into Europe were largely unchanged recently after a day of subdued trading.

European utilities said they have no need for prompt coal and limited need for spot material in the second half of the year. One utility source said "If we need anything, you can be fairly sure there'll be Colombian available if nothing else."

Indian buyers are still seeking prompt South African cargoes, mostly at index linked prices but said they were waiting for prices to stabilize at lower levels before making firm purchases.

Suppliers said India growing need for coal imports is unquestionable, despite the current spot buying hiatus.


 

“Two March loading Australian coal parcels traded at $ 91.00 and $ 92.00 a tonne FOB Newcastle and a  March loading South African cargo was bid at $ 70.50 a tonne FOB Richards Bay”

Mr DC Garg, chairman of Coal India subsidiary Western Coalfields Ltd said coal imports by state-run miner Coal India Ltd are likely to reach 6 to 10 million tonnes in fiscal year 2010-2011 from 1.5 million tonnes to 1.7 million in the current fiscal year.

He said that "Demand will come out strongly."

Two March loading Australian coal parcels traded at USD 91.00 and USD 92.00 a tonne FOB Newcastle on globalCOAL little changed from levels seen earlier in the week.

A March loading South African cargo was bid at USD 70.50 a tonne FOB Richards Bay with no offer against it unchanged from Thursday.

An April loading South African coal cargo was bid at USD 79.75 a tonne FOB Richards Bay and offered at USD 80.00 down USD 1.00 on the offer.

An April delivery DES ARA cargo was bid at USD 72.00 and offered at USD 72.60 a tonne, unchanged from Thursday.
Source: Reuters / Steel Guru



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