Asia Coal-Australia thermal coal prices up in thinly traded mkt
PERTH May 24 (Reuters) - Australia's thermal coal prices moved up during the past week in a thinly traded market that saw renewed interest from some Japanese buyers after a devastating tsunami in March cut the nation's coal demand.
Thermal coal on the globalCOAL Newcastle index for the week to date was $120.69 per tonne on Monday, up from $115.88 a week earlier, but market sources said the index represented a market with very little liquidity.
"There's just not a lot of tonnes, there's not a lot of players out there buying and selling," one Singapore-based market source said.
But traders and brokers said there were signs that Japanese buyer interest in coal deals has been reignited after it was forced to stop taking coal shipments in March due to the massive tsunami that shut some power plants.
Japanese buying patterns will likely return to normal by August, the source said, although demand may continue to be sluggish for June and July.
Newcastle coal for June delivery was traded for $112 per tonne on Friday, while tonnes for August delivery were traded at $120 per tonne on Tuesday and $122 per tonne on Friday.
Coal for July was offered at $121 per tonne on Tuesday with no bids.
Chinese import demand, particularly for Indonesian sub-bituminous coal, has continued as domestic prices moved to the highest level in two years last week, but slowed since last week. [ID:nL4E7GK13Q]
"China buying from Indonesia has cooled down a bit... Indonesian prices are reaching a peak, I think," said another market source based in Singapore.
Korea Southern Power Co Ltd (KOSPO) also bought Indonesian coal at about $106 per tonne on a free-on-board (FOB) basis for 4,500 kcal/kg (NAR). [ID:nL3E7FJ01X].
ADDITIONAL REUTERS COAL COVERAGE:
Reuters coal data guide..............
All coal news........................
Power and gas news...................
RECURRING MARKET/DATA REPORTS
Australian spot prices..............
Australia Newcastle stocks..........
China monthly coal import/export....
Coal Freight prices.................
TRADES AND TENDERS
McCloskeys weekly physical spot/freight prices..<0#MCC-CASH>
API4 coal paper prices, McCloskeys............<0#MCC-C-API4>
API2 coal paper prices, McCloskeys............<0#MCC-C-API2>
Indonesian Govt Coal Benchmark...................<0#COAL-ID> (Reporting by Rebekah Kebede; Editing by Himani Sarkar)
- Tweet this
- Share this
- Digg this
- Malaysian plane still missing; questions over false IDs
- Australia's Wesfarmers plans A$1.12 billion insurance spinoff - report
- UPDATE 6-Libya threatens to bomb N.Korean tanker if it ships oil from rebel port
- Michigan woman dead for six years found only after money runs out
- Global diets get more similar in threat to food security-study
PLANE GOES MISSING
A Malaysia Airlines flight carrying 227 passengers and 12 crew was presumed to have crashed off the Vietnamese coast on Saturday, and European officials said two people on board were using false identities. Full Article