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Euro Coal-Stable, Chinese trade squeezed by credit
* Nov S.African trades at $84.75/T, $84.25/T
LONDON, Sept 26 (Reuters) - Prompt coal prices were little changed on Wednesday despite oil's fall below $110.
Coal swaps dipped in early trade after the euro weakened against the dollar as the euro zone crisis deepened with violent clashes and a general strike in Greece but later recovered.
A few South African prompt cargoes traded at around $84.00 a tonne FOB Richards Bay, 25 cents or so lower than the previous day's bid/offer levels, but there was minimal activity in the DES ARA delivered Europe market.
Many industry players were in New Delhi this week for an industry conference, where Indian importers expect to be assiduously courted by suppliers struggling to move South African cargoes.
Indian end-users remained largely sidelined, apart from a few, small-scale tenders, and are waiting for prices to trickle down closer to $80/T FOB before buying.
"Indian business has been picking up recently, there's been an increase in spot buying but not on the level we'd expect," one supplier said.
Prices for FOB and DES ARA cargoes have hovered just above two-year lows for the past several weeks with oversupply weighing on prompt values. .
South African miner Coal Of Africa saw an 18 percent fall in its share price on Tuesday after the company confirmed some of its staff at the Mooiplaats mine began a legal strike.
Violent labour unrest in the gold and platinum mining sector could spread to coal, enough to disrupt exports, industry sources said.
Six weeks of violent unrest by strikers has killed 45 people and rattled Africa's biggest economy
China is unlikely to come to the rescue of sagging prices this year and importers face increasing credit difficulties which could crimp imports this winter.
Chinese banks are cutting lending to coal traders and tightening credit terms due to worries about defaults .
A November South African cargo was bid at $83.50, unchanged.
A Calendar 2013 South African string of cargoes was bid at $92, unchanged.
There were no prompt month DES ARA bids or offers late on Wednesday afternoon.
Two November loading South African cargoes traded at $84.75 and $84.25 a tonne FOB Richards Bay, up around 50 cents.
An October delivery DES ARA cargo traded at $84.75/T, also up around 50 cents. (Reporting by Jacqueline Cowhig, editing by William Hardy)
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