* Fewer price renegotiations but shipment delays seen
* High-priced inventories to limit imports
* Chinese traders say they bought too much
* But China set for higher 2013 total imports
By Fayen Wong and Jacqueline Cowhig
SHANGHAI/LONDON, Sept 20 (Reuters) – Coal prices have
steadied after sliding for months, giving relief to miners and
traders as fewer Chinese buyers try to lower agreed contract
prices, but prices may stay weak as some customers are still
hoping to defer shipments.
China is the world’s top coal importer, and even tiny
percentage shifts in what it buys have amplified effects in the
global spot market.
“Price majeures” contract renegotiations and shipment
deferrals of up to 8 million tonnes of coal into China could
pinch its import appetite again in 2013.
“The biggest lesson for Chinese traders this year is not to
over-commit. After what has happened, I think many of us will be
a lot more cautious in deciding how much to buy and at what
prices,” said a Shanghai-based trader who asked not to be named.
Continued…
