* July ARA bid at $79/T, July S.African offered at $100/T
* Oil falls below $96 on euro woes
* Indian buying picks up the pace
LONDON, June 18 (Reuters) – Prompt physical coal prices fell
by around 75 U.S. cents a tonne on Monday in line with weaker
oil as a pro-bailout vote in Greece failed to ease euro zone
fears.
Crude oil, stocks and other commodity prices fell more
sharply than relatively-illiquid coal, which typically follows
the general trend but often lags oil.
The markets remained oversupplied because the growth in
exports worldwide has overwhelmed demand and this is likely to
take the rest of the year to re-balance, producers and traders
said.
“Demand is not the issue, although it has been weak in
Europe, India and China have been strong year-on-year,” one
producer said.
“Supply is the problem, especially from the U.S.,” he added.
Chinese price re-negotiations were less of a talking point
because they have not yet resulted in a glut of genuinely
distressed cargoes, on the water with no buyer.
Continued…
