* Sept S.African cargo bid at $80.50/T
* SocGen cuts Cal 2014 price forecast to $113/T CIF ARA
LONDON, Sept 11 (Reuters) – Physical coal prices fell by
$1.00 a tonne on Tuesday as more prompt cargoes were offered
amid slack demand.
More South African cargoes are being offered into the
European market to compete with the Colombian coal which has
dominated imports because spot interest from key South African
consuming markets such as India remains slow.
South African prices have fallen close to the two-year lows
of $82.00 seen in June. A September cargo was bid at $80.50 on
Tuesday but did not trade.
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GRAPHIC – Richards Bay coal prices: here
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Expectations that China’s latest economic stimulus plans
will result in higher imports of coal are premature, producers
and traders said, because domestic prices remain low and
inventories of high-priced coal still need to be consumed.
Continued…
