* Nov S.African bid at $79.10, offered at $80/T
* India’s imports seen at 100 mln T in 2012
LONDON Oct 15 (Reuters) – Prompt physical coal prices fell
by around $2 a tonne on Monday although few trades were
reported.
Despite unusually high coal consumption in many European
countries, spot demand remains minimal, utilities said.
More significantly, Indian and Chinese buyers on whom the
market largely depends to absorb spot tonnage, have been slow to
begin restocking after the June-September monsoon season and the
recent Chinese holidays.
India’s spot buying has been much slower to revive after the
monsoon than suppliers had expected and without clear buying
interest from either China or India, sellers with South African
coal to move in Q4 are struggling to find enough alternative
takers.
The subcontinent’s total imports of thermal coal this year
are likely to show some growth to 100 million tonnes from 90
million in 2011 but it will take an improvement in the country’s
economy and lower coal prices to spur more buying, Indian
importers said.
A November loading South African cargo traded at $80.00 a
tonne FOB Richards Bay on Monday, down around $2.00 from Friday
and the lowest traded level since December 2009.
South African prices fell to a two-year low of $81.65 in
June after widespread price renegotiations and some outright
defaults by Chinese traders.
Continued…
