* S.African prices rise by $4/T to $92
* Colombia force majeures bolster prices -utilities
* Polish, Venezuelan, Indonesian coal offered into Europe
By Jacqueline Cowhig
LONDON, Aug 7 (Reuters) – Physical European prompt coal
prices rallied by $1.00 a tonne on Tuesday to $95, the highest
level since April 19, boosted by Colombian force majeures,
utilities and traders said.
South African FOB prices rose more steeply by $4 to around
$92, the highest since late June, but no fresh trades were
reported.
Calendar 2013 swaps prices reached $100-$102 a tonne, a
level that is likely to draw out fresh offers from sellers who
could not make a profit at $82-$88 a tonne, the price range seen
for most of the past two months.
There is a growing consensus that the market has seen the
lowest prices it is likely to this year and that they will
recover gradually in the next several months.
“The Colombia force majeures are giving a bit of life to the
market, that’s the main reason prices have risen quite strongly
so when it’s over, we could see a weaker market in late August,”
one end-user said.
Continued…
