* No fresh trades reported
* May DES ARA cargo bid at $85/T
LONDON, March 23 (Reuters) – Prices of prompt physical coal
were little changed for a fifth day, with bids and offers far
apart and no fresh trades reported.
The market lacks direction because of the lack of spot
trades to aid price discovery, or fundamental fresh news,
traders said.
Warmer weather in Europe and high stockpiles are expected to
pull swaps prices lower next week, with physical prices
following, they said.
“Everybody was hoping for prices to recover and it’s been a
slow realisation that it isn’t happening — now it’s looking a
bit more bearish,” one utility source said.
Oil prices rallied on Friday on news that Iranian oil
exports have fallen significantly this month but the
thinly-traded coal market did not follow oil higher.
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GRAPHIC: DES ARA physical prices Oct-Feb:
Continued…
