* May S. African trades at $103/T
* India took 1.9 mln T S.African coal in Feb
LONDON, March 22 (Reuters) – Prices of prompt physical coal
were range-bound for a fourth day, with bids and offers too far
apart for much to trade.
A May loading South African cargo traded early in the
afternoon at $103.00, but the market still lacks clear enough
direction for more players to take fresh positions.
South Africa’s February exports were dominated by Asia,
which took 78 percent of the country’s 6 million tonnes of
shipments, up from 61 percent in the previous month
.
The destination of the South African coal shipments, while
other origins have been more price-competitive, has been a
mystery, utilities said.
In February, South Korea, Taiwan and Malaysia boosted the
total sold to Asia.
China is still largely out of the spot market, and recent
signs of slowing economic growth could mean China is on the
sidelines for another few months, traders and utilities said.
But further ahead, China’s imports could grow if plans to
slow the rise in coal production are put into effect.
Continued…
