* Nov South African bid at $81/T
* Two Dec South African cargoes trade at $83/T
LONDON Oct 18 (Reuters) – Prompt physical coal prices were
little changed again on Thursday but activity picked up
significantly, due partly to the return of many coal market
players from the major annual industry conference in Istanbul
this week.
“Prices haven’t really changed but there were many more
names in the market, people seem to have come back from Istanbul
ready to do some business,” one European trader said.
Spot prices fell on Monday to $80 a tonne FOB for South
African coal, the lowest level since end-December 2009, but have
since recovered to $81-$83/T FOB Richards Bay, bolstered by
firmer oil and power.
Indian buyers are focusing on sourcing lower-grade thermal
coal than standard specifications and say they are finding
plentiful offers of low energy Australian coal which is more
competitive on a delivered India basis than South African and
some Indonesian material.
Australian thermal coal prices weakened this week to around
$80 a tonne FOB Newcastle, as strengthening freight rates into
China dampened already tepid demand.
Continued…
