* Nov S.African trades at $84.75/T, $84.25/T
LONDON, Sept 26 (Reuters) – Prompt coal prices were little
changed on Wednesday despite oil’s fall below $110.
Coal swaps dipped in early trade after the euro weakened
against the dollar as the euro zone crisis deepened with violent
clashes and a general strike in Greece but later recovered.
A few South African prompt cargoes traded at around $84.00 a
tonne FOB Richards Bay, 25 cents or so lower than the previous
day’s bid/offer levels, but there was minimal activity in the
DES ARA delivered Europe market.
Many industry players were in New Delhi this week for an
industry conference, where Indian importers expect to be
assiduously courted by suppliers struggling to move South
African cargoes.
Indian end-users remained largely sidelined, apart from a
few, small-scale tenders, and are waiting for prices to trickle
down closer to $80/T FOB before buying.
“Indian business has been picking up recently, there’s been
an increase in spot buying but not on the level we’d expect,”
one supplier said.
Prices for FOB and DES ARA cargoes have hovered just above
two-year lows for the past several weeks with oversupply
weighing on prompt values. .
South African miner Coal Of Africa saw an 18
percent fall in its share price on Tuesday after the company
confirmed some of its staff at the Mooiplaats mine began a legal
strike.
Continued…
