LONDON, Sept 14 (Reuters) – Indian spot buying of thermal
coal has been slow to revive after the seasonal monsoon hiatus
of June-September but some tenders are being issued now that
South African prices have fallen close to a two-year low,
suppliers said.
“The big tenders still haven’t come out yet, which usually
spurs some buying but there’s definitely more spot interest and
the lower prices are helping,” one major supplier to the Indian
market said.
Aluminium smelter Hindalco is seeking two panamax
cargoes of South African coal under a tender which closes next
week, while Jaypee Cement has bought four South African capes,
they said.
Prompt South African prices were trading at around $83.50 a
tonne on Friday, having dropped to $82.50 on Thursday for a
small parcel for almost immediate loading.
Prices hit a two-year low of $81.65 in June but have crept
into a higher range since then while remaining under short-term
pressure due to tepid spot buying in both Asia and Europe.
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GRAPHIC: S.Africa’s coal exports with breakdown of China,
India shipments: r.reuters.com/byx89r
GRAPHIC: FOB Richards Bay South African coal prices – here
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(Reporting by Jacqueline Cowhig; editing by James Jukwey)
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