* Nov S.African offered again at $80/T after early trade
* Prompt Newcastle cargo trades at $76/T
(Adds quote, graphic)
LONDON Oct 15 (Reuters) – A November loading panamax cargo
of South African coal traded at $80.00 a tonne FOB Richards Bay
on Monday on the globalCOAL electronic trading platform.
It was the lowest traded level since end-December 2009,
traders said. Coal prices hit a two-year low of $81.65 in June
because supply growth outpaced demand.
“After the trade at $80, it has been offered on at the same
price and I fully expect by Wednesday to see Richards Bay trade
at $76,” one market participant said.
“There’s just so little demand and a lot more coal needs to
be sold,” he added.
A prompt cargo of Australian coal traded on Monday at $76.00
a tonne FOB Newcastle, which some players took as an indicator
of weakness in the Pacific market.
Indian spot buying has been slow to revive after the
June-September monsoon season, and this has been a major factor
in the current coal price slide, traders and producers said.
Continued…
