Euro Coal-Jan DES ARA trades at $77.10/T

Mon Nov 9, 2009 4:25pm GMT
 
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* Jan DES ARA cargo trades at $77.100/T, up 10c

* Indian traders bid up Richards Bay Q1 prices

LONDON, Nov 9 (Reuters) - Prices of prompt physical coal cargoes were little changed again on Monday after a day of quiet trading.

Coal swaps values were slightly higher, particularly in the prompt months, but physical prices were slow to react to the swaps rise.

Activity was fairly muted in the European market and for FOB South Africa cargoes, traders and utilities said.

Utilities are still focused on negotiating tonnages for 2010 with producers and are looking at prices flat to the API2 index.

Indian buyers have been quietly seeking December, January and February loading South African cargoes. Prices have risen around $2.00 during the past few days as a result.

Indian buying is likely to remain the most significant price-supporting factor for South African coal in 2010. India accounts for over 30 percent of South Africa's coal exports [ID:nL9468722].  Continued...

 

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