Thermal coal prices rally on Colombian sentiments
Reuters reported that physical European prompt thermal coal prices rallied further by USD 1 a tonne on Tuesday to USD 95, the highest level since April 19, boosted by Colombian force majeures
South African FOB prices rose more steeply by USD 4 to around USD 92, the highest since late June, but no fresh trades were reported.
A September loading South African cargo was bid at USD 91.00 and offered at USD 90.90, a rise of USD 4.00.
An October cargo was bid at USD 91.50 and offered at USD 92.50, also up USD 4.
An October DES ARA cargo was bid at USD 95.75 and offered atUSD 96.75, up USD 1.00
Calendar 2013 swaps prices reached USD 100 to USD 102 a tonne, a level that is likely to draw out fresh offers from sellers who could not make a profit at $82-$88 a tonne, the price range seen for most of the past two months.
There is a growing consensus that the market has seen the lowest prices it is likely to this year and that they will recover gradually in the next several months.
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