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European coal prices edge lower on weak demand for October

European physical coal prices for October delivery fell on Friday as healthy supply and expectations of weak demand from utilities kept a lid on prices despite fears over Russian energy exports to Europe.

Cargoes for delivery in October to Amsterdam, Rotterdam and Antwerp (ARA) traded at USD 78.20 a tonne on the globalCOAL trading platform by 1450 GMT, down 15% from Thursday’s settlement.

The contract, which was the only ARA coal contract to trade by Friday afternoon, hit a high of USD 78.45 per tonne in the day.

A coal trader said that “There was probably some short covering,” adding that fundamentally demand for coal is still weak.

Most utilities are thought to be well stocked with coal after an unseasonably warm winter led to lower demand for electricity production across Europe.

Thermal coal prices for September delivery at Australia’s Newcastle port, an Asian benchmark, rose 15% to USD 69.15 per tonne, while the November contract gained 20% to USD 71.20 per tonne.

Source – Reuters


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