Market overview from globalCoal for February 20

A slow start to the week saw sparse bids and offers in the physical market, with paper values fairly unchanged on the whole. Paper saw around $0.10/t inched from the Cal 13 contracts of the three main hubs, while physical saw DES ARA values remain fairly unchanged. Richards Bay tonnes were bid up to $108.25/t by close of play - up $0.50/t from Friday's bid level. While European equities markets waited for the finalisation of a potential Greek bailout package, markets edged higher in anticipation, while oil also gained, with front month Brent up $0.59/bbl to sit at $120.17/bbl near close of play.

A quiet start to the week. May'12 phys newc was offered at $116/mt, a dollar higher than the previous session as the prompt period is still likely to remain tight with the lost production in Q1 taking its toll. In China, burn rates are recovering but high stockpiles and port congestion remain key barriers to imports. To alleviate port congestion, the Chinese government has made it mandatory for importers to show back-to-back contracts with end-users before they could bring in the vessels.(*)