Market overview from globalCoal for January 04

The market continued its tentative start to the year today, with only February DES heard trading, at 110.25/t, up from yesterday's best offer of $110/t. Prompt Richards Bay markets also inched higher on the bid side, though offers remained scarce. Paper values were mixed, with Cal 12 API2 fairly unchanged, while the same API4 contract gained around $0.50/t. Oil also posted a slight gain, with front month Brent up $0.40/bbl to sit at $112.53/bbl near close of play

Interest in March phys newc picked up during Asian hours with a tight bid/offer spread of $112/112.50 in 70kt, and later on a bid at $112.75/mt but for 25kt. Despite the bearish sentiment of demand from China we are still seeing bids for prompt 5500 NAR material, though offers are not forthcoming.(*)