Market overview from globalCoal for March 13
Wednesday, March 14 2012 - 12:54 AM WIB
Physical coal values came off again today, with May loading Richards Bay tonnes changing hands at $103/t FOB this afternoon - down $0.25/t on a deal concluded yesterday for the same tonnage and loading. Newcastle values were better maintained however, with a panamax of April loading material trading at $104.25/t FOB, having been offered at $104.20/t yesterday for 40kt. Oil prices posted a gain today, with front month Brent crude gaining $1.04/bbl near close of play to sit at $126.38/bbl. Wall Street stocks almost touched post financial crisis highs during the session, on the back of continued hope in the US economy as well as positive expected global corporate earnings reports.
Newc continued its decline with June bid/offer down $0.50/mt to $104.50/$108.50. According to market participants, the tightness prevalent in the first quarter has disappeared as output recovers. With a lack of demand and more high cv coal from US/Colombian trying to find its way to the Pacific market, there is significant downward pressure on Newc market.
globalCoal trades this week
| Product | Expiry | Price | Volume | Origin | Delivery Point | EFP | |
| 12/03/2012 | Phys RB1 | May'12 | $103.25 | 5,0000 | |||
| 13/03/2012 | Phys NEWC (FOB Newcastle) | Apr'12 | $104.25 | 50,000 | |||
| 13/03/2012 | Phys NEWC (FOB Newcastle) | Apr'12 | $104.25 | 25,000 | EFP | ||
| 13/03/2012 | Phys RB1 | May'12 | $103.00 | 50,000 | EFP |