Market overview from globalCoal for March 20

Physical coal markets continued their quiet start to the week as the market looks for direction. On paper markets there were some signs of activity and in general the market was broadly lower as coal prices tracked weaker oil and gas markets. Brent fell through the day helping add to the bearish tone, finishing lower by ~$2/bbl to $123.75/bbl as Saudi Arabia announced that it could boost output by 25% if required. The Cal13 API#2 market was off ~$0.30, API#4 lower by ~$0.20 and the swap NEWC lower by ~$0.20.

There was subdued buying interest from India for RB even though a couple of traders showed some interest at sub $103/mt FOB levels . Last week's removal of customs duty is yet to generate any traction in the present bearish market.(*)