Market overview from globalCoal for May 17

Another quiet day in the coal world saw very little price movement. August DES tonnes were bid slightly higher than yesterdays levels, by around $0.50/t. Paper was also quiet, with Cal 13 API2 off around $0.75/t, while the same contract on API4 was off to a similar degree. Oil took another hit today, with front month Brent crude slipping $1.31/bbl near close of play to sit at $108.44/bbl. Stocks took hits across the board, with the continued Eurozone fears once again the ongoing catalyst.

Greek Tragedy continues to send ripples across Asia especially India where the INR fell to an all-time low against USD equating to a 22 pct. drop in value since start of Year. Again RB bids were few and far between as cement majors seem to have deferred their purchases anticipating that there would be some stability in INR-USD exchange rates in the coming days. On the Indo front NTPC also deferred their 5 MT tender opening till 23rd May owing to the sharp depreciation in INR.(*)