Market overview from globalCoal for November 23

Value drifted lower today, with December Richards Bay tonnes trading at a low of $100.75/t FOB, down from Monday's deal at $103.50/t FOB. The same was true in the European market, with January tonnes changing hands at $112.25/t - down from the last deal at $115.75/t. Paper also lost ground, with cal 12 API2 falling by around $1/t, while the same contract on API4 fell by nearer $0.80/t. Oil followed coal's downward trajectory, with front month crude tumbling $1.93/bbl to sit at $107.10/bbl near close of play.

The week to date has seen the INR hit an historic low against the US dollar, creating difficult conditions for coal importers in India who are suddenly staring at a potential escalation of 15 pct.(July - Nov.). Only critical imports are taking place so far, with one large cement producer concluding a Dec. RB1 cargo ~ US$ 120 CFR. (*)

globalCoal trades this week

	Product	Expiry	Price	Volume	Origin	Delivery Point	EFP
21/11/2011	Phys RB1	Dec'11	$ 103.50	50000			EFP
23/11/2011	Phys NEWC Index	Q1'12	-$ 0.10	75000
23/11/2011	Phys ARA (DES)	Jan'12	$ 112.25	50000	ACPRS	Amst	EFP
23/11/2011	Phys RB1	Dec'11	$ 100.75	50000
23/11/2011	Phys RB1	Dec'11	$ 101.50	50000