SGX M42F Thermal Coal - Daily Update 23 March 2020
Tuesday, March 24 2020 - 06:02 PM WIB
March month-to date:
Futures volume at 445kt, Open interest at 523kt
Total volume since January 2020: 897kt
Physical
Reported activity was limited today in Asian thermal markets, as participants adjust to continued weak demand. Indonesian prices have been among the hardest hit amid the current economic weakness arising from the COVID-19 outbreak. And while falling oil prices are likely to offer some relief to miners in terms of reducing their costs, the current trajectory is giving them cause for concern. For low-rank material, at bid was reported at $30.50/t FOB, basis 3,800 kc NAR, for a geared vessel loading in April. An offer was also heard for similar material, loading in at May at $33.50/t FOB, basis 3,800 kc NAR, in a geared vessel.
Paper
It was a quiet start to the week for paper markets in Asia. M42, listed on SGX, was bid for March at $32.30 and offered at $32.55. April was bid at $31.60 and offered at $32.00, while May was bid at $30.50 and offered at $32.25. A bid for June was also reported at $30.00. Open interest for M42 reached a new record at close of business last week at 523,000 t.
Source: IHS McCloskey