Thermal coal is now hovering around the $77 per tonne mark.
The latest data from Australian coal exports highlights supply has yet to respond to weak prices.
“Coking coal sales rebounded at Hay Point, a key bulk exporting port in Australia, with overall shipments from Queensland's four largest coal exporting terminals increasing by 11% in August, indicating a pick-up in market activity,” the ANZ said.
“Newcastle port shipped 13 million tonnes of coal in August, beating forecasts by 10%, with export volumes growing from the expanded NCIG terminal despite continuing industrial disputes and site maintenance.”
Indonesian coal producers also appear to be reluctant to slow supply, with high throughput from newer, high-cost mines needed to service financial commitments, according to the ANZ.
“On a positive note, coal stockpiles at China's major loading ports have continued to fall in the past few weeks, on the back of increased purchases by power plants,” it said.
