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The globalCOAL NEWC index decreased a mere 0.81%, closing at $US75.96 per tonne for the week ending Friday.
In its latest weekly performance report, Hunter Valley Coal Chain Logistics Team said this month’s producer forecast arrivals are 7.1 million tonnes, down 300,000t from the previous forecast and below the declared capacity of 7.7Mt for the month.
“The vessel queue is expected to be in the low 30s at the end of August based on this forecast,” the organisation said.
Last month vessel queues were as high as 48, while the current queue is 32 vessels.
South Africa’s Richards Bay prices increased 3.73% to $64.73/t, while the globalCOAL DES ARA index, considered to be South African spot thermal coal prices plus freight, climbed 4.12% to $70.49/t.
As reported by Dow Jones Newswires, Citi Group analyst Alan Heap said Chinese imports were weakening and he forecasted this to continue over the second half of this year, but expected the country to be a net importer of coal next year.
In a sign that energy prices are gaining momentum, Singapore Tapis crude set a new 2009 record of $80.41 a barrel on Thursday, while West Texas crude oil reached $71.94/bbl, not far off its 2009 record of $72.69/bbl achieved in June.
