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Newcastle’s spot thermal coal continued to fall, ending 3% down to $US72 a tonne for the week ending Friday.
South Africa’s Richards Bay spot thermal prices were just 30c lower, ending at $63.45/t for the week, while the globalCOAL DES ARA index, considered to be South African spot thermal coal prices plus freight, shed 1.31% to $70.72/t.
In a commodities update, ANZ noted that China’s coal imports were at 13.9 million tonnes in July, a 13.6% drop from the previous month.
China has imported unprecedented amounts of coal this year, and ANZ said July’s imports were still more than four times those of last July.
But the bank’s commodity analysts also said Chinese thermal and coking coal production increased 8.7% year-on-year for July, with many of the closed smaller mines reopening.
Chinese government authorities have implemented a new safety regime this year, forcing many small coal mines to close and triggering the nation’s record level of coal imports.
