With this week’s figures to be released on Monday, last week had the globalCOAL NEWC index diving 14.44% to $US65.32 a tonne.

This morning, Macquarie noted the continuing decline of semi-soft coking coal exports through the Port of Newcastle, with February throughput of 727,000 tonnes representing 10.6% of total shipments, compared to shares of up to 19% throughout 2008.

The investment bank also said the average export price of Vietnamese anthracite in January was $US54/t, down from a peak of $US146/t in November.

“The decline has been driven primarily by sharply lower demand in Japan, where the material is used as sintering fuel for iron ore and for pulverised coal-injection coal,” Macquarie said.

“As in Newcastle, the drop-off in metallurgical demand has seen more coal flow into the thermal market.”