SG:Euro steam coal tracks oil and power and gas in thin trading
Reuters reported that physical prompt coal markets saw little activity on Thursday as most traders were bridging the gap between the Christmas and New Year weekends and in the absence of spot trades to give price direction bids and offers moved largely sideways.
No physical trades were heard, but February South African Richard Bay cargoes were bid at USD 105.25 a tonne and March cargoes saw a bid/offer range of USD 105.25/ USD 106.75 which was within the range of the previous day.
With oil, gas, and wholesale European power prices all dropping on Thursday, coal traders said that the expectation tended to falling coal prices, once trading resumes next week.
Oil dropped from around USD 108.50 a barrel on Wednesday to USD 107 on Thursday afternoon. Gas prices were also down with the UK NBP summer 2012 gas contract below 55 pence per therm for the first time since early February.
