Reuters reported that prices of thermal coal in Australia, a benchmark for Asia, jumped to nearly USD 80 a tonne this week, while Indonesian producers turned to local buyers amid slow overseas demand, particularly from Indian buyers.
Thermal coal prices on the globalCOAL Newcastle weekly index rose USD 3.41 to USD 78.87 a tonne, from USD 75.46 a tonne in previous week, on firm spot demand from South Korea and expectations of lower supply from Australia.
Indonesian bituminous coal of 6,300 kcal/kg ADB was offered at around USD 57 a tonne, FOB mother vessel, compared with USD 60 a tonne early this month.
Despite the rising Newcastle index, spot prices for Indonesian bituminous coal were softer as Indian buyers preferred to buy South African coal to take advantage of falling freight rates and cheaper prices.
Source : Reuters