Prices of high-quality Indonesian coal were steady this week on good demand, although ample supplies continued to put pressure on Indonesian sub-bituminous coal, traders said. Thermal coal prices on the globalCOAL Newcastle weekly index, a benchmark for Asia, rose $2.29 to $71.83 a tonne from $69.54 a tonne in the previous week, pushed up by demand from South Korean utilities and gains in crude oil, traders said.
Indonesian bituminous coal of 6,300 kcal/kg air-dried basis (ADB) was offered steady from last week at $57-$58 a tonne, FOB vessel from Kalimantan. "There are some producers trying to offer at $60 a tonne but buyers won't budge. But most Indonesian high-calorie coal has been sold out and producers are well-covered," said a regional coal trader.
Chinese buyers were still in the market for spot sales, which offered support to Indonesia coal, aside from demand from South Korean utilities, the trader said. A 30,000-tonne parcel of Australian coal for delivery in November was traded at $72.50 a tonne on Wednesday while a 25,000-tonne parcel for delivery in 2010 was sold at $78.50 a tonne.
Indonesian sub-bituminous coal with a heating value of 5,500 kcal/kg ADB was offered at around $31 a tonne, FOB vessel, down from $33 last week due to ample supplies.
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