中文
Indonesian thermal coal prices were range bound but with downward bias, as buying enthusiasm from top destination China eased.
On March 1, Indonesian miners maintained their offer prices at $82/t FOB for late March-loading Panamax 3,800 Kcal/kg NAR cargoes, while some April-loading cargoes of this grade were offered below $80/t at $78-79/t FOB, according to traders.
This came along with the cooling of China's domestic thermal coal market, with utilities staying out of the market after a round of purchases.
The decline in domestic prices weighed on the sentiment in the overseas market. Some utilities awarded seaborne imported cargoes with lower prices.
A state utility awarded a 3,800 Kcal/kg NAR cargo at 659 yuan/t DDP with VAT, netting back to $75/t FOB Kalimantan on a Panamax basis. The price was lower than 684 yuan/t for the same grade awarded by a Fujian-based trader a day earlier.
A Guangdong-based power producer awarded some March-April Panamax 3,800 Kcal/kg NAR cargoes at 672-694 yuan/t DDP with VAT, netting back to $77-78/t FOB. This compares with awarded prices of around 720 yuan/t last week.
Despite expectations of a price fall in the near term, traders were confident of the market after China's "Two Sessions" meetings.
"This year may see a repeat of the heatwave and drought this summer, posing challenge to hydropower generation. Power plants may need to advance their pre-summer restocking," a Shanxi-based trader noted.
On March 1, Fenwei assessed Indonesian 3,800 Kcal/kg NAR thermal coal at $89.5/t CFR South China, down $0.5/t from a day ago; on a FOB basis, this grade was assessed at $79.5/t, sagging $0.5/t as well.
Indonesian 4,700 Kcal/kg NAR thermal coal were assessed at $112/t CFR, flat from a day ago. The FOB price for this grade was also assessed unchanged at $104/t.
(Writing by Alex Guo Editing by Tammy Yang)
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