Coal news and updates

Buyers testing new levels on eve of Chinese New Year holidays

January 20: Buyers in international coal markets are testing new levels in anticipation of a sharp fall in enquiries once the Chinese New Year holidays commence from the week beginning January 26, an official from a leading coal miner said.

"Chinese enquiry is still present, but buyers are testing levels post New Year holidays," the official said when asked whether Chinese enquiries have faded because of the low prices of coal in their domestic market.

This will be the last week before the Chinese buyers go on holiday.

"However, it is assumed that most major Chinese buyers had covered the majority of their near-term or January-February requirements before Christmas," the official added.

Commenting on enquiries from India, the official said, "Indian buyers are sensitive to the current high RB1 price levels. Many have sought 5,500 NAR material for February loading. However, availability is tight as much was placed into China during November and December."