Coal news and updates

Europe thermal coal prices decline on low demand

European and Australian physical coal prices fell on Monday due to continued low demand.

European coal for delivery in January to Amsterdam, Rotterdam and Antwerp (ARA) edged down by 10 cents to $73.50 a tonne at 1623 GMT on the GLOBALcoal platform, while cargoes for December delivery were flat at $74.75 a tonne.

"There's not much demand around anywhere right now. The European winter looks mild so utilities aren't buying much and Australian prices have been around 2009 levels for a while," one European coal trader said.

In the Australian market, cargoes for delivery in November from its Newcastle terminal were down 50 cents at $63.00 a tonne on GLOBALcoal and December cargoes declined by 20 cents to $64.25 a tonne.

Cargoes for January, however, were 25 cents higher at $64.75 a tonne.

India's antitrust regulator on Monday ordered Coal India Ltd to change the way it supplies coal through certain online auctions, ruling that the current methods were abusing the company's dominant position.

Coal India holds a monopoly on commercial coal mining, accounting for more than 80 percent of India's total production.

India's Jindal Steel and Power Ltd said on Monday the Indian federal police were investigating the granting of a coal mining licence block to the company.

The company's statement late on Monday was in response to media reports that the Central Bureau of Investigation (CBI) was investigating accusations that it paid bribes to secure coal blocks.

Source: Reuters