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Page added on September 29, 2008

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Asia Coal-Prices falls below $130 on demand concerns

SYDNEY (Reuters) – Coal prices for power generators in Australia, a benchmark for Asia, fell to a 5- month low of about $129 a tonne in the latest week, amid worries of slowing demand in Europe and China.


Reports of growing coal stockpiles at Chinese ports and power stations as well as sharp falls in freight rates more than offset news of supplies disruptions.


Thermal coal prices fell $8.32 from a week earlier to $137.30 a tonne, the globalCOAL’s NEWC weekly index showed in the week ended Sept. 27, based on prices at Australia’s Newcastle port, the world’s largest coal export terminal.


‘The market is focusing on the bearish news at the moment, such as evidence of slowing demand in China with rising coal stockpiles at ports and power plants,’ said Mark Pervan, a senior resource analyst at Australia and New Zealand (ANZ) bank in Melbourne.


Reuters



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