Thermal coal regained grounds
Thermal coal spot prices in Newcastle Port, Australia, key benchmark for Asian market, closed substantially higher by 1.5% for the week ended December 18 at US$81.06 per ton.
This is the first week of gain after three consecutive weeks of insignificant correction. Meanwhile, thermal coal spot prices in Richard Bay, South Africa edged up 4% to US$72.7 per ton, and those in Western Europe increased 2.4% to US$78.65 per ton.
Still, coal spot prices are way below their 2008 peak. In fact, the Richard Bay index lost 13.6% this year, while ARA index declined 7.5%. Newcastle, meanwhile, only lost 0.5% which may a sign of relatively stronger recovery in Asian market this year.