Friday, January 08, 2010

Thermal coal prices surge 12.8%

Thermal coal spot prices for the week ended January 8 in Newcastle Port, Australia---a benchmark for Asia---closed at US$95.61 per ton, surged 12.8% from the previous week. This is the highest level since late 2008 and the biggest weekly gain so far. It has triggered speculation on coal stocks worldwide.
According to data released by GlobalCoal, the world's leading online coal trading platform, thermal coal spot prices (monthly average) in September 2009 was US$68.16 per ton. So, this week's price is 40% above September. Once parcel has reportedly sold at US$100 per ton. Still, the current weekly price is 51% below its peak in 2008 when crude oil was around US$147 per barrel.
Richard Bay Index, South Africa, has also surged from US$60 per ton in September 2009 to US$80.6 last week or a 33.3% gain, while ARA Index (Europe) increased from US$67/ton in September 2009 to US$84.16 per ton last week.
Bumi Resources and Adaro Energy gained substantially by 7.41% and 6.52% today with combined trading value above Rp2.37 trillion or about US$250 million. BUMI has gained almost 20% this week. 
Xstrata, the world's largest thermal coal exporter, has gained 58% since September 2009. Shenhua, China's giant, surged 30% in the same period. 

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