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Freight rates continue to underpin Turkish steam coal prices

Coal News - Published on Tue, 26 Dec 2017

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Plats reported that spot Turkey delivered thermal coal prices inched up in the week to Friday supported by firm dry bulk freight rates given the lack of liquidity in the market.

S&P Global Platts assessed the weekly CIF Turkey 6,000 kcal/kg NAR 90 day price at USD 101/mt Friday, up USD 1 on week.

Rising freight rates to Turkey from Black Sea ports, Colombia and the US have fed into prices on a CIF basis to such an extent that some consumers said they would rather source domestic material where possible.

Platts Panamax Hampton Roads-Isdemir freight price was assessed at USD 14.50 per tonne Thursday, up USD 1.75 on the month.

Market sources said the stalemate of a wide bid-offer spread continued in the market.

A Switzerland-based trader said that “Consumers won’t pay much over USD 100 per tonne CIF.”

The source said producers were keen to keep prices over USD 101 per tonne CIF explaining Panamax freight from Baltic ports to Turkey is now around USD 17 per tonne, up from USD 14 per tonne six weeks ago.

A Turkey-based trader said he had not seen any major tenders in the market recently.

Another Switzerland-based trader, adding some power plants were still in need of material for 2018 said that “I think some buyers are reluctant to take positions until they see what happens to the market in January.”

The source gave fair market value for a Panamax shipment at USD 101 per tonne CIF.

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Posted By : Rabi Wangkhem on Tue, 26 Dec 2017
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