Prices dropped by 2.9% to $US83 per tonne.
ANZ said talks of China’s ban for low CV imports continued to be discussed, and Indian buyers appeared to be sitting on the sidelines until any decision was made. Also, the monsoon season should hinder imports, which could weigh on prices.
“That said, India imported 16.8mt of coal in May, up 8% m/m and 45% y/y,” ANZ said.
“Indonesia accounted for about 60% or 10Mt of India’s coal imports and Australia made up for about 17% surpassing South Africa (11%).”
Port Waratah Coal Services workers in Newcatle took protected industrial action last Friday and Saturday over enterprise agreements.
The action at the PWCS started both days at 8pm and stretched throughout the night shift until 4am.
It is being co-ordinated by the single bargaining unit, which represents workers from the Maritime Union of Australia, the Transport Workers Union, the Electrical Trade Union, and the Australian Manufacturing Workers Union.
