The globalCOAL NEWC index hit $US62.10/t, up a mere 0.65% for the week ending last Friday.

In the same period, South Africa’s Richards Bay spot prices are continuing to slide as the globalCOAL RB index sank 1.4% to $US55.40/t.

The globalCOAL DES ARA index, considered to be South African spot thermal coal prices plus freight, told a different story as it rose 3.4% to $US59.67/t.

Reflecting a jump in Chinese thermal coal demand, Bloomberg referenced national customs data as it reported the nation lifted imports 73% to 4.88 million tons in February compared to the same month in 2008.

The news service also cited a Shanghai Securities News that said three Chinese power utilities imported 390,000t of coal from Russia and Indonesia in February.

Last week, Japanese utility Chubu Electric was widely reported as settling thermal coal import contracts with Xstrata Coal and Rio Tinto for the upcoming Japanese financial year at $US70-72/tonne .

The Chubu deals represent a 42-44% discount to premium thermal coal export prices of $US125/t achieved last year.

Japan traditionally pays a premium for thermal coal that meets the stringent requirements of its power plants.