Newcastle’s spot thermal coal was up 6.46% on the globalCOAL NEWC index to $US73.13 a tonne for the week ending Friday.
South Africa’s Richards Bay picked up 3.72% to $59.42/t for the week while the globalCOAL DES ARA index, considered to be South African spot thermal coal prices plus freight, soared 11.56% to $65.92/t.
The rises roughly follow gains in crude, with Asia-Pacific benchmark Singapore Tapis crude closing at $75.32 a barrel on Wednesday, close to the record 2009 price of $75.79/bbl on June 19.
However, Tapis has quickly lost ground, closing last night at $66.71/bbl, suggesting that thermal coal prices are likely to come down again for this week.
