Newcastle prices take a breather

The rapid escalation in prices paid for spot Newcastle steam coal traded out of Newcastle, New South Wales appears to have halted late last week.

“It’s the first fall in Newcastle prices which have been on an upward trajectory for weeks,” said coal market analyst Andrew Harrington at Australian stockbroker Patersons Securities. Newcastle spot prices had been gathering momentum since early April when Japanese utilities fixed their 2008 fiscal year coal contracts at $125/mt and peaked at close to $200/mt FOB last week.
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• Australia Thermal GlobalCOAL trades in past week.
Trade Delivery Lots Total US$/t FOB
Phys Newc Sep’08 1 15kt 185.00
Phys Newc Oct’08 1 15kt 184.00
Swap Newc Jul’08 11 55kt 194.04
Swap Newc Sep’08 1 5kt 189.00
Swap Newc Oct’08 1 5kt 187.00
Swap Newc Q3’08 7 105kt 186.43
Swap Newc Q4’08 1 15kt 189.00
Swap Newc 2009 1 60kt 176.50
Swap Newc 2011 3 180kt 178.50
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