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Monday, May 25, 2020 - 5:33:34 PM
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Mining News Pro - Coal prices enjoyed a moderately volatile yet upbeat week, at least for API#4, although the RB1 discount widened a little. Rand strength also means that domestic prices are lower.
The wider energy complex stabilised with oil prices moving higher, although natgas is still suffering from oversupply.
Australian producers are concerned about China mandating state-owned power plants to favour domestic coal versus Australian imports, in escalating trade tensions between the two countries.
Chinese domestic prices moved higher, allowing FOB Newcastle to follow close behind. Spot RBCT paper is trading slightly above Newcastle as buying interest firms up, although in a move seen to favour domestic Indian coal production (with ash typically above 40%), India’s Ministry of Environment has done away with the requirement for utilities to only use washed coal.
The price pain for local producers is starting to be felt with mines such as Kangra being placed on care and maintenance, although this is partly as a response to Covid-19 production constraints as well.
From 1st June most mining operations can get back to normal production rates although strict health measures need to be in place.
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