Prices of thermal coal delivered into Turkey were steady last week, as limited buying interest for prompt cargoes effectively offset the tighter supply seen across much of the region, sources said.
Platts assessed the weekly CIF Turkey 6,000 kcal/kg NAR 90-day price unchanged on the week at $52/mt Friday.
Higher FOB and Europe-delivered prices had enabled sellers to hold their offers steady, despite there being no new demand from buyers in the country, sources said.
Buying interest for June had all but diminished, with utilities drawing down on existing inventories to avoid the higher prices seen in recent weeks.
Demand was expected to re-emerge for July, however, with several tenders from buyers including Atlas Enerji, Izmir Demir Celik (IDC) and Eren Enerji anticipated, according to several sources.
"Some utilities will be looking to fill shorts from July onwards," a Turkey-based trader said. "I anticipate we will see demand for at least two to three cargoes in the next few weeks, once the prices have come off a bit."
With the arbitrage between Colombia and Asia beginning to close, a few sources anticipated that material would be redirected back into the Turkish market, causing offers to fall.
However, a trader cautioned that prices might be able to hold around current levels if buyers were to return to the market seeking cargoes at the same time, creating more competition.
"Colombian volumes are available but not so competitive against Russian volumes right now," a trader noted, adding that it was still difficult to find cargoes for resale in the current market.
