Combined coal stocks at three delivery terminals in western Europe?s Amsterdam-Rotterdam-Antwerp trading hub posted their third consecutive week of gains Wednesday, pushing a further 6% higher on the week to reach 2.9 million mt, according to data gathered from port sources.
The volume was down 47% below stocks registered during the same week of 2015 however, and marked the fifth week where inventories had been below 3 million mt.
Several port sources said the build in stocks was not unexpected, as more arrivals had been booked for the month following a flurry of trading for June-delivery which would likely continue into July, despite the onset of the summer season.
Combined coal stocks at the EMO Dry Bulk Terminal gained 100,000 mt over the week to around 1.3 million mt, the highest for four weeks, although this remained 1.2 million mt lower than the same week of 2015.
The OVET Dry Bulk Terminal in Vlissingen also showed a slight build of 70,000 mt over the week, with combined coal stocks at 480,000 mt, which was the highest at the facility for seven weeks, although it remained 112,000 mt lower than the same week in 2015.
OBA Bulk Amsterdam's terminal was the only facility to register steady inventories on the week at 1.15 million mt. The volume was 1.5 million mt below levels seen at the terminal a year earlier.
European-delivered thermal coal spot prices have continued to rally over the week, pushing above $60/mt on persistent buying interest from at least one utility buyer and positions in the futures market, according to several sources.
S&P Global Platts assessed the price of European-delivered CIF ARA thermal coal basis 6,000 kcal/kg NAR and for delivery within the next 15-60 days at $60.20/mt Tuesday, up $4.20 on the week.
