Over-the-counter thermal coal markets, both in Central Appalachia and the Powder River Basin sustained losses in Thursday's session, reaching intra-month lows, as a bearish sentiment intensified through the course of the day.
In the East, CAPP barge and rail, or CSX prices suffered a pullback all along the curve under heavy trading volume.
Contract prices for barge and CSX deliveries in the prompt quarter were taken down by $1.75/st and 95 cents/st to $66.50/st and $70.25/st, respectively. Long dated CY12 contracts, which were not as punished in recent down days, also encountered greater selling pressure. CAPP barge CY 12 contracts ended the day down $1.05/st to $79.05/st versus the previous day's Platts assessment. Long dated CSX CY 12 contracts also pulled back $1.20/st to $81/st.
CSX March physical traded at $70.25/st for 5,000 st.
CAPP barge April traded at $67/st for 1,000 st and 38,750 st, and $67.10 for 7,750 st. CAPP barge Q2 2011 traded at $67.25/st for five barges; $66.75 for five barges; $66.50 for five barges twice; $66.50 for 20 barges, and at $67.25 for 7,750 st. CAPP barge Q3 2011 traded at $72/st for five barges; $71.75/st for five barges; $71.50/st for five barges; $69.50/st traded three times for five barges; and $70.50 for 7,750 st. Q4 2011 traded at $73.50/st for five barges and $74.15/st for five barges.
Q2 2012 traded at $79/st for five barges; Q4 2012 traded at $81.50/st for five barges twice and $81.75/st for five barges twice.
High volume spread trading also contributed to the bids taken lower. CAPP barge Q2 2011 over Q3 2011 at a discount of $3.75/st for 7,750//st; Q3 2011 over Q4 2011 at a discount of $3.25/st for five barges, and a discount of $3.50/st for 10 barges. Q4 2011 over Q1 2012 traded at a discount of $3/st for five barges twice, as well as 10 barges. CY12 over CY13 traded at a discount of $4.75/st for five barges, and at a discount of $4.25/st for five barges. CY12 CSX financial over CAPP barge traded at a discount of $1.60/st for five over five.
In the West, Powder River Basin contracts were also involved in the day's session albeit in thin trading. PRB 8,800-Btu/lb contracts ended the session lower, with Q3 2011 and Q4 2011 taken down by 10 cents to $14/st and $14.15/st, respectively.
PRB March physical traded at $13.90/st for five trains. PRB financial H2 2011 traded at $14.25/st for 10,000 st. PRB financial CY12 traded at $14.80/st for 10,000 st.
