The European-delivered CIF ARA physical thermal coal market slipped further Monday morning, as the January market traded for the first time.
The 50,000 mt generic-origin DES Amsterdam-Rotterdam cargo went through via the globalCOAL screen at $85.85/mt between a Switzerland-based trader and a northwest European utility.
The deal was 20 cents below Platts 90-day assessment from Friday, although much lower than the best bid-offer range of $87-87.75/mt reported Friday in the voice-brokered market.
Trading sources have been continually citing an oversupply of coal in the global seaborne market as the primary downward driver of prices. Sources said demand in Europe has remained strong throughout the summer months, with coal-burn high, although this has not been enough to soak up all the tonnage available.
