Few spot deals were heard in the Indonesian thermal coal market, as limited buying from China and India continued to fuel bearish market sentiment, sources said Thursday.
"There are hardly any firm bids across the market. The buyers are purchasing on a as-and-when required basis," an India-based trader said.
Another India-based trader said the offer price for a Supramax cargo of 3,800 kcal/kg GAR coal for August or September loading was at $30/mt FOB.
He said the Indonesian market had stagnated because of limited buying interest from China and India.
"This situation will likely remain the same for the next two to three months," he said.
An Indonesia-based producer reported a recent trade of 80,000 mt cargo of 5,700 kcal/kg GAR to India for loading in Q3 at the low $60/mt FOB level.
"The market had gone very bearish," he said.
The Indian trader reported an offer for an August-loading gearless vessel cargo of 5,000 kcal/kg GAR at $51-51.25/mt FOB, while an end-user had indicated an offer at $49/mt FOB but was prepared to negotiate at $50-50.50/mt FOB.
He also said an Indian power plant was looking for an August-loading Capesize cargo of 5,000 kcal/kg GAR coal at $57/mt CFR. He placed the Capesize freight rate from Indonesia to West Coast India at $7-7.50/mt, putting the FOB price at $50/mt.
An India-based end-user said the offer price for an August loading gearless cargo of single mine 5,000 kcal/kg GAR coal with low sulfur was at $53/mt FOB, while blended coal was offered $1-1.50/mt lower.
The source said a distressed cargo of Indonesian 5,000 kcal/kg GAR could be offered at $49.75/mt FOB.
Meanwhile, a Singapore-based trader said there were ample stocks of 4,200 kcal/kg GAR, keeping the price for this grade range-bound despite some demand from Indian buyers.
A third India-based trader said he heard offers for geared vessel cargoes of single-mine 4,200 kcal/kg GAR for end-August or September loading at $37/mt FOB, but bids ranged from $35-36.50/mt FOB.
The first India-based trader said a Panamax cargo of 4,200 kcal/kg GAR coal for August loading was heard sold to a Chinese buyer at $37.25-37.50/mt FOB.
A 65,000 mt Panamax cargo of 3,800 kcal/kg NAR -- 4,200 kcal/kg GAR -- for September loading was offered at $38.50/mt FOB, as heard through broker Marex Spectron.
Platts assessed the price of FOB Kalimantan 4,200 kcal/kg GAR coal at $36.30/mt, down 10 cents on the day, and FOB Kalimantan 3,800 kcal/kg GAR at $29.90/mt, stable on the day.
Platts also assessed the daily 90-day prices for FOB Kalimantan 5,000 kcal/kg GAR coal at $49.50/mt, down 10 cents, and FOB Kalimantan 5,900 kcal/kg GAR coal at $63.90/mt, down 10 cents.
