Prices were unchanged in the US over-the-counter thermal coal market as it was shut out Monday for the 18th time this year.
Brokers reported a stubborn and wide bid-offer range Monday for the depressed Central Appalachian Rail (CSX) front-month contract that saw its price drop by 10.7% last week.
One market participant said the bid-offer range for the CSX front-month (November) contract stood at $35/st and $37.50/st early Monday and did not move through the afternoon. Another market player said he saw an offer as low as $37.25/st but bids were priced far away.
Platts on Monday assessed the CSX front-month contract price at $36.75/st, unchanged from Friday, based on broker marks and a lack of market activity.
The first market participant described the recent drop in the contract price as a "water slide going down." He added that the $35/st bid heard Monday would probably be the bottom of the market and he would n't be surprised if the contract next traded below $37/st.
The CSX front-month (November) contract last traded Friday for one train (11,000 st) at $38/st. The contract last traded lower on June 12 for the July front month at $37.75/st.
No activity was heard Monday for the CAPP barge front-month contract, which has not traded since September 18 at $42.50/st.
Platts assessed the contract price at $42.15/st, unchanged from Friday, based on a lack of market activity.
NO TRADES IN PRB 8,800 MARKETS
There were no physical or financial trades heard or reported Monday in the Powder River 8,800 Btu/lb markets.
Brokers did report seeing a bid at $10.90/st and an offer at $11.15/st for the PRB 8,800 front-month contract. That contract traded Friday for one train (15,000 st) at $11/st.
Platts on Monday assessed the PRB 8,800 front-month contract at $11/st, unchanged from Friday, based on broker marks and the bid-offer range.
