Indonesian thermal coal prices remained largely stable Tuesday as many market participants in Indonesia were away from their desks due to Ramadan holidays set to last until August 4, sources said Tuesday.
Platts assessed the price of FOB Kalimantan 4,200 kcal/kg GAR coal at $36/mt and FOB Kalimantan 3,800 kcal/kg GAR at $30.10/mt, both unchanged from Friday. There were no assessments published from Singapore on Monday due to a public holiday.
Platts also assessed the daily 90-day prices for FOB Kalimantan 5,000 kcal/kg GAR coal at $49.90/mt and FOB Kalimantan 5,900 kcal/kg GAR coal at $64.80/mt, both unchanged from Friday.
A Singapore-based trader said that he was looking to buy some Indonesian 4,200 kcal/kg GAR coal for August loading, but counter offers were not immediately available.
There is buying interest from power plants based in South India for 4,200 kcal/kg GAR coal for Supramax cargoes at $47/mt CFR east coast India, an India-based trader said.
An India-based end-user source said prices of lower-grade coal have "reached the bottom" with a possible further downside of only about $0.50-$1/mt.
A second Singapore-based trader said that he heard three Panamax cargoes of 3,800 kcal/kg NAR -- 4,200 kcal/kg GAR -- coal were sold to China at $37.50-38.10/mt FOB for August loading last week although the actual deal price could not immediately be ascertained.
The India-based end-user source said that he was being offered Supramax cargoes of 4,200 kcal/kg GAR coal at $36-37/mt FOB for August loading.
HOLIDAYS AFFECT LOADING
"There are a few traders looking for prompt shipments of 4,200 kcal/kg GAR coal but there are very few offers being seen due to Ramadan holidays in Indonesia," a Dubai-based broker said.
Loadings in Indonesia would not resume until after August 4 either because of the holidays, he said.
He said Indian bids were coming in at $36/mt FOB for prompt cargoes of 4,200 kcal/kg GAR coal for geared vessel loading.
He said demand for 3,800 kcal/kg GAR coal was muted because very few bids were being reported at about $29/mt FOB while offers were at $31/mt FOB from South Kalimantan miners.
The India-based end-user source said that some major traders were continuing to buy 3,800 kcal/kg GAR coal for blending purposes under term contracts.
However, he said deals were hard to come by in the spot market, with offers coming in at $31/mt FOB while bids were being heard at $30/mt FOB.
He said he was offered a Supramax cargo of Indonesian 5,600 kcal/kg GAR coal at $60/mt FOB for August loading, but counter bids were not immediately available.
