today's report:
just in in-tray (sure glad we got 6 cargos through in the nicking scratch of time before anyone get wise about renegotiating anything foolish:0)
re: Coal info
China's port prices have plummeted across the board in November, and suppliers have finally also accepted huge cuts in ex-mines levels, as domestic demand continues downwards.
At Qinhuangdao port, the price of high-quality material had by yesterday slumped $41.00/t to $90.80/t FOB, basis 5,800kc NAR, from $131.85/t FOB on October 30. The mid-quality product is now priced close to $85.00/t FOB, basis 5,500kc NAR, having dropped $38.80/t from $123.80/t FOB on October 30. And the low-quality coal had slid $33.70/t to $71.80/t FOB, basis 5,000kc NAR.
Stockyards at ports and generators are overflowing, and producers have at last slashed mine prices. In Shanxi, ex-mine prices have slumped $44.00/t FOB since the end of October to hit $70.35/t-$73.25/t FOB, basis 5,800kc NAR yesterday, and $41.00/t lower to $66/t-$68.90/t FOB, basis 5,500kc NAR. The lowest quality product was yesterday priced at $60.10/t-$61.50/t FOB, basis 5,000kc NAR, versus $82.10/t-$83.50/t FOB at the end of October.
And sliding freight contributed to cuts in delivered prices to the southern consumers, but further steep falls are expected as the northern price drop has not yet been fully factored in.
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