Chinese utilities issue imported low CV thermal coal tenders

Several Chinese utilities are heard to have issued tenders for purchase of imported coal for September delivery. Most of the tenders are of low-CV coal ranging between 3000-5000 kcal/kg NAR. Despite sufficient stock at power plants, a decline in freight rate of panamax vessels was the reason behind active overseas coal inquiries. Traders expect that the awarded price of these vessels would be lower considering the increased availability of Russian coal in the Chinese market.