>> Indian domestic coal buyers should brace themselves up for spending more in coal purchases in the E-auctions as the uptrend in the international prices will raise the price in the auctions, some market experts believe. Heavy rains in Indonesia and the imminent rainy season in Australia will tighten international supplies, to lead to price upswings in the international markets. In India, the demand from the sponge iron manufacturers is set to rise due to the better industry prospects.
In India, coal prices in the E-auctions are expected to cross INR 1,700/MT after Jan’18. The coal prices in the last E-auctions were at around INR 1,650/MT.
>>The management of the world’s biggest coal handling port—Newcastle—in Australia is considering for diversifying from coal to other commodities as the long term outlook for the coal market is under threat. The port had handled 161 MnT of coal in the last year.
>>The National Australia Bank said that it is going to no longer financially support thermal coal projects. However, the bank maintained that it will continue to extend its support to the existing thermal power projects. The move is a part of the efforts of the Australian government to lower carbon footprint.
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