High freight rates deter Indian buyers from booking Australian thermal coal

Blame it on the mismatch between bids ($54-55/t) and offers ($58-59/t) for Australian (5500 NAR) thermal coal, no major deals were heard this week, as per CoalMint reports. Moreover, increase in freight rates to the tune of $26/t for panamax vessels between Newcastle and India and anticipation of its correction in coming weeks deterred Indian buyers from making new bookings.