Newcastle coal stocks start to edge up after slump
Coal stocks at Newcastle port in Australia were replenished after a two-day strike the week before saw stocks slump, data from the Hunter Valley Chain Coordinator revealed on Monday.
Combined stocks at the port were 48% higher week on week, at 939,000 tonnes, the data shows.
Railway workers in New South Wales for freight company Pacific National Coal started a two-day strike on 8 February. The Australian government has joined negotiations between Pacific National and Australia's Rail, Tram & Union. Broker globalCOAL thought the government intervention made it unlikely that any supply disruptions will occur in the short term.
Only 1.8m tonnes was shipped from Newcastle port in the week ending 18 February, data from the port authority show, which is down considerably from the 3m tonnes exported a week earlier.
Just two fewer ships entered the port this week, the number being 30, but the number of ships with a notified arrival time for the port jumped to 39 after only nine the week before.
Only one FOB (free on board) Newcastle physical deal was reported to ICIS last week, with a 50,000 tonne index-linked cargo for May delivery sold. Activity was muted in the Australian market as Chinese buyers were largely absent because of Lunar New Year celebrations. Fionn O'Raghallaigh
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