Reuters reported that coal exports at Australia Newcastle port, the world largest coal export terminal rebounded by nearly 13% in the latest week while ship queues stayed near a one year low due to smooth port operations.
Port data showed that exports from the eastern coast port, which ships mostly thermal coal used in power generation rose to 2.17 million tonnes in the week to November 2nd.
The number of coal ships arriving a key indicator of demand slipped by three to 22, while the average queue time fell for a third week to five days. After swelling to a two year high of over 50 ships in late August, vessel queues have eased significantly over the past month, after the port operator reinstated an export quota system to distribute port capacity among producers.
About 80% of the coal shipped through Newcastle is thermal coal used mainly by power stations. Companies exporting through the port include Xstrata Plc, Rio Tinto Group and Centennial Coal Ltd.
According to the globalCOAL NEWC Index, prices of power-station coal prices at Newcastle port a benchmark for Asia, gained 2% to USD 74.63 a tonne in the latest week.
(Sourced from Reuters)
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