South African coal prices rebound to highest level

LONDON: South African physical coal prices rebounded on Wednesday to the highest level since the short-lived rally in June with a trade at $91.05 a tonne for a September cargo on globalCOAL.

Prompt cargo values were bid strongly higher earlier this week but no trades were reported.

Buyers in India, the single largest market for South African coal, said they had been holding out for another price fall and were not convinced this current recovery would last.

But utilities and traders in Europe cited the impact of the Colombian rail and mineworkers' strikes on supply and market sentiment as the reason for the price rise.