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Turkish thermal coal buyers await lower prices

Buyers in the Turkish thermal coal market remained uninterested in procuring cargoes at the current prices, with low demand, economic pressures and falling European prices adding downward price pressure to the market, sources said in the week.

A Europe-based trader said economic and political pressures have been adding a bearish sentiment to the market, explaining utilities have been exposed to the turbulence of the Turkish lira as they sell energy in domestic currency.

The source said there have been no tenders announced in Turkey this week, explaining the current prices could be deterring buyers from entering the market.

“Petcoke prices are high,” said the source, explaining this is likely to have been what has helped keep prices firm in Turkey, as well as the spike in European prices last week.

The source said he expected demand to remain low until July/August as utilities look to restock for winter.

“We are stocked for a while,” said a Turkish consumer, explaining the current prices have not been attractive to them to procure thermal coal.

S&P Global Platts assessed the CIF Turkey, 6,000 kcal/kg NAR, 90 day price at $95.50/mt, up 50 cents on the week.

Source: Platts

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