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EU coal stocks hit 5-week high but prices still surge

CoalFreight

23 Nov 2022 10:04

Photo: Shutterstock.com

Photo: Shutterstock.com

London

23 Nov 2022 10:04

(Montel) Coal stocks at northwestern European import terminals have increased to a five-week high, data showed on Wednesday, but this failed to quell growing supply concerns as prices jumped to near one-month highs.

Combined inventories at four key terminals in Amsterdam, Rotterdam and Antwerp (ARA) were assessed last at 5.89m tonnes, up 0.14m tonnes on the week and the highest since the week beginning 17 October, according to port data compiled by Montel.

Also, stock levels were around 1.8m tonnes higher than this time last year.

Terminal sources said this reflected a continued influx of vessels, with 1.1m tonnes of coal delivered to Rotterdam and Amsterdam last week, up from 0.9m tonnes the previous week, according to preliminary estimates by dry bulk data provider DBX.

Supply concerns

Yet the rising stock levels failed to alleviate market concerns of a looming reduction in supply, due to an ongoing halt in Colombian coal exports to Europe from Glencore-owned miner Cerrejon’s Puerto Bolivar terminal.

As such, the API 2 front-month contract was last seen up USD 10.50 on the day at USD 248/t, its highest since 28 October, according to Ice Futures data.

Of the ARA stock total, inventories at Rotterdam’s EMO terminal were seen this week at 3.8m tonnes, up 0.1m tonnes on the week, while Amsterdam’s OBA terminal – the second-largest ARA coal import hub – reported stocks of 1.82m tonnes, up by 0.09m tonnes.

Rotterdam’s smaller EBS terminal had 0.72m tonnes in stock, which represented a slight week-on-week decline, and Ovet’s Vlissingen terminal near Antwerp was down 0.045m tonnes to 0.186m tonnes.

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