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European 2014 Coal Drops to Record Low Amid Colombia Miner Talks
European coal for next year fell to a record as talks between striking workers and management at Colombia’s Cerrejon mine started.
Thermal coal for delivery in 2014 to Amsterdam, Rotterdam or Antwerp dropped as much as 35 cents, or 0.4 percent, to $97.55 a metric ton, the lowest level since the contract started trading in January 2010, according to broker data compiled by Bloomberg. The contract is set for a third monthly decline.
Talks between striking workers and management at the mine may take four more days after starting yesterday, Marlon Gomes, a negotiator for the National Coal Industry Workers Union, said today.
Supply disruptions in Colombia, including the strike at Cerrejon, its largest mine, have affected 84 percent of the country’s thermal coal exports, according to Michael Hsueh, an analyst at Deutsche Bank AG. The country exported 79.4 million tons of coal last year, of which 55 percent went to European Union countries, he said in a Feb. 15 report.
Bloomberg tracks broker data from ICAP Plc, GFI Group Inc., Marex Spectron Group Ltd., Credit Suisse Group AG, IHS McCloskey, Tradition Financial Services and Tullett Prebon Plc.
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