Aug. 19 (Bloomberg) -- Coal inventories at leading ports in Europe climbed to this year’s highest level as transportation costs rose.
Stockpiles at Europees Massagoed-Overslagbedrijf BV, or Emo, the largest coal terminal in Rotterdam, come to 3.14 million tons, according to Elias Chibani, a trader based in Amsterdam with the energy-trading unit of Vattenfall AB, the largest Nordic utility. They total 1.75 million tons at the OBA terminal at Amsterdam, he said.
“That is the highest stocking level since the beginning of this year,” Chibani said by phone today. End users prefer to keep coal at ports because of elevated transportation expenses caused by low water levels in the Rhine River, according to a report by Barclays Capital today.
Benchmark European coal prices closed at $126 a metric ton, unchanged from yesterday.
“There are more sellers than buyers now, after the restocking by utilities in the past few weeks,” said Chibani.
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