European 2014 Coal Extends Drop as Colombian Miners Ease Demands

European coal for next year slid for a fifth day, the longest run of declines since Dec. 12, as striking workers in Colombia reduced their wage demand.

Thermal coal for delivery in 2014 to Amsterdam, Rotterdam or Antwerp fell 40 cents to $98.50 a metric ton as of 10:05 a.m. London time, according to broker data compiled by Bloomberg. Prices are headed for a 2.3 percent drop this week.

Workers at the Cerrejon mine, who have been on strike for more than a week, are seeking a 5.8 percent increase in pay, compared with 7 percent previously, a union negotiator said yesterday. The nation’s Labor Ministry has now set up a meeting between management and worker representatives.

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.