European 2014 Coal Falls as Colombian Workers Accept Wage OfferMarek Strzelecki
European coal prices for next year dropped after a majority of workers at Colombia’s largest mine accepted a wage proposal and may return to work this weekend.
Thermal coal for delivery in 2014 to Amsterdam, Rotterdam or Antwerp fell as much as 0.5 percent to $95.75 a metric ton and traded at $95.80 at 11:28 a.m. London time.
Workers at BHP Billiton Ltd.’s Cerrejon venture yesterday accepted an agreement to end a month-long strike, according to Luz Maria Tobon, a spokeswoman for the Sintracarbon union. Colombia exported 79.4 million tons of coal last year, of which 55 percent went to buyers from the European Union, according to Michael Hsueh, a London-based analyst at Deutsche Bank AG.
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.