Australian Newcastle port's coal shipments to China dipped to their lowest level in six months in November at 1.74 million mt, shipping data from terminal operator Port Waratah Coal Services showed Tuesday.
Close to 22.7% of the 7.68 million mt throughput at the two PWCS coal terminals at Newcastle port was shipped to China, the company said in an operating report. China's market share for October stood at 19.6% of a higher export volume of 10.25 million mt, PWCS said earlier.
"There is a lead and lag of approximately 40 to 60 days in port export statistics. So, November's loadings would have been booked in September or October," one trader said.
Over September and October, Newcastle 5,500 kcal/kg NAR thermal coal with typical ash of 20% on an as-received basis was trading between $62.50/mt and $66.80/mt FOB, the lowest level in 2013 to date, according to Platts price assessments. The same grade was trading at around $71/mt FOB this week after a recent recovery in prices.
PWCS coal export cargoes to China hit a year-to-date low of 1.34 million mt in May, after 5,500 kcal/kg NAR high-ash thermal coal changed hands in March and April for $70-75/mt FOB Newcastle.
China-bound ships loaded an average 2.4 million mt/month of mostly thermal coal exports from the two PWCS terminals over June-October, according to company shipping data.
Japan remained the largest customer for Newcastle coal exports from the PWCS terminals in November at 51.8% of the 7.68 million mt total, equating to 3.98 million mt, the latest data showed.
This was down sharply from 5.4 million mt in October, the highest since January 2010, when Platts began monitoring export shipments from Newcastle.
South Korea remained the third-largest customer for PWCS coal shipments in November, receiving 1 million mt, down from 1.5 million mt in October.
Taiwan took delivery of 424,000 mt, down from 740,000 mt in October.
Indonesia made a rare appearance as an export destination for Newcastle coal exports when a ship bound for the country loaded 33,000 mt of cargo from PWCS in November, accounting for 0.4% of that month's total.
Thermal coal comprised 6.7 million mt of the PWCS terminals' throughput in November, or 87% of the total, with the balance 13% semi-soft coking coal.
Newcastle port has three coal terminals, two operated by PWCS, whose major shareholders include Rio Tinto and Glencore, and the 66 million mt/year Newcastle Coal Infrastructure Group terminal owned by five coal producers including BHP Billiton and Peabody Energy. Export data for the NCIG terminal is not published on a regular basis.
