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Coal prices fell to a more than eight-year low in the first week of the fourth quarter as demand from China dwindled, leaving coal the most hurt at the
end of the so-called commodity "supercycle.
"
Spot coal prices at the Port of Newcastle, Australia, and Richards Bay, South Africa, both fell to about $50 per tonne, close to the level of the first half of 2007
.
Major coal futures settled below $50 last week, the first seen since 2003, and fell
in 12 of the past 14 weeks.
On Monday, the investment bank cut its long-term estimate for the fob price by 11 percent to $63 a tonne as demand from China fell and supply was plentiful
.
China's coal imports have fallen by about 30 percent since the beginning of the year, and China Shenhua and China Coal Energy have also cut domestic production
.
Morgan Stanley expects coal prices to recover in the short term next year and remain flat for a longer period of time
.
Falling coal prices, combined with falling prices of other raw materials such as iron ore, have sent shares of BHP Billiton, Rio Tinto and other large miners plummeting
.
The decline in currency exchange rates in commodity-producing countries such as Australia, South Africa and Colombia has also exacerbated the surplus of commodities such as coal
.
Coal prices fell to a more than eight-year low in the first week of the fourth quarter as demand from China dwindled, leaving coal the most hurt at the
end of the so-called commodity "supercycle.
"
Spot coal prices at the Port of Newcastle, Australia, and Richards Bay, South Africa, both fell to about $50 per tonne, close to the level of the first half of 2007
.
Major coal futures settled below $50 last week, the first seen since 2003, and fell
in 12 of the past 14 weeks.
On Monday, the investment bank cut its long-term estimate for the fob price by 11 percent to $63 a tonne as demand from China fell and supply was plentiful
.
China's coal imports have fallen by about 30 percent since the beginning of the year, and China Shenhua and China Coal Energy have also cut domestic production
.
Morgan Stanley expects coal prices to recover in the short term next year and remain flat for a longer period of time
.
Falling coal prices, combined with falling prices of other raw materials such as iron ore, have sent shares of BHP Billiton, Rio Tinto and other large miners plummeting
.
The decline in currency exchange rates in commodity-producing countries such as Australia, South Africa and Colombia has also exacerbated the surplus of commodities such as coal
.
