Business & Industry Coal

Coal trading soars as wage negotiations spook buyers

SA’s coal trading has hit a six-week high as buyers stocked up on the mineral ahead of their winters after unions declared a wage dispute.

South Africa’s physical coal is trading higher than the equivalent European contract for the first time in six weeks, as unions in the world’s fifth largest exporter declared a dispute over wages and buyers stocked up ahead of winter.

South Africa is a major supplier of coal to developing economies China and India, and is expected to step up exports to Europe in the fourth quarter as part of a deal said to have been done by a trading house to ship 3.5-million tonnes to terminals in Amsterdam, Rotterdam and Antwerp (ARA). Read the rest on M&G Online >

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