Australian coal port congestion decline to 7.1 days
It is reported that the SSY Australian Coal Port Congestion Index declined to 7.1 days, the lowest since October 2006 and compares with the average for the H1 of 2008 of 13.7 days and 22.9 days a year ago. However, according to the Hunter Valley Coal Chain Logistics Team, the current vessel queue at Newcastle has risen to 41 vessels from 36 last week. Their forecast for the end- July queue is 39 vessels, while the end August queue is projected at 33 vessels Meanwhile, Bloomberg reported that thermal coal prices at Newcastle port have risen for the sixth week to a new record as coal markets remain extremely tight.