Coal exports from Australia's Newcastle port surged 25 per cent from the previous week, port data showed yesterday, a sign of robust regional demand despite weaker index prices.
Boom: Exports at Newcastle port, the world's largest coal export terminal, surged to 2.02 million tonnes in the week to Sept 22, from 1.6 million tonnes for the week to Sept 8
Exports at the port, the world's largest coal export terminal, surged to 2.02 million tonnes in the week to Sept 22, from 1.6 million tonnes for the week to Sept 8, data from the Newcastle Port Corp website showed.
A total of 29 vessels were queuing up to load 2,623,790 tonnes of coal, compared with 19 ships the previous week. The number of vessels arriving during the week also rose by five to 22 ships.
Traders said the growth in exports was a sign of robust demand in Asia, where utilities in Taiwan, South Korea, Malaysia and the Philippines have launched tenders in recent weeks to secure additional coal supplies amid supply tightness.
Thermal coal prices in Australia, a benchmark for Asia, have shed over US$25 since the start of the month to around US$138 a tonne, largely due to falling oil and gas prices.
Boom: Exports at Newcastle port, the world's largest coal export terminal, surged to 2.02 million tonnes in the week to Sept 22, from 1.6 million tonnes for the week to Sept 8
Exports at the port, the world's largest coal export terminal, surged to 2.02 million tonnes in the week to Sept 22, from 1.6 million tonnes for the week to Sept 8, data from the Newcastle Port Corp website showed.
A total of 29 vessels were queuing up to load 2,623,790 tonnes of coal, compared with 19 ships the previous week. The number of vessels arriving during the week also rose by five to 22 ships.
Traders said the growth in exports was a sign of robust demand in Asia, where utilities in Taiwan, South Korea, Malaysia and the Philippines have launched tenders in recent weeks to secure additional coal supplies amid supply tightness.
Thermal coal prices in Australia, a benchmark for Asia, have shed over US$25 since the start of the month to around US$138 a tonne, largely due to falling oil and gas prices.