“Shenhua has achieved what it wanted by cutting prices. It may not want to cut its prices again this month,” said a Shanghai-based trader. Smaller and medium-sized coal producers in China were among the most aggressive sellers in Friday’s market, as some seek to unload their remaining stock with a view to existing the business, said sources in China. In the seaborne market for China, April-arrival high-ash Australian cargoes were heard to trade this week at around $75.50/mt CFR in a thin market as Chinese buyers drove hard bargains. A Capesize cargo of Australian 5,500 kcal/kg NAR coal was being offered Friday at slightly above $76/mt CFR South China for April arrival, while bids were at $75.50/mt CFR, as heard through broker Starfuels. “The arbitrage into China for imported thermal coal is closed,” said one market participant in Singapore. April-May delivery cargoes of 5,500 kcal/kg NAR Australian thermal coal […]