- Physical coal set new record high prices on Thursday on electronic trading platform globalCOAL.

Two trades for Q4 loading South African cargoes took place at $150.00 and $152.00 a tonne FOB Richards Bay for a 35,000 tonne parcel a month and a 75,000 tonne panamax a month.

The previous record price for a forward trade was on Wednesday at $145.00 a tonne FOB for a November cargo.

There is a strong contango in the FOB and delivered DES ARA markets, traders and utilities said. Most of the physical and swaps buying recently has been for forward months.

A fresh record was also set for a Q1 2009 trade for a 50,000 tonne parcel a month of multi-origin coal at $182.50 a tonne DES ARA. The previous record was also set earlier this week at $177.00 for September but the forward market had been offered up to $186.00 a tonne on Wednesday and bid at over $180.00 without trading.

(Reporting by Jackie Cowhig)

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