Singapore - Buying activity for Indonesian thermal coal appeared to have ground to a halt Wednesday, as consumers in China and India retreated to the sidelines of the market in anticipation of lower prices, industry participants said. The pressure on spot Indonesian thermal coal prices is estimated to continue until the Chinese New Year in February, traders said. Prices could potentially drop by as much as $2/mt, according to several market sources, as buyers of low calorific value coal in China are well stocked and unlikely to return to the market in force before the end of the year, while plenty of material was available from Indonesia.
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