Direct line: 1300 987 995
SYDNEY, Jan 31 (Reuters) - Australian thermal coal prices edged slightly lower in the past week, though trade was slow as Asian trade wound down for the Lunar New Year break, while a cyclone closed major metallurgical coal ports in the northern Australia state of Queensland.
Cyclone Dylan, which made landfall west of the Bowen Basin earlier on Friday, was downgraded to a tropical low and did not impact the Port of Newcastle to the south. However, Dalrymple Bay, Hay Point and Mackay loading operations were halted.
Coal traders said a short interruption to shipping would have little impact on markets, given plentiful supplies in most markets and the slowdown in business activity in Asia because of the Lunar New Year holiday.
Newcastle is the world's biggest thermal coal export terminal, while Dalrymple Bay is the no. 3 metallurgical coal port worldwide.
There were no immediate reports of damage to any port facilities or collieries.
The Newcastle weekly spot index fell
Chinese buyers had largely retreated from the market by mid-week in the lead-up to the Lunar New Year holiday break running from Jan. 31-Feb. 6.
Domestic prices in China continued to drop, with the average price down $1.15 per tonne versus the previous week according to the Bohai Rim Index.
Data released on Jan 27 showed China overall produced more coal than it consumed last year, exacerbating current oversupplies.
China produced about 3.7 billion tonnes of coal in 2013, with consumption rising just 2.6 percent from a year ago to 3.61 billion, according to the China Coal Transport and Distribution Association.
(Reporting by James Regan; Editing by Ed Davies)
((jim.regan@thomsonreuters.com)(+612 9373-1814)(Reuters Messaging: jim.regan.reuters.com@reuters.net))
Keywords: COAL ASIA/