The significant news of last week is that Glencore will temporarily close its Australian coal mines over Sep-Oct, resulting in around 7-mn tons of production being cut, with some also coming from the closure of its Prodeco mine in Colombia. This helped NEWC prices to rally although near term spot cargoes were still offered OTC at less than $50/t. Perhaps the market has become too used to Glencore being the leader when it comes to “producer discipline”.
