SINGAPORE, Aug 19 (Reuters) - Coal futures have fallen to 12-year lows, hit by soaring production and a slowdown in global buying, including from India and China which have until recently been pillars of strong demand.
Benchmark API2 2016 coal futures TRAPI2Yc1 last settled at $52.85 a tonne, a level not seen since November 2003. The contract is now over 75 percent below its 2008 all-time peak and more than 60 percent below its most recent high following the 2011 Fukushima nuclear disaster in Japan.
The price fall follows a rise in output from exporters like Australia at the same time as a sharp slowdown in overseas orders from major importers like the United States, China and India. ID:nL3N10M6AH
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CHART-API2 coal futures: http://link.reuters.com/myp45w
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