* European API2 2015 coal futures at 12-year low
* China, India focus on domestic output, not imports
LONDON, Oct 21 (Reuters) - European thermal coal prices held at historically low levels, maintaining this year's downtrend, as chronic oversupply and slow demand limited any upside.
Coal prices will remain in a rut until more mines are closed to address the supply overhang that's weighed on the market for over three years, analysts said. ID:nL8N12J48J
European cargoes for nearby delivery into Amsterdam, Rotterdam or Antwerp (ARA) GCLARAPDSMc1 last closed at $51.75 a tonne, down over 20 percent since the start of the year.
European API2 2015 coal futures TRAPI2Yc1 were down 0.45 cents or 0.9 percent at $47.20 a tonne, their lowest since September 2003.
"In the Atlantic, demand is set to keep dropping," said an analyst.
The slowdown in shipments to top importer China and a flattening of volumes going to India were a further blow to the market, as both countries refocused on their domestic output. ID:nL8N12J3DU ID:nL8N12K2G5
Analysts said the Australian coal market was better supported than markets in other regions due to demand for its qualities of coal.
"We have reached a bottom in Asia and now the only thing that can really make prices drop further is if you have oil at $20 and weaker currencies (in producing countries)," the analyst said.
Prompt prices for Australian coal cargoes from its Newcastle terminal GCLNWCPFBMc1 have fallen by over 7 percent in the past month, closing at $53.40 per tonne on Tuesday.