Physical coal prices 殺到する to highest since start of 2014
By Henning Gloystein and Nina Chestney
SINGAPORE/LONDON, Oct 4 (Reuters) - Physical thermal coal prices 攻撃する，衝突する their highest level since the start of 2014 on Tuesday after tougher Chinese 輸送（する） 支配するs raised freight costs, 追加するing to the earlier 衝撃 of Chinese caps on 採掘.
Coal prices started to 急に上がる after 中国 introduced 規則s in April to rein in はびこる 生産／産物 overcapacity by 限界ing the number of days that 鉱夫s can operate.
Prices were given a その上の 上げる in late September when 中国's 輸送（する） 省 introduced 厳格な人 支配するs for land 輸送（する）, which 押し進めるd up freight costs.
"The new 支配するs are 推定する／予想するd to 効果的に 割れ目 負かす／撃墜する on freight over-負担ing by setting up higher 基準s, 課すing stronger 刑罰，罰則s and 高めるing 査察s," Citi said in a 公式文書，認める to （弁護士の）依頼人s at the end of September.
The biggest 衝撃 has been on Australian coal, the main price （判断の）基準 for the Asia/太平洋の 地域, and a 核心 供給者 to 中国.
Australian 誘発する Newcastle 貨物 prices have 発射 up 12.8 パーセント since the end of September to $82 per tonne, their highest since January 2014. Newcastle 貨物 prices are up 68.4 パーセント from multi-year lows touched in January.
One 仲買人 said coal prices would keep rising until the 状況／情勢 in the Asia/太平洋の 地域 changes, which might not be until the end of the first ４半期/4分の1 next year.
Thermal coal 輸入するs 殺到するd in August, rising 20 パーセント month-on-month to 20 million tonnes.
Morgan Stanley, however, said it was possible 国内の Chinese coal 供給（する）s could rise はっきりと in October and November to 妨げる a 供給（する） 不足（高）, and this "would be a short-称する，呼ぶ／期間／用語 耐える point for all coal prices".
In a move to 上げる 地元の 供給（する）s, 中国 last week ordered major 地雷s to raise thermal coal 生産（高） by another 500,000 tonnes per day.
NOT JUST CHINA
にもかかわらず the 近づく-称する，呼ぶ／期間／用語 downside 危険 to prices, there are other supportive factors, 含むing 会社／堅い 需要・要求する from developed markets such as South Korea, and across most 現れるing markets, 同様に as 生産（高） 削減（する）s in Indonesia and Australia.
"An 追加するd bullish factor is by way of 増加するd coal usage from the European 力／強力にする 部門 as a result of all the 核の 原子炉s out of 活動／戦闘," said Wayne Bryan, 分析家 at consultancy Alfa Energy.
French 公共事業（料金）／有用性 EDF said last week it would carry out 実験（する）s on some 核の 原子炉s during the winter months, 誘発する／引き起こすing 恐れるs about the French system's ability to 会合，会う 頂点（に達する） 需要・要求する if 気温s 落ちる below normal.
In Europe, coal 輸入する prices into Amsterdam, Rotterdam or Antwerp (ARA) are up 12.9 パーセント since the end of September at $71 per tonne, their highest since December 2014, and 69 パーセント above first-４半期/4分の1 lows.
In the 未来s market, API2 2017 coal prices have risen to $65.75 a tonne, t 相続人 highest since January 2015.
Technical 分析 示唆するs that 未来s might rise as high as nearly $80 a tonne in the next six months the 契約 has broken a 重要な 抵抗 level of $62.83.
(付加 報告（する）／憶測ing by Melanie Burton and Sonali Paul in Melbourne and Wang Tao in Singapore; editing by Susan Thomas and David Clarke)
