The majority of Chinese traders were on the sidelines and may not resume coal import business as they wait for more clearness in government policy.

China has banned unloading of import coal at southern ports, which was deemed as the main reason behind sparse seaborne deals, said a Beijing-based trader.

Buying interest from India was no better than from China, he said, noting $43-43.5/t FOB offers for Indonesian 3,800 Kcal/kg NAR coal on Supramax basis.

"We are dealing with problems concerning unloading and customs clearance of import coal," said one Guangdong-based trader. "We have to shift several import vessels for November arrival to Xiaman and Shantou ports, and thus will not consider December business."

Import offers slumped to $44/t and $77-78/t FOB for Indonesian 3,800 Kcal/kg and 5,500 Kcal/kg NAR coal; it needed $6/t and $7/t to charter Panamax and Supramax vessels bound for south China, the trader said.

One Shanxi-based trader said he will also be less willing to engage in import trades before China further clarifies policy concerning coal imports.

Utilities bid Indonesian 3,800 Kcal/kg NAR coal at 400 yuan/t CFR south China with VAT, he said, noting an abundant supply in the market.

One foreign trader said he had just sold two Supramax cargoes of Indonesian 3,800 Kcal/kg NAR coal at $45/t FOB for December loading.

"We (big traders) don't have many cargoes in hand after selling several term contract supplies in the latter half of the year," he said. But not so many people dared to take the power-generating coal from spot market.

Current sporadic inquires may point to further price falls in the import market, according to the Guangdong-based trader. Australian 5,500 Kcal/kg NAR coal offer price was $75/t FOB and Capesize rate hovered around $11/t, he added.

Whether import coal will continue losing streak may hinge on domestic tendency in China, said a second Beijing-based trader. Bids and offers were heard at $74/t and $75/t FOB for Australian 5,500 Kcal/kg NAR coal.

A third Beijing-based trader placed offers high above $77/t for the same fuel for December loading, adding some suppliers wanting to clearing stocks gave lower offers at $75/t FOB.

On November 16, the Fenwei CCI Import 5500 Index was assessed at $85/t, CFR southern China ports, dropping $0.5/t from a day ago and down $2.7/t from a week ago.

On the same day, the 4,700 Kcal/kg NAR import coal was assessed at $71/t, CFR southern China ports, falling $0.5/t from the day prior and down $1.3/t from week prior; imported 3,800 Kcal/kg NAR coal was assessed at $50.8/t, falling $0.2/t day on day and down $0.8/t week on week.