Formosa Plastics seeks coal shipment delays to 2013

LONDON Fri May 25, 2012 11:24am EDT

LONDON May 25 (Reuters) - Taiwan's Formosa Plastics has sought to defer steam coal shipments, due to be made in the second quarter, until 2013, traders said.

Formosa, which buys capesize cargoes usually via tenders, had already pushed back March/April deliveries until the third quarter before asking for a longer deferral.

The seller refused, sources familiar with the situation said.

Anxiety about Chinese buyers defaulting on coal contracts and forcing sellers to accept lower prices than contracted has pushed coal prices to fresh two-year lows this week. (Reporting by Jacqueline Cowhig; Editing by Anthony Barker)

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