LONDON May 25 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
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)