Ex-Noble Trader Banga Ventures Into Coal Calling Bottom
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Thermal coal prices have almost reached a low point after declining for three straight years, according to Harry Banga, whose family-owned company Caravel Group Ltd. is poised to start trading the commodity.
Prices for the fuel used by thermal power stations will move in a 5 percent band until there’s more clarity on demand from China, the world’s biggest coal consumer and producer, said Banga, the former vice chairman of Noble Group Ltd. Caravel, based in Hong Kong, plans to trade 3 million metric tons of coal in the first year, he said.