European Thermal Coal Futures at 12-year low

European thermal coal prices extended their losses to hit a new 12-year low on Thursday, having fallen around 25 percent since the start of the year on a glut of supply.

European API2 2015 coal futures were down 0.3 cents or 0.6 percent at $49.75 a tonne, their lowest since November 2003.

European cargoes for nearby delivery into Amsterdam, Rotterdam or Antwerp (ARA) last closed at $53.90 a tonne, having fallen by around 4 percent in the past month.

Traders said a downwards trend in shipments into the world's top coal consumer China was expected to continue into 2016, while more mine closures were needed to rebalance the market.

"Coal is never going to be a huge growth market, you might have rallies when there's big structural shutdowns of mines ... but for the next 4 or 5 years, unless something happens with China, from an environmental perspective I think coal is under so much pressure," a trader said.

Chinese coal imports have already fallen sharply in 2015, due to the government concerns over the environmental impact of coal power generation and its desire to help financially distressed domestic coal producers.

Bullish factors in the Atlantic market including a ban on the railing of coal at night in Colombia and a slowdown in exports from Russia via Riga had had little impact on prices, traders said, adding there were expectations that both situations may be in the process of being resolved.

"They've been the only bullish things for the market this year and if they've come to an end there's no upside in this market," another trader said.

In South Africa, prompt cargoes from the Richards Bay terminal last closed at $50.15 a tonne, down around 4 percent over the past month.

Reporting by Sarah McFarlane