India: South African coal portside prices inch down as sponge iron prices head southward
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- Indian sponge iron prices down INR 1,050/t w-o-w
- South African coal prices drop $2/t w-o-w
Factors impacting prices
South African prices drop: Portside prices of RB3 (4800 NAR) coal have edged down w-o-w and are currently assessed at $78/t FOB. Also, RB2 (5500 NAR) coal prices fell by $2/t at $95/t FoB.
South Africa's coal line maintenance rescheduled-The difference between offers and bids in the Asian thermal coal market remained significant. According to sources, this was due to a lack of buyer interest, as already ample stocks existed in the country. Besides the beginning of monsoons in parts of the country has pulled down the buyers interest. On 14 June midnight, theft was reported in the section between Ermelo and RLRA, resulting in the closure of both lines. This disruption impacts services from Ermelo to the mines. The coal line annual maintainence shut down date has been rescheduled. The Coal Line Shutdown was initially planned to begin on July 9, 2024, and conclude on July 18, 2024. However, according to the revised schedule, the shutdown will now commence on July 23, 2024, and end on August 1, 2024.
Sponge iron prices fall-Sponge iron (P-DRI) prices fell by INR 1050/t w-o-w to INR 25,800/t exw Raipur on 14 June. Sponge prices are driven by a downtrend in the semi-finished steel.
