India: Portside South African coal prices remain under pressure on falling sponge market

India's portside prices of South African thermal coal were largely stable this week. RB2 (5500 NAR) was assessed at INR 9,550/t, stable w-o-w, while RB3 (4800 NAR) dropped by INR 100/t w-o-w to INR 7,600/t ex-Gangavaram, respectively.As per sources, the downtrend in the sponge iron market is weighing on RB2 and RB3 prices. Some distress sales are taking place, and the market remains dull.