India: Importers raise South African RB2 portside offers up by INR 500/t at Gangavaram

Major importers at Gangavaram have raised South African RB2 (5500 NAR) coal offers to INR 8,100/t in line with risen API4 index which is up by 4.5% w-o-w to $108/t for Jun’21 (as on 28 May’21). However, trades at this rate are yet to be heard as the same were last assessed at INR 7,600/t. With the resilient vessel freight rates and lower number of voyages coming to India, traders expect portside prices to remain elevated.